Understanding Market Research, Segmentation, and Targeting
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Market Research
These are activities that allow an organization to obtain information required to make decisions about their environment.
Why do market research?- Competitive Pressure: essential for the company to exist.
- Growth market.
- Costs of errors.
- Increasing expectations from consumers.
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Marketing Information System (MIS)
Definition: An ongoing process within organizations whose purpose is to generate, analyze, disseminate, store, and retrieve information used in decision-making.
How should a Marketing
Market Segmentation Strategies and Benefits
Market segmentation is the process of dividing a larger market into smaller groups of consumers who have similar needs or characteristics. This allows businesses to create targeted marketing strategies and offer their products or services to specific segments of their audience, ultimately increasing the likelihood of success.
Examples of Market Segmentation
- Demographic segmentation: by age, gender, income, education. For example, a company that sells luxury cars may target consumers who earn a high
Persuasive Writing Techniques for Marketing Success
If you can convince someone to buy or sell something with your writing, that’s copywriting. In a word, it’s a scam!!
What is Copywriting?
Definition: Copywriting is the art and science of writing persuasive and compelling text (or “copy”) that motivates readers to take specific actions, such as purchasing a product, signing up for a service, or clicking on a link.
Purpose: The primary goal of copywriting is to sell or convince. Whether it’s for advertisements, websites, or social media, copywriting
Read MoreEAS 545: Key Concepts and Skills
EAS 545: Course Materials
NOTE: Remember tonight to save all course materials
Topics
Topics not to forget:
1. Positioning
a. Market Segmentation:
- A market segment is a group of customers sharing common desires, needs, and buying patterns.
b. Differentiation:
1. Sustainable, competitive advantage that meets needs/delivers greater benefits to customer.
- Final product is the totality of what a customer buys.
2. Personal Innovation Skills (The Fish)
a. 5 Networking Practice Points
b. Medici Effect
- He’s pushing
Strategic Marketing and Customer Value Creation
Define Marketing and Outline the Steps in the Marketing Process
- Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The marketing process involves five steps. The first four steps create value for customers.
- Understanding the Marketplace and Customer Needs and Wants.
- Designing a Customer-Driven Marketing Strategy.
- Constructing an Integrated Marketing Plan that Delivers Superior Value.
- All of
Quantitative vs. Qualitative Research, Big Data, and Cultivation Theory
Quantitative vs. Qualitative Research
Quantitative research involves recognizing and analyzing quantitative data on variables. Qualitative research, on the other hand, avoids quantification. Qualitative researchers create narrative records of phenomena through techniques such as participant observation and unstructured interviews.
The fundamental difference between these methodologies is that quantitative research studies the association or relationship between quantified variables, while qualitative
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