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.