Key Terms
Marketing
Activities used to identify consumers and convert them into buyers
Target market
The specific consumer group a company seeks to serve
Review pricing when
Adding products, demand shifts, entering new markets, costs change, competitors adjust.
Market research
Collection and analysis of data about a target market
Purpose
Understand customer needs and wants; identify opportunities; know your competition.
Six steps
1. Define the research goal 2.
Qualitative
Open-ended; explores reasons, opinions, motivations
Quantitative
Numerical data; identifies trends and patterns
FOCUS GROUP
6-12 participants; moderator-led discussion; used when you don't yet know what questions to ask.
Reliability
Actual difference exists in what is being measured
Validity
The questions you're asking actually address your research objective
Free sources
US Census Bureau, Fact Finder, Pew Research Center, Current Population Survey, SBA, IBISWorld
Paid/syndicated sources
Nielsen, Experian Simmons, Scarborough, Geoscape
Market opportunity
Unmet need within a target demographic
Market analysis
Examines overall interest and viability of a product within an industry