Objective 3.04-A Study Guide

How product ______is used to define a market.

▪  ______: An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relations in ways that benefit the ______and its stakeholders.

▪  ______: Marketing element referring to what goods, services, or ideas a business will offer its ______

▪  ______: The rivalry between two or more ______to attract scarce customer dollars.

▪  ______: A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire. Any ______under which buyers and sellers exchange goods or services for a price

Competition is becoming much more______for most businesses. Businesses need to gather information about competitors' ______and marketing activities in order to determine their strengths and weaknesses in order to help them to determine what they need to do to be more ______.

Types of ______can be used to define a market.

______: The people who buy goods and services.

______: Anyone who uses goods and services.

"Customer ______" is a term for the portion of available customers who currently patronize a business, usually for a product or service.

A customer ______can grow and shrink due to changes in the business ______. Maintaining a stable or growing ______market ultimately depends on keeping the existing paying customers of the ______happy.

A customer market includes many ______of customers. Types of customers who make up a customer ______include loyal customers, customers who shop at a discount, ______who buy things for fun and customers who shop to browse. A customer base can also include ______who use the product or service they make, as well as ______customers who use the product or service although someone else ______the product at the store.

Types of ______

A market is simply any group of actual or ______buyers of a product. There are ______major types of markets.

1.  The ______market. Individuals and households who buy goods for their own use or benefit are part of the consumer ______Drug and grocery items are the most ______types of consumer products.

2.  The ______market. Individuals, groups or ______that purchase your product or service for direct use in producing other ______or for use in their day-to-day operations.

3.  The______market. Middlemen or ______, such as wholesalers and retailers, who buy finished ______and resell them for a profit.

MARKET ______: The division of a total ______into smaller, more specific groups.

Te value of this ______lies in its allowing businesses to ______their product offerings and their marketing strategies. There are four ways to ______a market

·  geographics

·  ______

·  psychographics

·  ______

Use of geography to define a market.

______SEGMENTATION: The division of a ______on the basis of where consumers are located.

When ______a market geographically, this usually refers to local, regional, ______, or even global markets.

Some ______use geographics to decide on new locations.

1.  Geographics is the ______of the market based on where customers ______. This includes region, state, county, ______, and/or area

2.  Geographic ______is based on the concept that for certain______, people who live in the same area might have the ______wants and needs.

Use of production-distribution ______in market definition.

A ______center is a facility used to accumulate products from several ______and then regroup, repackage, and send them as quickly as possible to the ______where they will be used.

______is Distribution

Distribution involves making ______about where to sell your product. It also includes deciding on the ______of transportation (truck, ail, ship, or air). How and ______products are stored adds to the ______decision making.

Purpose of ______a target-market profile.

TARGET ______: The particular group of ______a business seeks to attract

Targeting your ______is simply defining who your primary______will be. The market should be measurable, ______large, and reachable.

In order to be an effective ______market, it must meet four criteria:

1.  The people in the target ______must have common ______needs and respond in a similar war to marketing ______designed to satisfy those needs.

2.  The ______outside of the target market should have enough ______from those in the market that they will not find the ______activities satisfying,

3.  There should be ______innovation about the people in the target ______so they can be identified and located.

4.  There should be enough ______about the consumers'______and how they make purchasing ______that an effective ______mix can be developed.

CHECKLIST For ______Your Market

___ Determine why a customer would want to buy your ______/service.

______your products’/services’ benefits and features.

___ Decide which ______criteria will best segment your target market: geographic,

demographic, psychographic or behavioral.

______your market.

___ Divide larger ______market segments into smaller segments.

___ Decide if it would be ______and feasible for you to pursue each segment.

Objective terms that can be used to ______a target market.

Here are ______steps to follow when ______your market:

Identify Why A ______Would Want To Buy Your Product/Service

______Your Overall Market

Research Your ______

Step One — ______Why A Customer Would Want To Buy Your Product/Service

The first step in identifying your ______market is understanding what your products/services have to offer to a group of people or businesses. To do this, identify your ______or service’s features and benefits. A feature is a ______of a product/service that automatically comes with it.

Step Two: ______Your Overall Market

It is a natural ______to want to target as many people and groups as possible. However, by doing this your promotional strategy will never talk ______to any one group, and you will most likely turn many ______customers off. Your promotional budget will be much more cost effective if you promote to one type of customer and speak directly to them. This allows you to ______a highly focused campaign that will ______meet the needs and desires of a specific group. Again, this is called market segmentation.

Step Three: ______Your Market

Some or all these reference tools can be found in the______collection of any public library or college library that ______local business or a business school:

Federal ______Data

______Sources of Demographic Statistics

Demographic ______http://edwardlowe.org/erc/?ercID=6378

Market research ______that can be used to obtain target market ______.

While there are many ways to perform market ______, most businesses use one or more of five basic ______: surveys, focus groups, personal interviews, observation, and field trials.

1. ______.

In-person ______are one-on-one interviews

______surveys are less ______than in-person surveys, but costlier than mail.

Mail surveys are a ______inexpensive way to reach a broad audience.

Online surveys

2. ______groups. In focus ______, a moderator uses a scripted series of questions or ______to lead a discussion among a group of people.

3. Personal ______ Like focus groups, ______interviews include unstructured, open-ended questions.

4. ______. When you ______consumers in action by ______them in stores, at work, or at home, you can observe how they buy or use a product. This gives you a more ______picture of customers' ______habits and shopping patterns.

5. Field ______ Placing a new product in selected stores to test ______response under real-life selling conditions can help make ______modifications, adjust prices, or improve packaging.
Source: http://www.allbusiness.com/marketing/market-research/1287-1.html#ixzz26lOJGGu5

Sources that can be accessed to obtain ______t-market information.

Some Major ______of Market Research Information

______Bureau

Chamber of ______

Department of Commerce

Librarians

Trade and ______Organizations

Trade and Professional ______http://managementhelp.org/marketing/market-research.htm

Target-market ______
The target market ______allows us to break down these ______of people so we can better understand how to reach them. One way to do this is to______a target market profile. Here is an example of a target market profile:

1.  ______:

Lives within the ______codes 97401, 97402 and 97405.

2.  ______:

Married.

Between the ages of 21-35.

At least one child.

Condominium or ______owner.

Education experiences beyond high school.

Earning a combined annual family income of $50,000 or greater.

3.  ______:

Values time and ______it their single most limited resource.

Excited about accepting and using innovative ideas and products.

Consistent Web users. ______the Internet over magazines and newspapers for information they trust.

Increasing ______invested into safety and security issues.

Beginning to ______for their future.

4.  ______:

They are leaders in ______selection and respond to the opinions of the “industry experts” when making ______decisions.

This ______will first look to the Internet to acquire this information.

They defend these ______under most any circumstance and will adamantly “sell” those that ask why they use the ______or service and why they made the choice they did.

This ______can be a powerful, unpaid sales force resulting from the referral network they build and use.

The more detail you know about your “ideal” ______and clients, the better you will be able to make them aware of your ______and services, and how to purchase them through you.

http://articles.bplans.com/business/target-marketing/94

Procedures for ______market segments.

Market ______Procedure: - Steps involved are:

______/Research market. ______of data. ______customers into segments.