Marketing Strategy and Market Research

A series of flashcards focused on key marketing strategies, elements of a marketing plan, market research data, and target audience characteristics.

What are the four elements of a good marketing plan?

1) A clearly written marketing objective with a realistic quantifiable goal, 2) A situational analysis using SWOT, 3) Description of the target market, 4) Description of how the marketing mix will be implemented, evaluated, and controlled.

What are the 4 P's of Marketing?

Product, Price, Place, Promotion.

What is the purpose of Promotion in marketing?

To build positive customer relationships and communicate the benefits of the good or service.

What is secondary data in market research?

Public or existing information collected by others.

What is primary data in market research?

New information collected directly.

What factors are considered in geographic market segmentation?

Zip code, city, country, population density, distance from a location, climate, time zone, and dominant language.

What does psychographic segmentation focus on?

Values, goals, needs, pain points, hobbies, personality traits, interests, political party affiliation, and sexual orientation.

What is the importance of understanding customer pain points?

It helps identify customer needs and tailor products or services to address those needs.

Who is Starbucks' target market?

25-40-year-olds, tech-savvy adults, and working professionals.

What type of consumers make up Adidas' target audience?

Urban dwellers who value style, comfort, and performance; individuals prioritizing physical health; fashion-conscious consumers; consumers who embrace sustainable practices; and those influenced by social media.