Marketing Research and Processes

Vocabulary terms covering Market Research, the Marketing Process, the 4Cs, STP Framework, and Market Segmentation based on the lecture notes.

Market Research

A systematic process of gathering, analyzing, and interpreting info about a market, including the target market, consumers, competitors, and the industry as a whole.

SMART

An acronym for objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound.

Target Market

A specific group of potential customers that a business aims to reach with its products or services, sharing common characteristics.

Niche Market

A highly specialized and smaller segment within a broader target market consisting of consumers with very specific shared characteristics.

DWOT

An acronym used for evaluating the current situation, standing for Dislikes, Wish list, Opportunities, and Threats.

Analysis

The stage of the marketing process that entails the gathering of qualitative and quantitative data about the company’s products and possible markets.

Planning

The marketing process stage involving the construction of strategies that the company can put into action to attain results in the target market.

Implementation

The marketing process stage where success or failure depends on the work prepared during the analysis and planning stages.

Control

The stage where the company needs to be responsive to changing market conditions, competitors, and customers.

Strengths

Internal attributes and resources that support a successful outcome within a SWOT Analysis.

Weaknesses

Internal factors that might hinder an organization's ability to achieve its objectives within a SWOT Analysis.

Opportunities

External factors that the organization can capitalize on or use to its advantage within a SWOT Analysis.

Threats

External factors that could cause trouble for the business or project within a SWOT Analysis.

Consumer Value

The core of the $4Cs$ theory that centers on understanding and satisfying the customer's wants and needs by providing solutions rather than just product features.

Cost

The total expense incurred by the customer to satisfy their needs, including monetary expenses, time, effort, and psychological costs.

Convenience

A component of the $4Cs$ that highlights the ease with which customers can access products or services, including facility accessibility and participation procedures.

Communication

A focus on fostering dialogue and interaction between the company and its customers rather than one-way promotion.

Consumer Markets (B2C)

Purchases made by individuals and households for personal use, often driven by emotion, brand loyalty, and quick evaluation.

Business Markets (B2B)

Purchases made by organizations for operational use or to produce other goods, characterized by rational, ROI-driven decisions and complex corporate buying centers.

STP Framework

A strategic three-step process consisting of Segmentation, Targeting, and Positioning designed to connect a product with the most valuable audience.

Demographic Segmentation

Dividing the market based on strictly measurable characteristics such as Age, Gender, Household income, Education level, and Professional occupation.

Psychographic Segmentation

Segmenting buyers based on deeper drive and behavior factors like Social class, Lifestyle choices, Personality traits, and Fundamental core values.

Behavioral Segmentation

Grouping consumers according to their interactions with a brand, including Product knowledge, Attitude, Usage rate, and Loyalty status.

Market Targeting

The systematic evaluation of the financial attractiveness of each market segment to select the most viable ones to actively enter.

Market Positioning

The strategy of dictating how a product is perceived by consumers relative to alternatives to occupy a clear, distinctive, and desirable place in the buyer's mind.