Marketing Analysis And Market Segmentation

Marketing is a very unique process that enables limitless methods or variations for an entity to appeal to a particular target market as well as to deter from a particular market. Marketing is used in more than just business; The kinds of clothes an individual wears and the attitude a person portrays can be used to market him or herself to the public for many reasons: Maybe to attract a woman a man is attracted to, possibly to impress the president of a company a person is interviewing for, and even to just create a base of his or her character in which other people will judge him or her by. Marketing is everywhere from the business side of the spectrum to relationships people have

“Exploratory research is open-ended method that assists in defining a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents” (Entrepreneur Media, Inc. 2012, para 1). Specific research involves a more precise approach “used to solve a problem that exploratory research has identified” (Entrepreneur Media, Inc. 2012, para 1). The structure of these types of interviews are much more formal than those used in exploratory research. Data collection tools used in primary research can include: consumer interviews or surveys, focus groups, observations, or field tests (such as employing a test-market).

Primary research. This has to be gathered first and to answer certain questions that are related to the project; therefore it is more time consuming and expensive. Primary research is considered to be a reliable source of information as it is coming directly from consumers.

Primary and secondary sources are ways in which data can be retrieved. As Serakan (2006) stated, “Primary data refer to information obtained by the researcher on the variables of interest for the specific purpose of the study”. Various evidence suggesting to what methods of primary research can be conducted and which are most effective for the previously mentioned problem description are stated in this chapter.

Secondary marketing research is based on information previously gathered by an individual, the government, and other agencies. “Secondary sources are those sources of information that have been collected previously by other individuals or organizations. Secondary sources of information can help you to identify other sources of information, it can help you to get an overall picture of your market or it may provide more detailed information on a specific segment of the market” (Karen Paiyo). There are also various research tools used when conducting secondary research. Secondary research can be acquired from previous reports, public sources, newspapers, magazines, commercials, educational sources, and websites. Secondary research is often easy to find and generally free. It is much more inexpensive than primary research. An example of secondary research is a general manager, of a professional baseball team, gathering a summation of statistical information (of a player whose contract is expiring) from previous

Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.

One of the main critical areas to consider in research is the sources of data. Data sources can be either: primary or secondary. Surbhi (2016 p.) defines primary data as the “data originated for the first time by the researcher through direct efforts and experience, specifically for the purpose of addressing the research problem” and defines secondary data as “second-hand information which is already collected and recorded by any person other than the user for a purpose, not relating to the current research problem”. Surbhi (2016) considers primary data sources as quite expensive, and requires resources including money and manpower. He also added that “ secondary data is the data that is readily available form of data collected from various sources like censuses, government publications, and internal records of the organization, reports, books, journal

marketing is to match the right product to the right market, providing an optimum return on investment. It is more than just advertising.

Marketing is the basic concept of selling or buying products and services. This is generally some type of exchange of money, services, goods or ideas. Advertising has vastly changed since the creation of the printing press.

Marketing is the basic concept of selling or buying products and services. This is generally some type of exchange of money, services, goods, or ideas. Advertising has vastly changed since the creation of the printing press;

The assembly and analysis of secondary data almost invariably improves the researcher 's understanding of the marketing problem, the various lines of inquiry that could or should be followed and the alternative courses of action which might be pursued.

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

There are two types of data primary data and secondary data. In primary data we can collect by doing interview, survey and questionnaire and the secondary data we can get the information about the product by its past records, magazine or news papers. The process used to gathering data information and data for the purpose of making business decision.

Segmenting, targeting, and positioning are some of the approaches that are used by business organizations for the purpose of building relationships with their customers. All these methods are referred to as the target marketing process. Market segmentation identifies bases for segmenting the market by developing segment profiles. Target marketing deals with the development of measures of segment attractiveness as well as selecting target segments. Market positioning on the other hand develops positioning for each segment while at the same time developing a marketing mix for each segment (Cant, 2006). Most advertisements are designed carefully to incorporate all the three elements of the target marketing process. A good example of this is the McDonald’s TV advertisement known as “My Dad.”

The process of communicating the value of a product or service to customers, for the main purpose of selling that product or service is known as marketing. The science of choosing target markets through market segmentation and analysis, and understanding consumer behavior while providing superior customer value to the customers is termed as Marketing Management. It can be looked at as one of the most important of the organizational functions and a set of processes for creating, communicating and delivering the value to their customers or potential customers, and a customer relationship management that benefits the organization in a variety of ways.