Research and Segmentation
Objectives Upon completing of this unit, the student will be able to: ● Provide examples of consumer and business market ● Explain the social, psychological cultural and individual factors used by consumers in the decision making process ● Appreciate the importance of understanding consumer behavior in developing a marketing plan. ● Explain the behavior of business buyers in developing a marketing plan ● Discuss the basis for segmenting both consumer and business markets and the criteria for successful segmenting. ● Explain the strategies used to select a target market ● Discuss the application of positioning and repositioning to achieve competitive advantage ● Explain the importance of marketing research in defining and reaching the target market. ● Identify the sources of research information ● Outline the steps in conducting market research.
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