Entrepreneurship

• Customer profiling


  is the process of gathering detailed and important information about customers.
• demographic information


  this information includes certain variables such as age, gender, race, and the civil status of customers.
• Geographic Information

  The target market’s geographic information basically dwells on the location so that products and services can be better served in a particular area.
• Socioeconomic Information


  This type of information pertains to the aspects of income, education, occupation, and household description of the target market.
• Psychograhic Information


  Other essential pieces of information that must be profiled are the hobbies, interests, and lifestyles of the target market.
• Market Segmentation

  the act of forming prospective buyers into particular groups that share one or more similar characteristics and who will respond similarly to their product needs
• Descriptive bases


  Include information that is measurable and identifiable and information that serves as strong indicators of the needs and preferences of the consumers.
• Behavioral bases


  Compared to the descriptive ones, are generally more difficult to measure because they include information that cannot be gathered through simple market research methodologies.
• Benefit bases


  It refers to information or data that help the businesses in identifying what the consumers seek in purchasing a certain product.
• Markert aggregation


  Pertains to the approach of marketing a product or service to a huge number of consumers sharing identical needs and demands and thus, allowing for more exposure to the product or service
• Market Aggregation


  It is likewise commonly known as “mass marketing.”
• Benefits of Market Aggregation

  1. Reduce costs
  2. Lower prices
  3. Product differentiation
• Reduces costs


  Market aggregation typically reduces both production and marketing costs involved since products and services are marketed to a mass number of people.
• Lower prices


  One vital benefit of market aggregation is that products are sold at lower prices as a result of the reduction in production and marketing costs.
• Product differentiation


  Through market aggregation, products are differentiated from the others, allowing them to stand out from the competition.
• Branding


  It is the process of creating a name, symbol, or design that identifies and differentiate a product from other products
• Awareness


  Brand awareness refers to the number of people who know the brand
• Targetable


  The branding of products should be planned in relation to the target market.
• Loyalty

  Brand loyalty is an achievement for a business.
• Consistency


  A brand must be consistent. Businesses make numerous promises on advertisements, and consumers expect them to deliver on their promises.