MGMA01H3 Study Guide - Final Guide: Customer Satisfaction, Marketing Effectiveness, Psychographic
Document Summary
Market research is the process of specifying, assembling and analyzing information used to: Identify and define marketing opportunities and problems. Improve understanding of marketing as a process. Example in powerpoint: marketing research would be knowing how much television your target market watches per day (or basing you target market upon the number of people who watch more than a certain amount of tv per day) Market definition: a common customer"s needs define a whole market not a product. Implications: segmentation defines common customer needs, these common needs may be satisfied by similar or dissimilar technologies or have different solutions. Customer dissatisfaction at long delays at supermarket checkout. Solution 2: entertainment/ sales systems on checkout lines. Note: total solution defines (competitive) market, not product or technology. Segmentation: identify segmentation bases and segment the market. Positioning: identify possible positioning concepts for each target segment. Developing a market for each individual customer is extremely expensive.
