Key Marketing Terms- What they mean to you

Knowledge of today’s key marketing terms can be overwhelming, but they are critical to helping you decipher consumer desires, needs, beliefs and actions as they relate to purchasing behavior, and your product or service. Targeted market research involves data collection and analysis, resulting in information that identifies your key clients, and helps you develop, brand and market your product or service.
Focus groups
Focus groups are a form of research where small groups of people are asked their opinions, ideas and attitude towards new products, services, concepts, and packaging . Focus groups allow you to “test” a product, or concept before it’s made available to the general public, which can provide valuable insight into potential market acceptance.
Ad testing
Ad testing is a type of research generally done to measure the effectiveness, and perception of ads in a given market. Ads can be tested in a variety of media, including print, television and radio.

Usability testing
Usability testing focuses on researching and evaluating the criteria for a product such as ease of use, intended use, and clarity of instructions. This type of testing is performed most effectively by simple observation.

Mystery shopping
Mystery shopping is a form of market research that uses “shoppers” posing as normal customers to measure the levels and quality of service. This is most effective at the retail level in measuring the opinions and attitudes towards the product quality and the staff’s use and level of customer service.

Consumer panels
These are select groups of consumers from specific sectors who answer research questions relating to things such as product testing, taste testing and ad testing. They are most useful for quick surveys in which a specialist, rather than a probability sample, is preferred.

Intercepts are short consumer interviews typically conducted in shopping malls, retail stores, theme parks or any location where large numbers of a target group are likely to be found.
Any one of these research ideas or a combination of them can help your business to get the best RO.I By effectively targeting your ideal customer and having consumer opinions before you go into full scale production is critical to smart marketing and your bottom line.

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Demographics and Customer Profiling

Targeted marketing has replaced blind, mass marketing that in the past, has meant a lot of waste of time and money for companies hoping to hook come customers by saturating the market. Targeted marketing is smart marketing and it ensures a higher ROI by only targeting consumers that are interested in your product or service. But in order to target a market, you have to know who you are trying to reach, in other words, you have to know who your customer is, and this is accomplished by demographics that help you create a customer profile.

Knowing as much as possible about your current and potential customers and reaching them through very specialized advertising is what demographic date is designed to do. A company can use demographics to compile a customer profile of their target audience.
Factors that should be considered in the profile include:
Ethnic background. It is important to make a distinction between ethnicity and race.
Income. In general, income tends to increase with age as people obtain better-paying jobs and receive promotions. Married couples often have a higher income because both spouses are working. Income is recorded by the U.S. Census Bureau in a number of ways, each with different results for marketers. discretionary income is the amount of money left over to spend after all other obligations are paid for. It is often this last type of income that marketers are most interested in.
Education level. Generally, the more education a person has, the greater the income they earn, thus the more money they have to purchase products. Education is most often measured by level of schooling completed. As a rule of thumb, college-educated people are among the most desirable consumer groups, but studies show that they also tend to be the least brand loyal. This means a business may have to work harder to reach and keep those customers.

Other important demographic factors often include age, sex, geographic location, occupation, size of family, and ages of children in the family unit, and lifestyle factors.

Targeted demographics can include:
• Cultural background
• Religious background and beliefs
• Values
• Political convictions
• Hobbies/Recreational activities
• Musical preferences
• Reading preferences
• Entertainment preferences (television, movies, etc)
• Eating habits

Demographics also use what is called a cluster system, which is also known as a geo-demographic segmentation system. Cluster systems take large numbers of demographic variables such as age, income, ethnicity, and occupation and combine them to create profiles of individuals as well as households. When this data is used in conjunction with business mapping systems that link demographic data to geographic areas such as ZIP codes, cluster systems are a powerful marketing tool.
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