| A | B |
|---|
| market segmentation | a way of analyzing a market by specific characteristics to create a target market |
| demographic segmentation | uses characteristics like age, income, and gender to segment customer groups |
| psychographic segmentation | how people spend their leisure time, the way they live, and their personal preferences |
| VALS | classifies people into 8 segments based on their values, attitudes, and lifestyles |
| geographic segmentation | uses statistics about where people live |
| behavioristics | statistics about consumers based on their knowledge, attitudes, use, or response to a product |
| positioning/branding | the creation of an image for a product in the minds of customers, specifically in relation to the competition |
| competitive advantage | an edge over the competition due to greater value through lower prices or more benefits |
| market research | a systematic gathering, recording, analyzing, and presentation of information related to marketing goods and services |
| secondary research | using published data that has been collected for some other purpose |
| primary research | original research conducted for a specific marketing situation |
| observation method | involves watching people and recording their actions in text, audio, or video form |
| experimental method | a researcher examines the results of changing one or more marketing variables |
| survey method | involves gathering information from people through the use of surveys, focus groups, or questionnaires |
| sample | a number of people who are representative of a study's population |
| open-ended questions | allow respondents to provide the answer |
| closed-ended questions | provide a predetermined choice of answers |
