marketing unit 2 (kill me)

aspects of a consumer profile

• Demographics: age, gender, income, education, etc

• Psychographics: interests, values, lifestyle

• Geographics: where the customers live

• Behaviour: buying habits, brand loyalty, etc

target market

a specific group of people a company wishes to reach

Mass Market

Marketing strategy that aims to appeal to the broadest possible audience, ignoring distinct customer segments. This approach typically involves mass production, mass distribution, and mass promotion to reach as many consumers as possible with a standardized product or service. The goal is to achieve high sales volumes by catering to common needs and preferences.

Segmented Market

A marketing strategy that involves dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics. This allows for more precise targeting of marketing efforts, with products and messaging tailored to the specific needs and preferences of each segment.

internal motivation

Internal drive that influences a person's behavior, often related to personal goals, values, or desires. It contrasts with external motivation, which is driven by outside factors.

external motivation

The drive to act based on external rewards or pressures, such as money, recognition, or social obligations, distinguishing it from internal motivation.

market share

The portion of a market controlled by a particular company or product, often expressed as a percentage. It reflects how well a company is performing relative to its competitors in a specific market.

why is market share important?

Market share is important because it indicates a company's competitiveness, profitability, and ability to influence market trends. A higher market share often leads to increased customer loyalty and greater bargaining power with suppliers.

how to calculate market share

company total sales/market total sales, express as percentage

purpose of market research

To gather information about consumer preferences, market trends, and competitive landscape to inform business strategies.

consumer and competitive market

refers to the market where consumers can choose from various brands and products, while businesses compete for customer attention and market presence.

buying process

The buying process refers to the series of steps consumers go through when deciding to purchase a product, including problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.

4 types of decisions

in the buying process include routine, limited, extensive, and impulse purchases.

primary vs secondary research and the different types

Primary research involves collecting new data through surveys or experiments, while secondary research analyzes existing data from sources such as reports or studies.

qualitative vs. quantitative research

Qualitative research focuses on understanding concepts, opinions, or experiences through non-numerical data, while quantitative research deals with numerical data and statistical analysis to quantify behaviors and patterns.

data-mining, what it is & how it’s used

process of analyzing large datasets to discover patterns, trends, and insights that can inform decision-making. It is commonly used in marketing to identify customer preferences and optimize business strategies.

B2B

business-to-business transactions, where products or services are sold directly between businesses instead of to individual consumers.

E-tailing, including the use of social media

the selling of goods and services online, often leveraging social media platforms for marketing and engagement with customers. It enables businesses to reach a wider audience and enhance consumer interaction.

advantages and disadvantages of e-tailing

Some advantages include lower operational costs, broader market reach, and 24/7 accessibility for consumers. Disadvantages may involve increased competition, challenges in building customer trust, and reliance on technology for sales.