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Market Research
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market size and the competition. Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data. It includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. Market research, marketing research, and marketing are a sequence of business activities; sometimes these are handled informally. The field of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Target Markets
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit similar characteristics (such as age, location, income or lifestyle) and are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service by OCHOM Once the target market(s) have been identified, the business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind. This may involve carrying out additional market research, consumer research in order to gain deep insights into the typical consumer's motivations, purchasing habits and media usage patterns. The choice of a suitable target market is one of the final steps in the marke ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Information Systems
Market information systems (otherwise known as market intelligence systems, market information services, or MIS, and not to be confused with management information systems) are information systems used in gathering, analyzing and disseminating information about prices and other information relevant to farmers, animal rearers, traders, processors and others involved in handling agricultural products. Market information systems play an important role in agro-industrialisation and food supply chains. With the advance of information and communication technologies for development (ICTs) in developing countries, the income- generation opportunities offered by market information systems have been sought by international development organizations, non-governmental organizations (NGOs) and businesses alike. Types of market information systems There is a wide variety of market information systems or services. OECD countries have traditionally emphasised the importance of information provision ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ad Age
''Ad Age'' (known as ''Advertising Age'' until 2017) is a global media brand that publishes news, analysis, and data on marketing and media. Its namesake magazine was started as a broadsheet newspaper in Chicago in 1930. ''Ad Age'' appears in multiple formats, including its website, daily email newsletters, social channels, events and a bimonthly print magazine. ''Ad Age'' is based in New York City. Its parent company, the Detroit-based Crain Communications, is a privately held publishing company with more than 30 magazines, including '' Autoweek'', ''Crain's New York Business'', '' Crain's Chicago Business'', ''Crain's Detroit Business'', and '' Automotive News''. History ''Advertising Age'' launched as a broadsheet newspaper in Chicago in 1930. Its first editor was Sid Bernstein. The site AdCritic.com was acquired by The Ad Age Group in March 2002. In 2004, ''Advertising Age'' acquired ''American Demographics'' magazine. In 2007 Ad Age acquired the Thoddands Power 150, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Analysis (business)
Risk analysis is the process of identifying and assessing risks that may jeopardize an organization's success. It typically fits into a larger risk management framework. Diligent risk analysis helps construct preventive measures to reduce the probability of Incident (security), incidents from occurring, as well as counter-measures to address incidents as they develop to minimize negative impacts on the organization. A popular method to perform risk analysis on IT systems is called ''facilitated risk analysis process'' (FRAP). Facilitated risk analysis process FRAP analyzes one system, application or segment of business processes at a time. FRAP assumes that additional efforts to develop precisely quantified risks are not cost-effective because: * such estimates are time-consuming * risk documentation becomes too voluminous for practical use * specific loss estimates are generally not needed to determine if controls are needed. * without assumptions, there is little risk analysi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Mix Modeling
Marketing Mix Modeling (MMM) is a forecasting methodology used to estimate the impact of various marketing tactic scenarios on product sales. MMMs use statistical models, such as multivariate regressions, and use sales and marketing time-series data. They are often used to optimize advertising mix and promotional tactics with respect to sales, revenue, or profit to maximize their return on investment. Using these statistical techniques allows marketers to account for advertising adstock and advertising's diminishing return over time, and also to account for carry-over effects and impact of past advertisements on the current sales campaign. Moreover, MMMs are able to calculate the magnitude of product cannibalization and halo effect. The techniques were developed by specialized consulting companies along with academics and were first applied to consumer packaged goods, since manufacturers of those goods had access to accurate data on sales and marketing support. Improved a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitor Analysis
Competitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment. Competitive analysis is an essential component of corporate strategy. It is argued that most firms do not conduct this type of analysis systematically enough. Instead, many enterprises operate on what is called "informal impressions, conjectures, and intuition gained through the tidbits of information about competitors every manager continually receives." As a result, traditional environmental scanning places many firms at risk of dangerous competitive blindspots due to a lack of robust competitor analysis.(Fleisher & Bensoussan, 2007 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Choice Modelling
Choice modelling attempts to model the decision process of an individual or segment via revealed preferences or stated preferences made in a particular context or contexts. Typically, it attempts to use discrete choices (A over B; B over A, B & C) in order to infer positions of the items (A, B and C) on some relevant latent scale (typically "utility" in economics and various related fields). Indeed many alternative models exist in econometrics, marketing, sociometrics and other fields, including utility maximization, optimization applied to consumer theory, and a plethora of other identification strategies which may be more or less accurate depending on the data, sample, hypothesis and the particular decision being modelled. In addition, choice modelling is regarded as the most suitable method for estimating consumers' willingness to pay for quality improvements in multiple dimensions. Related terms There are a number of terms which are considered to be synonyms with the term ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Effectiveness
Marketing effectiveness is the measure of how effective a given marketer's go to market strategy is toward meeting the goal of maximizing their spending to achieve positive results in both the short- and long-term. It is also related to marketing ROI and return on marketing investment (ROMI). In today's competitive business environment, effective marketing strategies play a pivotal role in promoting products or services to target audiences. The advent of digital platforms has further intensified competition among businesses, making it imperative for companies to employ innovative and impactful marketing techniques. This essay examines how various types of advertising methods can be utilized effectively to reach out to potential consumers Marketing expert Tony Lennon believes marketing effectiveness is quintessential to marketing, going so far as to say ''It's not marketing if it's not measured.'' History The concept of marketing effectiveness first came to prominence in the 1990 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PEST Analysis
In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and relations of a business in order to assist managers in strategic planning. It has also been termed ETPS analysis. PEST analyses give an overview of the different macro-environmental factors to be considered by a business, indicating market growth or decline, business position, as well as the potential of and direction for operations. Components The basic PEST analysis includes four factors: political, economic, social, and technological. Political Political factors relate to how the governments intervene in economies. Specifically, political factors comprise areas including tax policy, labour law, environmental law, trade restricti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SWOT Analysis
In strategic planning and strategic management, SWOT analysis (also known as the SWOT matrix, TOWS, WOTS, , and Situation analysis, situational analysis) is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project. SWOT analysis evaluates the strategic position of organizations and is often used in the preliminary stages of decision-making processes to identify internal and external factors that are favorable and unfavorable to achieving goals. Users of a SWOT analysis ask questions to generate answers for each category and identify competitive advantages. SWOT has been described as a "tried-and-true" tool of strategic analysis, but has also been criticized for limitations such as the static nature of the analysis, the influence of personal biases in identifying key factors, and the overemphasis on external factors, leading to reactive strategies. Consequently, alternative approaches to SWOT have been devel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Analysis
A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined. The market analysis is also known as a documented investigation of a market that is used to inform a firm's planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company. Market segmentation Market segmentation is the basis for a differentiated market analysis. Differentiation is important. One main reason is the saturation of consumption, which exists due to the increasing competition in offered produc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Firmographics
Firmographics (also known as ''emporographics'' or firm ''demographics'') are sets of characteristics to segment prospect organizations. What demographics are to people, firmographics are to organizations. However, Webster (2005) suggested that the term "firmographics" is a combination of demographics and geographics. Commonly used firmographics include SIC, company size and location. The term "firmographics" is mostly used in relation to a first step of nested approach or segmentation funnel, which was introduced by Shapiro and Bonoma in 1984. Goals and purposes Firmographics variables allow firms to consider the features of organizational behavior in detail, for instance in a particular industry. It is helpful when there is no significant difference between operating variables, purchasing approach, situational factors and personal characteristics of customers. Geodemographic segmentation is a logical starting point because # The data are obtainable through secondary s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
