Determining Who

the Customers
Are
 Marketing research

-a comprehensive process of understanding the

customers’ intricacies and the industry they
revolve in.
• It is one of the most critical tasks of an
entrepreneur. Therefore no entrepreneur should
establish a business w/o undergoing the
marketing research process.
• It aims to scrutinize the target market, their
specific requirements and the market size
where the business operates.
- are said to be
the lifeblood of
the business.
1. Market Size
• is simply the size
of the arena where
the entrepreneur’s
business will
play.
• The only way to do
this is to conduct a
strategic
marketing research
from reliable
sources using
dependable
methods.
Steps:
- Usually, this is
what you call the market
space or the market
universe because this is the
total market.
2. Demographic
Segmentation/ Socioeconomic
Segmentation
is the process of
grouping customers
according to relevant
socioeconomic
variables for the
business venture.
Income Range and Social Class
Occupation
Gender and Age group
Religion and Ethnicity
3. Psychographic Segmentation
- is a process of
grouping customers
according to their
perceptions, way of
life, motivations and
inclinations.
•Perceptions
•Way of life
•Motivations
•inclinations
4. Geographic Segmentation

- is simply
grouping
customers
according to
their location.
 Behavioral Segmentation

• Occasions
• Desired Benefits
• Loyalty
• Usage of products or
availment of services.