Marketing Flashcards
(16 cards)
Market segmentation
The process where the market is split into different groups with different characteristics and need
Benefits of knowing market segments
Better matching of customers need/enhanced profits/retain customers/ communications
Limitations to market segments
Waste of money if markets are poorly researched/difficult to predict behaviour
Quantitative
Numerical data
Qualitative
Opinions
Primary/field research
New information
Secondary/desk research
Data that already exists
Internal secondary
Using data from your own business
External secondary
Using data from somewhere else
Focus groups
Primary- small group to gather opinions
Ads/dis of focus groups
Opinions to develop idea/genuine wuiestions/into detail–biased opinions
Interview
Primary- opinions by directly speaking
Ads/dis to interview
CAT/extracts detail–time consuming/expensive
Survey
Primary- fill out questionnaires
Ads/dis to surveys
Brief survey-effective/quick/economical//too brief-not effective/ expensive-financial awards
Observation
Primary- researches watch customers
