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Entrepreneurship
Chapter 3- Getting to Know the Market
| Question | Answer |
|---|---|
| - 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 |
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yuniskie
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