MKT 702 Lecture Notes - Lecture 4: Target Market, Focus Group, Marketing Effectiveness

• School: Ryerson University
• Department: Marketing
• Course: MKT 702
• Professor: John Peco

Document Summary

Population and demographics: populatio(cid:374) gro(cid:449)th, populatio(cid:374) age (cid:373)i(cid:454, eth(cid:374)i(cid:272) (cid:373)arkets, edu(cid:272)atio(cid:374)al groups, household patter(cid:374)s. You need to understand more than just the demographics of your consumers. Major forces in the environment: demographic, economic, socio-cultural, natural, technological, political-legal. What can you learn from internal records about your consumers: sales i(cid:374)for(cid:373)atio(cid:374) s(cid:455)ste(cid:373, databases, warehousing, data mining. How can we measure market demand: potential market, available market (who can access, target market(who do we want to persue, penetrated market. Estimating future demand: survey of buyers" i(cid:374)te(cid:374)tio(cid:374)s, composite of sales force opinions, expert opinion, past-sales analysis, market-test method. Marketing insights provide diagnostic information about how and why we observe certain effects in the marketplace, and what that means to marketers. Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company: marketing research connects the consumer to the marketer through information.