marketing class 5 and 6

steps in the market research process

1) define the problem 2) develop research plan 3) collect data 4) analyze the data 5) report/use findings

market segmentation process

1. segment the market 2. choose target market 3. position the product

undifferentiated marketing

targets everyone

differentiated marketing

targets serval groups

concentrated marketing

taregts one group

micromarketing

targets very specific individuals

geographic segmentation

where people live

demographic segmentation

who people are

psychographic segmentation

how people think/live

behavioral segmentation

how people behave toward a product

market synergy

when different products can benefit the same customers, distribution channels

product synergy

when products benefit from similar production, technology, materials

marketing funnel

represents the process of moving people from potential customers toward actual customers. awareness - interest - consideration - puchase - loyalty