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Market Research
Market research is the process of gathering and analyzing data about a market, such as the size, location, makeup, needs, preferences, and competition of potential customers and products or services Market research helps businesses make informed decisions about their strategies, operations, and viability of new offerings Market research can be conducted by the business itself or by a third-party company that specializes in it .
Segmentation
Segmentation means to divide the marketplace into parts, or segments, which are definable, accessible, actionable, and profitable and have a growth potential. In other words, a company would find it impossible to target the entire market, because of time, cost and effort restrictions.
Targeting
Targeting can have different meanings depending on the context It can mean the act of deciding to attack a particular point, area, or person physically, especially in military or sports situations It can also mean the process of having proteins contain certain signals that direct them to specific cellular locations Additionally, it can mean the act of attempting to appeal to or influence a person or group based on certain characteristics or preferences, especially in marketing activities
Positioning
Positioning is defined as the act of designing the company’s offering and image to occupy distinctive place in the target market’s mind. A simple example of positioning would be If I say An expensive TV, what comes first to your mind probably will be A Sony or A Samsung TV whereas if i say a cheaper or VFM TV (value for money TV) you might think of an Onida or a Videocon.
Pricing
Pricing, as the term is used in economics and finance, is the act of establishing a value for a product or service. In other words, pricing occurs when a business decides how much a customer must pay for a product or service. Learn a full definition of pricing, how it compares to cost, and some common pricing strategies