Entrepreneurship 7

  1. marketing
    the development and use of strategies for getting a product or service to customers and generating interest in it
  2. primary research
    a type of research conducted directly on a a subject or subjects
  3. secondary research
    a type of research carried out indirectly , through existing resources
  4. examples of primary research
    • personal interviews
    • telephone surveys
    • written surveys
    • focus groups
    • observation
    • tracking
  5. examples of secondary research
    • online searches
    • database searches
    • industry associations, commerce, agencies
    • review of books and records
    • computer websites
  6. market research
    is the collection and analysis of data regarding target markets, industries, and competitors
  7. market research is the process of finding out:
    • who
    • where
    • what they want and need
    • how behave
    • size
  8. find out what customers think about:
    • your product and service
    • name
    • location
    • logo/brand
    • proposed prices
    • promotional efforts
  9. understand more about customers by asking:
    • age
    • income
    • hobbies/interests
    • family structure
    • occupation
    • benefit
  10. customer research
    • surveys
    • focus groups
    • research reports
  11. industry research
    • interviews
    • observations
    • tracking
    • written sources for statistical data
    • books/articles
    • competitor websites
    • trade associations
  12. market segment
    a group of consumers or businesses that have a similar response to a particular type of product or service
  13. four basic ways to segment
    • geographic - location
    • demographic - population
    • psychographic - opinon/lifestyle
    • behavioral - purchase behaviors; loyalty or price response
  14. product life cycle
    the four stages that a product or service goes through as it matures in the market - introduction, growth, maturity, decline
  15. positioning
    distinguishing a product or service from similar products or service being offered to the same market
  16. how does marketing differs from selling
    marketing identifies customers needs and wants; business will mean something clear and concrete, comunicate competitive advantage
Card Set
Entrepreneurship 7
chapter 7