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It is a document which outlines a business's marketing problems and how they will be addressed and solved.
What is a Marketing Plan?
They are specific, measurable, short-term expectations
What are Objectives?
It is marketing aimed at the masses without consideration of differences among them
What is Mass Marketing?
This term refers to the segmentation of the market based on where people live.
What is Geographic Segmentation?
They are broad, long-term expectations for future achievements
What are Goals?
This includes Age, Gender, Income, Marital Status, Ethnic Background, Family Structure, Education Level, etc...
What are Demographics?
This generation was born between 1997-2012 (12-27 years old). This generation's identity has been shaped by the digital age, climate anxiety, a shifting financial landscape, and COVID-19. They are the first generation to grow up with the internet as a part of daily life. The generation spans a wide range: the oldest have jobs and mortgages, while the youngest are still preteens.
What is Generation Z
They are specific actions that advance the strategy and achieve an end result
What are Tactics?
It is the past research that has already been performed and often already published.
What is Secondary Research?
This is a mix of variables marketers control to influence a business’ success; the four Ps: price, product, place, promotion
What is the Marketing Mix?
It is an organized effort to gather and interpret information about a market
What is Market Research?
It is the division of the mass market based on shared characteristics.
What is Market Segmentation
This generation is also called Generation Y and born between 1981 and 1996 (ages 28-43). They grew up during the start of the internet and personal computers. Many of them started their careers after the Great Recession of 2008, which has impacted their earning potential. They also have high levels of student loan debt. They've delayed life milestones like marriage, homeownership, and starting families.
Who are Millennials?
They are statements describing the overall approach to how goals and objectives will be achieved
What are Strategies?
This generation was born prior to 1946. This generation built so much of the society we know today. This generation has also displayed their resilience through some tough times: starting life after a Depression, hearing stories of World War I from their parents and living through World War II.
Who are Generation Builders
This group was born between 2010-2024. They were born into a fully technological and connected world, making them adept at using digital devices and platforms. This generation is more independent and self-directed. They exhibit a strong sense of self-awareness and identity, and they are socially and environmentally conscious.
What is Generation Alpha?
It is exploratory, in-depth research involving flexible, open-ended questions; includes: interviews, observation and focus groups.
What is Qualitative Research?
It is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is Marketing?
This group of people were born after WWII between 1946-1964 when men were coming home from the war. This generation shaped society and the social context. They pushed back on political decisions, participated in protests, saw the rise of feminism, and had a desire for equality. They were the social justice warriors of their time. They brought about massive cultural change, social change, and economic change, and continue to have impacts in society today. As a high-net worth generation, they are often described as ‘the bank of mom and dad’, helping to build the economy and lending a hand to the next generation.
Who are Baby Boomers?
It is a system for gathering and organizing marketing information used in decision-making
What is a Marketing Information System?
It is structured research that uses the scientific method and standardized questions to make generalizations and predictions; includes: questionnaires, surveys and experiments
What is Quantitative Research?
This involves grouping people with similar lifestyles, activities, attitudes, personalities, and values.
What is Psychographic Segmentation?
This group is born between 1965-1978; children of dual-careered parental homes and rising divorce rates; media savvy; big spenders in cosmetics, electronics, clothing and entertainment; reached through sharp images music and humor.
Who are Gen X?
It is research done firsthand for the first time.
What is Primary Research?
It is a specific group for which a business's products, services and marketing efforts are intended
What is Target Market?