Download 3.04 Study Guide

Objective 3.04-A Study Guide
How product _________ is used to define a market.
▪ _________: An organizational function and a set of processes for
creating, communicating, and delivering value to customers and for
managing customer relations in ways that benefit the _________ and its
stakeholders.
▪ _________: Marketing element referring to what goods, services, or
ideas a business will offer its _________
▪ _________: The rivalry between two or more _________ to attract scarce
customer dollars.
▪ ___________: A customer or a potential customer who has an unfulfilled
desire and is financially able and willing to satisfy that desire.
Any _________under which buyers and sellers exchange goods or services
for a price
Competition is becoming much more_________ for most businesses. Businesses need to gather
information about competitors' _________and marketing activities in order to determine their strengths
and weaknesses in order to help them to determine what they need to do to be more _________.
Types of _________ can be used to define a market.
_________: The people who buy goods and services.
_________: Anyone who uses goods and services.
"Customer _________" is a term for the portion of available customers who currently patronize a
business, usually for a product or service.
A customer _________can grow and shrink due to changes in the business _________. Maintaining a
stable or growing _________ market ultimately depends on keeping the existing paying customers of
the _________ happy.
A customer market includes many _________of customers. Types of customers who make up a
customer _________include loyal customers, customers who shop at a discount, _________who buy
things for fun and customers who shop to browse. A customer base can also include _________who use
the product or service they make, as well as _________ customers who use the product or service
although someone else _________the product at the store.
Types of _________
A market is simply any group of actual or _________ buyers of a product. There are _________
major
types of markets.
1. The _________market. Individuals and households who buy goods for their own use or benefit
are part of the consumer _________ Drug and grocery items are the most _________types of
consumer products.
2. The _________market. Individuals, groups or _________ that purchase your product or service
for direct use in producing other _________or for use in their day-to-day operations.
3. The_________market. Middlemen or _________, such as wholesalers and retailers, who buy
finished _________and resell them for a profit.
MARKET _________: The division of a total _________into smaller, more specific
groups.
Te value of this _________ lies in its allowing businesses to _________their product offerings and their
marketing strategies. There are four ways to _________ a market
 geographics
 _________
 psychographics
 _________
Use of geography to define a market.
_________ SEGMENTATION: The division of a _________ on the basis of where consumers
are located.
When _________ a market geographically, this usually refers to local, regional, _________, or even
global markets.
Some _________use geographics to decide on new locations.
1. Geographics is the _________ of the market based on where customers _________. This
includes region, state, county, _________, and/or area
2. Geographic _________ is based on the concept that for certain_________, people who live in
the same area might have the _________wants and needs.
Use of production-distribution _________in market definition.
A _________ center is a facility used to accumulate products from several _________and then regroup,
repackage, and send them as quickly as possible to the _________where they will be used.
_________ is Distribution
Distribution involves making _________ about where to sell your product. It also includes
deciding on the _________of transportation (truck, ail, ship, or air). How and _________products are
stored adds to the _________ decision making.
Purpose of _________a target-market profile.
TARGET _________: The particular group of _________a business seeks to attract
Targeting your _________is simply defining who your primary_________will be. The market should
be measurable, _________ large, and reachable.
In order to be an effective _________market, it must meet four criteria:
1. The people in the target _________ must have common _________ needs and respond in a
similar war to marketing _________designed to satisfy those needs.
2. The _________outside of the target market should have enough _________from those in
the market that they will not find the _________activities satisfying,
3. There should be _________innovation about the people in the target _________ so they
can be identified and located.
4. There should be enough _________about the consumers'_________ and how they make
purchasing _________ that an effective _________ mix can be developed.
CHECKLIST For _________ Your
Market
___ Determine why a customer would want to buy your _________/service.
___ _________ your products’/services’ benefits and features.
___ Decide which _________ criteria will best segment your target market: geographic,
demographic, psychographic or behavioral.
___ _________your market.
___ Divide larger _________market segments into smaller segments.
___ Decide if it would be _________and feasible for you to pursue each segment.
Objective terms that can be used to _________a target market.
Here are _________steps to follow when _________ your market:
Identify Why A _________Would Want To Buy Your Product/Service
_________ Your Overall Market
Research Your _________
Step One — _________Why A Customer Would Want To Buy Your Product/Service
The first step in identifying your _________market is understanding what your products/services have
to offer to a group of people or businesses. To do this, identify your _________or service’s features and
benefits. A feature is a _________ of a product/service that automatically comes with it.
Step Two: _________Your Overall Market
It is a natural _________ to want to target as many people and groups as possible. However, by doing
this your promotional strategy will never talk _________to any one group, and you will most likely
turn many _________ customers off. Your promotional budget will be much more cost effective if you
promote to one type of customer and speak directly to them. This allows you to _________ a highly
focused campaign that will _________meet the needs and desires of a specific group. Again, this is
called market segmentation.
Step Three: _________ Your Market
Some or all these reference tools can be found in the_________ collection of any public library or
college library that _________local business or a business school:
Federal _________ Data
_________Sources of Demographic Statistics
Demographic _________
http://edwardlowe.org/erc/?ercID=6378
Market research _________that can be used to obtain target market _________.
While there are many ways to perform market _________, most businesses use one or more of five
basic _________: surveys, focus groups, personal interviews, observation, and field trials.
1. _________.
In-person _________ are one-on-one interviews
_________surveys are less _________than in-person surveys, but costlier than mail.
Mail surveys are a _________ inexpensive way to reach a broad audience.
Online surveys
2. _________groups. In focus _________, a moderator uses a scripted series of questions or
_________ to lead a discussion among a group of people.
3. Personal _________ Like focus groups, _________interviews include unstructured, open-ended
questions.
4. _________. When you _________ consumers in action by _________them in stores, at work, or at
home, you can observe how they buy or use a product. This gives you a more _________picture of
customers' _________habits and shopping patterns.
5. Field _________ Placing a new product in selected stores to test _________ response under real-life
selling conditions can help make _________modifications, adjust prices, or improve packaging.
Source: http://www.allbusiness.com/marketing/market-research/1287-1.html#ixzz26lOJGGu5
Sources that can be accessed to obtain _________t-market information.
Some Major _________ of Market Research Information
_________ Bureau
Chamber of _________
Department of Commerce
Librarians
Trade and _________Organizations
Trade and Professional _________ http://managementhelp.org/marketing/market-research.htm
Target-market _________
The target market _________ allows us to break down these _________of people so we can better understand
how to reach them. One way to do this is to_________ a target market profile. Here is an example of a target
market profile:
1. _________:
Lives within the _________codes 97401, 97402 and 97405.
2. _________:
Married.
Between the ages of 21-35.
At least one child.
Condominium or _________owner.
Education experiences beyond high school.
Earning a combined annual family income of $50,000 or greater.
3. _________:
Values time and _________ it their single most limited resource.
Excited about accepting and using innovative ideas and products.
Consistent Web users. _________ the Internet over magazines and newspapers for information they
trust.
Increasing _________ invested into safety and security issues.
Beginning to _________for their future.
4. _________:
They are leaders in _________selection and respond to the opinions of the “industry experts” when
making _________decisions.
This _________will first look to the Internet to acquire this information.
They defend these _________ under most any circumstance and will adamantly “sell” those that ask
why they use the _________or service and why they made the choice they did.
This _________ can be a powerful, unpaid sales force resulting from the referral network they build
and use.
The more detail you know about your “ideal” _________ and clients, the better you will be able to
make them aware of your _________and services, and how to purchase them through you.
http://articles.bplans.com/business/target-marketing/94
Procedures for _________ market segments.
Market _________ Procedure: - Steps involved are:
_________/Research market. _________of data. _________ customers into segments.