TLE LESSON 3

• MARKET RESEARCH - is scientific in nature, utilizing the scientific method in order to gain insights on how to solve real world problems.
• MARKET RESEARCH - The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. This includes taking surveys or conducting exploratory studies of a market.
• Market segmentation helps companies minimize risk by figuring out which products are the most likely to earn a share of a target market and the best ways to market and deliver those products to the market.
• Demographic segmentation might be the first thing people think of when they hear ‘market segmentation’. This is perhaps the most straightforward way of defining customer groups, but it remains powerful.
• Demographic Segmentation 


  1.Age 2.Income 3.Level of education 4.Gender 5.Religion 6.Ethnicity 7.Profession/role in a company.
• Psychographic segmentation is focused on your customers’ personalities and interests.
• Psychographic segmentation 


  Here we might look at customers and define them by their:

  1.Personality traits 2.Hobbies 3.LifeGoals 4.Values 5.Beliefs 6.Lifestyles
• Geographic segmentation is often one of the easiest to identify, grouping customers with regards to their physical location.
• Geographic Segmentation 


  This can be defined in any number of ways:

  1.Country 2.Region 3.City 4.PostalCode
• Behavioral segmentation is possibly the most useful of all for e-commerce businesses. As with psychographic segmentation, it requires a little data to be truly effective – but much of this can be gathered via your website itself.
• Behavior Segmentation


  we group customers with regards to their:

  1.SpendingHabits 2.PurchasingHabits

  3.BrowsingHabits 4.InteractionWithTheBrand 5.LoyaltyToBrand 6.PreviousProductFeedback
• Target market can be defined as the potential buyer of the product. It is a well-defined set of customers whose needs the organization plans to satisfy. Business sectors identify and describe them as the ultimate and final users of the product.