Identify Your Market
Includes individuals or companies that are interested in a particular product or service
Target Market
Ages 25 to 40 is an example of this
Demographics
Can be taken either over the phone or online to provided business with consumer responses
Survey
A business which most of its sales come from the same or similar products
Direct competition
Books, Trade Magazines, and Online research are a form of this
Groups of customers within a large market who share common characteristics are known as
Market segments
Determining where your potential customers live is an example of this
Geographic data
Allows business to witness a company in action, but leaves a lot of questions to be answered
Observation
A business that makes only a small amount of money selling the same or similar products
Indirect Competitor
Allows companies to communicate and gather feedback from customers on platforms such as Twitter
Social Media Marketing
Individual 23 to 52 years of age
Participates in sports
Wants good-quality equipment
Looks for good prices
This is an example of
Customer Profile
a family with four kids, and an annual household income of $50,000 a year is an example of
Demographics
Most popular form of Secondary Data
U.S. Census
McDonald's vs. Outback
Indirect Competition
Store specific credit cards, or having an easy return policy are strategies to increase or maintain what
Customer Loyalty
How often potential customers use a product or service is information created by
Use-based Data
People who live in a downtown setting and prefer to listen to classical music. This is an example of?
Psychographic Data
Primary Data
Meijer and Target
Indirect Competitor
In order to be considered effective this form of primary data should not exceed one page in length if being given over the phone
Survey
Describing people in terms of their tastes, opinions, personality traits and lifestyle habits
Psychographics
What two type(s) of Data are being use?
Orders carryout food for delivery 3 times a week & Lives in a Downtown setting
Use-Based Data & Demographics
Most expensive form of Market Research, but allows for interaction with customers
Focus Group
Whole Foods vs. Plum Market
Direct Competition
This refers to a company's efforts to understand customers and as individuals rather than part of a group
CRM Customer Relationship Management