Presentation on theme: "Chapter 9 Market Information and Research. Market Segmentation Way of analyzing your market by certain charactericts to create a target market 1. Demographic."— Presentation transcript:
Market Segmentation Way of analyzing your market by certain charactericts to create a target market 1. Demographic Segmentation AgeIncomeGender 2.Psychographics= lifestyle, aptitudes, opinions Patterns
3. Geographic Segmentation= where you live Geographic tourism and hospitality pg 189 4. Behavioral Segmentation = attitudes, use, or response to a product. 5. Product Use – who uses what and when and how often.
Determining Markets Companies look for size, growth, competitions, and ethics and society Product Positioning = branding- creating an image of a product in the minds of customers Positioning by competition Completive advantage= something that makes it better than the others
9-2 Market Research Market Research = gathering, recording, and analyzing information related to a company’s goods/services Answer 3 questions 1. What info does it need to know? 2. Who might have the info? 3. What is the best method of gathering the info?
Market Research Process Identify the problem then find a way to research the most effective way Secondary Research = published data that had been collected for some other reason. Primary Research= original research conducted for a specific situation
Primary Research Methods 1. Observation= watching people 2. Experimental Method= research observes the results 3. Survey Method= use of surveys
Developing Consumer Questionnaires Sample= number of people who are represented for the survey 1. Who? 2. How many ? 3. How should they be chosen? 4. When? Open ended = let them write what they wish Closed ended = give them choices to answer