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Cool Market Research and Segmentation for Beginners

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Cool Market Research and Segmentation for Beginners
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Amilie du Toit

@amiliedutoit_uajk

·

54 Followers

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The document covers key marketing concepts including market research types for business success, effective product market segmentation strategies, and the benefits of using boston matrix in marketing. It explores product and market-led approaches, segmentation techniques, and various research methodologies. The content also delves into product portfolio management, pricing strategies, and distribution channels.

Key points:
• Comprehensive overview of marketing strategies and research methods
• Detailed explanations of market segmentation and targeting
• In-depth analysis of pricing strategies and factors influencing pricing decisions
• Exploration of product portfolio management tools like Boston Matrix
• Discussion on distribution channels and consumer behavior

7/25/2022

223

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Market Research Techniques

This page elaborates on specific market research techniques, detailing their strengths and limitations. It covers personal interviews, focus groups, telephone surveys, postal surveys, and EPOS systems.

Personal interviews offer two-way communication and the ability to resolve misunderstandings but are expensive and time-consuming. Focus groups provide qualitative insights but can be difficult to analyze. Telephone surveys are relatively inexpensive and offer immediate responses but may encounter hostility. Postal surveys are cost-effective but often have low response rates.

Highlight: EPOS systems with loyalty cards offer accurate customer profiles and monitor brand loyalty, providing valuable data for businesses.

Example: Postal surveys, while inexpensive, often require incentives like prize draws to encourage responses.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Pricing Strategies

This section outlines various pricing strategies businesses can employ, including penetration pricing, skimming, price discrimination, loss leader pricing, and psychological pricing.

Penetration pricing starts low to encourage customers to try new products but may result in minimal initial profits. Skimming involves setting high initial prices to maximize profits from early adopters. Price discrimination bases prices on factors like age to appeal to different market segments.

Definition: Loss leader pricing involves selling a product at an unprofitably low price to encourage other purchases and increase foot traffic.

Highlight: Psychological pricing, such as setting prices just below rounded numbers, can make prices seem cheaper but may be ignored if other aspects of the marketing mix don't support the product.

The page concludes by mentioning factors that influence pricing decisions, including the cost of manufacturing.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Market Research Types and Methods

This section delves into the various types of market research and their respective advantages and disadvantages. It distinguishes between field research and desk research, providing insights into their applications and effectiveness.

Field research, also known as primary research, involves gathering first-hand data for a specific purpose. Methods include surveys, interviews, and hall tests. While it offers relevant, up-to-date, and accurate information, it can be expensive, time-consuming, and requires training.

Desk research, or secondary research, involves analyzing existing information from sources like websites, newspaper articles, and government reports. It's easier to obtain and allows for quicker decision-making but may lack reliability and relevance.

Example: Field research methods include surveys, interviews, and hall tests, which provide tailored information but at a higher cost.

Vocabulary: EPOS (Electronic Point of Sale) systems with loyalty cards provide accurate customer profiles and monitor brand loyalty, though they can be expensive to set up.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Product and Market-Led Approaches

This page introduces the fundamental concepts of product-led and market-led approaches in business strategy. It highlights the key differences between these two methodologies and their implications for product development and marketing.

Product-led approach involves releasing and investing in products without prior knowledge of customer needs, relying heavily on advertising to convince consumers. This strategy often stems from new inventions and technological advancements.

In contrast, the market-led approach utilizes market research to identify consumer wants before product development. This method typically results in more useful and successful products as it directly addresses customer needs.

The page also touches on market segmentation, listing key factors such as age, gender, lifestyle, and social class. It explains the importance of target marketing, emphasizing how it allows for product customization and tailored marketing mix strategies to increase sales potential.

Definition: Market segmentation is the process of dividing a broad consumer market into sub-groups based on shared characteristics.

Highlight: Target marketing enables businesses to create products specific to customer needs and tailor their marketing mix to increase sales chances.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Sampling Methods and Consumer Behavior

This page discusses two main sampling methods used in market research: random sampling and quota sampling. It also touches on different types of consumer purchases and introduces the concept of niche marketing.

Random sampling allows for unbiased representation but can be expensive and assumes uniformity across the population. Quota sampling is more targeted and uses existing statistics but may lead to biased results.

Consumer purchases are categorized into four types: impulse purchases, routine purchases, limited decision making, and extensive decision making.

Vocabulary: Niche marketing involves identifying a gap in the market and targeting a product or service at a small group of people.

Example: Extensive decision making in consumer behavior involves a high degree of thought, typically for significant or expensive purchases.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Product Portfolio Management

This section focuses on the importance of maintaining a varied product portfolio and introduces the Boston Matrix as a tool for product portfolio analysis. It also covers the product life cycle and extension strategies.

A varied product portfolio allows businesses to appeal to different market segments, overcome seasonal fluctuations, and increase brand awareness. However, it can also lead to increased promotional costs and potential reputation risks.

The Boston Matrix categorizes products into four types: Stars, Cash Cows, Question Marks, and Dogs, based on their market share and growth potential.

Definition: The Boston Matrix is a tool used to analyze an organization's product portfolio based on market share and growth potential.

Example: Extension strategies for products in the decline phase include advertising, changing packaging, price reduction, and adding new features.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

View

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Subjects

/

Business

/

Marketing

/

Product development and branding

Cool Market Research and Segmentation for Beginners

user profile picture

Amilie du Toit

@amiliedutoit_uajk

·

54 Followers

Follow

The document covers key marketing concepts including market research types for business success, effective product market segmentation strategies, and the benefits of using boston matrix in marketing. It explores product and market-led approaches, segmentation techniques, and various research methodologies. The content also delves into product portfolio management, pricing strategies, and distribution channels.

Key points:
• Comprehensive overview of marketing strategies and research methods
• Detailed explanations of market segmentation and targeting
• In-depth analysis of pricing strategies and factors influencing pricing decisions
• Exploration of product portfolio management tools like Boston Matrix
• Discussion on distribution channels and consumer behavior

7/25/2022

223

 

S5/S6

 

Business

5

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

Market Research Techniques

This page elaborates on specific market research techniques, detailing their strengths and limitations. It covers personal interviews, focus groups, telephone surveys, postal surveys, and EPOS systems.

Personal interviews offer two-way communication and the ability to resolve misunderstandings but are expensive and time-consuming. Focus groups provide qualitative insights but can be difficult to analyze. Telephone surveys are relatively inexpensive and offer immediate responses but may encounter hostility. Postal surveys are cost-effective but often have low response rates.

Highlight: EPOS systems with loyalty cards offer accurate customer profiles and monitor brand loyalty, providing valuable data for businesses.

Example: Postal surveys, while inexpensive, often require incentives like prize draws to encourage responses.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

Pricing Strategies

This section outlines various pricing strategies businesses can employ, including penetration pricing, skimming, price discrimination, loss leader pricing, and psychological pricing.

Penetration pricing starts low to encourage customers to try new products but may result in minimal initial profits. Skimming involves setting high initial prices to maximize profits from early adopters. Price discrimination bases prices on factors like age to appeal to different market segments.

Definition: Loss leader pricing involves selling a product at an unprofitably low price to encourage other purchases and increase foot traffic.

Highlight: Psychological pricing, such as setting prices just below rounded numbers, can make prices seem cheaper but may be ignored if other aspects of the marketing mix don't support the product.

The page concludes by mentioning factors that influence pricing decisions, including the cost of manufacturing.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

Market Research Types and Methods

This section delves into the various types of market research and their respective advantages and disadvantages. It distinguishes between field research and desk research, providing insights into their applications and effectiveness.

Field research, also known as primary research, involves gathering first-hand data for a specific purpose. Methods include surveys, interviews, and hall tests. While it offers relevant, up-to-date, and accurate information, it can be expensive, time-consuming, and requires training.

Desk research, or secondary research, involves analyzing existing information from sources like websites, newspaper articles, and government reports. It's easier to obtain and allows for quicker decision-making but may lack reliability and relevance.

Example: Field research methods include surveys, interviews, and hall tests, which provide tailored information but at a higher cost.

Vocabulary: EPOS (Electronic Point of Sale) systems with loyalty cards provide accurate customer profiles and monitor brand loyalty, though they can be expensive to set up.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

Product and Market-Led Approaches

This page introduces the fundamental concepts of product-led and market-led approaches in business strategy. It highlights the key differences between these two methodologies and their implications for product development and marketing.

Product-led approach involves releasing and investing in products without prior knowledge of customer needs, relying heavily on advertising to convince consumers. This strategy often stems from new inventions and technological advancements.

In contrast, the market-led approach utilizes market research to identify consumer wants before product development. This method typically results in more useful and successful products as it directly addresses customer needs.

The page also touches on market segmentation, listing key factors such as age, gender, lifestyle, and social class. It explains the importance of target marketing, emphasizing how it allows for product customization and tailored marketing mix strategies to increase sales potential.

Definition: Market segmentation is the process of dividing a broad consumer market into sub-groups based on shared characteristics.

Highlight: Target marketing enables businesses to create products specific to customer needs and tailor their marketing mix to increase sales chances.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

Sampling Methods and Consumer Behavior

This page discusses two main sampling methods used in market research: random sampling and quota sampling. It also touches on different types of consumer purchases and introduces the concept of niche marketing.

Random sampling allows for unbiased representation but can be expensive and assumes uniformity across the population. Quota sampling is more targeted and uses existing statistics but may lead to biased results.

Consumer purchases are categorized into four types: impulse purchases, routine purchases, limited decision making, and extensive decision making.

Vocabulary: Niche marketing involves identifying a gap in the market and targeting a product or service at a small group of people.

Example: Extensive decision making in consumer behavior involves a high degree of thought, typically for significant or expensive purchases.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

Product Portfolio Management

This section focuses on the importance of maintaining a varied product portfolio and introduces the Boston Matrix as a tool for product portfolio analysis. It also covers the product life cycle and extension strategies.

A varied product portfolio allows businesses to appeal to different market segments, overcome seasonal fluctuations, and increase brand awareness. However, it can also lead to increased promotional costs and potential reputation risks.

The Boston Matrix categorizes products into four types: Stars, Cash Cows, Question Marks, and Dogs, based on their market share and growth potential.

Definition: The Boston Matrix is a tool used to analyze an organization's product portfolio based on market share and growth potential.

Example: Extension strategies for products in the decline phase include advertising, changing packaging, price reduction, and adding new features.

Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co
Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co
Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co
Product Market led Market segmentation Target marketing. Market Desk / field research @ Types of field research Sampling random | quota). Co

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Knowunity is the # 1 ranked education app in five European countries

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#1

In Education App Charts in 12 Countries

950 K+

Students uploaded study notes

Still not sure? Look at what your fellow peers are saying...

iOS User

I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D

Stefan S, iOS User

The application is very simple and well designed. So far I have found what I was looking for :D

SuSSan, iOS User

Love this App ❤️, I use it basically all the time whenever I'm studying