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Chapter 3- Getting to Know the Market

- Sales Data Mining - Focus Group Discussion - Observation Technique - Survey Research Market Methodologies
uses statistical techniques to discover correlations between different factors and variables in large data sets. Data mining
are usually conducted at focus group facilities. These facilities have one-way mirrors so managers can listen to consumers' feedback about their products and services. Focus groups
is a technique which involves directly observing consumers or another target audience in their natural environment Observation market research
is a data collection tool used to gather information about individuals, commonly used in market research to collect self-reported data from study participants. Whether you're using it to gather factual information or just take an opinion survey survey
- Demographics - Psychographics - Technographics Methods of Customer Profiling
Attributes related to age, city or region of residence, gender, race and ethnicity, and composition of the household. Demographic
Attributes related to lifestyles, life stage, personality, attitudes, opinion, and even voting behavior. Psychographics
is a unique and powerful data set that consists of real-time insights based on a company's technology choices and buying signals. Technographics
is used to measure and categorize consumers based on their ownership, use patterns, and attitudes toward information, communication and entertainment technologies. Technographic segmentation
can then be used to develop a product or service to be tested out in the marketplace and to profile the different customers in a given industry or area to their specific needs and wants. customer profiling
is a marketing strategy in which marketing is done to a mass number of people belonging to the same segment of demographics having similar kinds of needs and wants. Market aggregation
is the process of using a graph to plot competitors and their products to understand competitor behaviour and spot a gap in the market . Market mapping
creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience. Market segmentation
Created by: yuniskie
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