A factor that differentiates a product from its competitors

*unique selling proposition

A particular group of consumers at which a product is aimed

*target market

Characteristics or specifications that should be present in a product for it to be

deemed desirable by the consumer
*customer requirements

Validating customer related concerns through interview

*group portfolio
*interview report
*discuss it to the class

Determinign who the customers are in terms of

*target market
*customer requirements
*market size

An innovation or feature intended to make a product attractive to customers

*value proposition

A business or marketing statement that a company uses to summarize why a consumer

should buy a product
*value proposition

Number of individuals in a certain market who are potential buyers and or sellers
of a product
*market size

Strategies for maintaining customer loyalty

*listen and respond to feedback
*superior service
*more convenient hours that other businesses
*easy return policies
*store specific credit cards
*personal notes or cards
*frequent buyer programs

Competition from a business that makes most of its money selling the same or
similar products or services as another business
*direct competition

Competition froma business that maks only a small amount of money selling the same
or similar products or services as another business
*indirect competition

Designing a surver
*lenght of questionnaire
*clear,easy to answer, only important questions

knowing about your competition will help you define your target market
*understand the competition

Is a system for collecting recording and analyzing information about customers

competitors goods and services
*market research
they collect primary and secondary data
*market reearchers

People who buy the products and services companies offer

*customer

unfilled desire of a customer

*economic want

anything that is required to live

*economic need

group of customers within a large market who share commmon characteristics

*market segments

is the individuals or companies that are interested in a particular product or

service and are willing and able to pay for it
*target market

uses the needs of customers as the primary focus during the planning, production,
disribution, and promotion of a product or service
*marketing concept

Is a description of the characteristics of the person or company that is likely to

purchase a product or service
*customer profile

is data found in already published sources

*secondary data

information collected for the very first time to fit a specific purpose
*primary data

questoinnaire or survey, observation, focus groups

*primary data

studying individual competitors

*price
*location
*facility
*strenghts
*weaknesses
*strategy

five steps of primary market research

*1st define the question
*2nd select a research method
*3rd collect data
*4th analyze data
*5th draw conclusions

data that describe a group of people in terms of their age, marital status, family
size, ethnicity, gender, profession, education, and income
*demographics

data that describe a group of people in terms of their tastes opinions personality
traits and lifestyle habits
*psychographics
value of market research
*identify a target market by understanding your customers
*research your market using primary and secondary data