Market STP
seeks to put a product in a certain position, or place, in the minds of prospective buyers
What is positioning
a group of people with sufficient purchasing power, authority, and willingness to buy
What is a market
products bought by ultimate consumers for personal use
What is consumer products
the data that originates in unprecedented volume and at unprecedented speed from the world around us
What is big data
the process of collecting and using information for marketing and decision making
What is marketing research
targeting several different market segments using a different marketing mix for each segment
What is differentiated marketing
the division of the total market into smaller, relatively homogeneous groups
What is market segmentation
dividing an overall market into homogeneous groups based on their locations
What is geographic segmentation
a small group of individuals in one location to discuss a subject of interest
What is a focus group
information collected for the first time specifically for a marketing research study
What is primary data
an explanation of how consumers will benefit from the product and why the company is uniquely qualified to provide those benefit
What is value proposition
products purchased for use either directly or indirectly in the production of other goods and services for resale
What is business products
the number of individuals residing in a particular geographic market area
What is market size
seeks to discover the cause of a specific problem by discussing the problem with informed sources both inside and outside the firm, and by examining data from other information sources
What is exploratory research
a master plan for conducting marketing research
What is research design
selecting a single market segment and concentrating efforts on profitably satisfying that segment
What is concentrated or niche marketing
the number of residents within a specific geographic area, such as a square mile
What is market density
defines consumer groups according to demographic variables such as gender, age, ethnic group, family life cycle stage and household type, and income
What is demographic segmentation
a marketing research technique that involves introducing a new product in a specific geographic area and then observing its degree of success
What is test marketing
a technique in which a user employs special software to search through computerized data files to detect patterns
What is data mining
a graphical illustration of consumers’ perceptions of competing products within an industry
What is Positioning Map
differentiating population groups according to values and lifestyle factors which are common to the group
What is psychographic segmentation
when all customers are targeted using a single marketing mix
What is mass marketing
a method in which a researcher observes a customer or group of customers in their natural setting and interprets their behavior based on an understanding of the social and cultural characteristics of that setting
What is interpretive research
the use of marketing intelligence data and model scenarios to create forecasts
What is predictive analytics