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9 Terms
What is the definition of marketing research as per the American Marketing Association (AMA)?
Marketing research is the function that links the consumer, customer, and public to the marketer through information. information used to identify and define marketing opportunities and problems. generate, refine, and evaluate marketing actions. monitor marketing performance, and improve understanding of marketing as a process
Demographic:
changes in the population, such as age, diversity, education, and household patterns.
example of demographic opportunities and threats.
For example, an aging population can be an opportunity for a company to sell products designed for older adults. However, this can also be a threat for companies that target younger consumers because its target market shrinks, as the population gets older, reducing sales.
Economic:
changes in consumers’ income, purchasing power, inflation and recessions.
example of economic:
For example, during inflation, consumers may have less purchasing power, creating a threat for luxury companies as consumers spend less. However, this may give an opportunity for a company to create an alternative product for consumers who are looking for something more affordable.
demographic:
changes in the population, such as age, diversity, education, and household patterns.
example of demographic:
For example, an aging population can be an opportunity for a company to sell products designed for older adults. However, this can also be a threat for companies that target younger consumers because its target market shrinks, as the population gets older, reducing sales.
economic
changes in consumers’ income, purchasing power, inflation and recessions.
example of economic:
For example, during inflation, consumers may have less purchasing power, creating a threat for luxury companies as consumers spend less. However, this may give an opportunity for a company to create an alternative product for consumers who are looking for something more affordable.