the information collected from sources like _______, _________, ________ and other market players can be called marketing information.
it is a multi-view of your customers obtained from a strategic ysis of both ______ and _______ data of customer behaviours.
adequate customer information can contribute greatly to good products and marketing programs.
customer insight is the in-depth knowledge of your customers, based on their buying behaviours, their experiences with your brand, their beliefs or needs.
raw data collected from customers are not enough to tell anything about customer insights.
it is not difficult to collect information but the difficulty lies in how to use them effectively.
marketing researchers should be able to perform data mining and find out the stories behind the data, and provide clear answers to practical questions.
the problem is, some managers will ask for whatever information they could get without thinking carefully what they really need.
the cost issue of marketing research deserves serious consideration. the cost issue also deserves serious consideration.
a segment of something is one part of it considered separately from the rest.
if a company segments a market, it ides it into separate parts, usually in order to more precisely identify the target consumers and improve marketing opportunities.
there is not a single company that is capable enough to develop a product that can satisfy all the consumers in this world.
consumers can also be grouped according to their psychographic features like lifestyles, personalities, values and attitudes to life.
acorn, which is short for a classification of residential neighborhoods, uses residential areas and related property prices to classify people.
abc socio-economic categories uses people’s income levels, professions and social status to group them.
marketers also use the data to build up a customer profile: the image of a typical consumer.
market segmentation is one very primary and essential step in market ysis.
those consumers with similar needs, behaviours and preferences can be grouped together to from different aller segments.
different companies may adopt exactly the same approaches to market segmentation.
using a(n) _________ marketing (or mass marketing) strategy, a firm might very possibly decide not to target a specific segment but the whole market.
colgate offers toothpastes to its customers with different needs like sensitivity, whitening, and launches different toothpastes brands. this is called ________ marketing.
when it comes to choosing a targeting strategy, companies need to consider many factors which include:
in evaluating different market segments, a company must pay attention to three factors. they are:
a company should only enter segments in which it can create superior customer value and gain advantages over its compes.
modern marketers seldom adopt undifferentiated marketing (or mass marketing) strategy.
when using a concentrated marketing or niche marketing strategy, a firm goes after a all share of a large market.
concentrated marketing can be highly profitable with low risks.
if the segment consists of buyers with different tastes, like in the case of soft drink, then it is advisable to choose undifferentiated marketing.
a loyalty card can also be named as:
being loyal means being firm and not changing in your support for a person, a product, a company, an organization or a brand.
customer loyalty refers to the tendency to repurchase a particular product, service or brand or revisit a particular company shop or website many times.
loyal customers tend to buy more and buy more expensive products.
loyal customers are willing to introduce their favourite brands to friends, colleagues and relatives, causing the effect of a de facto word of mouth marketing.
being fickle means being firm in support for a person, a brand or a company.
b2b (business-to-business) loyalty programs reward businesses for their purchase of goods and services from suppliers.
some critics see the lower prices and rewards as bribes to manipulate customer loyalty and purchasing decisions, or in the case of infrequent spenders, a means of subsidizing them.
some institutes warn that commercial use of the personal data collected as part of the programmes has the potential for abuse.