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Marketing Research Basics

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Questions and Answers

What is the definition of Secondary Data?

In-depth information gathered by sources like the government

Dividing the total market into groups with similar characteristics

Data collected by marketers from their own research

Existing data that has previously been collected by sources like the government (correct)

What does Market Segmentation involve?

Rejecting the idea of mass production and focusing toward custom-made goods and services for customers

Identifying small but profitable market segments and designing products for them

Dividing the total market into groups with similar characteristics (correct)

Selecting which segments an organization can serve profitably

Who are the individuals and organizations in Business-to-Business (B2B) marketing?

A group of people who meet under the direction of a consumer

Developing a unique mix of goods and services for each individual consumer

All the individuals or households that want goods and services for personal use

Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others (correct)

Which marketing approach involves identifying small but profitable market segments and designing or finding products for them?

<p>Niche Marketing</p> Signup and view all the answers

What is the focus of One-to-One Marketing?

<p>Developing a unique mix of goods and services for each individual consumer</p> Signup and view all the answers

Study Notes

Marketing Concepts

Secondary Data: Information that has already been collected by others, either from internal or external sources, for a purpose other than the current research project.

Market Segmentation

Involves: Dividing a larger market into smaller groups of consumers with similar needs, characteristics, or behaviors to better understand and target them.

Business-to-Business (B2B) Marketing

Individuals and Organizations: Include producers, wholesalers, distributors, retailers, institutions, and governments that purchase goods or services for use in the production of other products, for resale, or for general operations.

Marketing Approach

Niche Marketing: Identifying small but profitable market segments and designing or finding products to meet their specific needs.

One-to-One Marketing

Focus: On building strong, personalized relationships with individual customers, understanding their unique needs and preferences, and tailoring marketing efforts to meet those needs.