Chapter 4 & 5 Review

Primary data is data observed and recorded or collected directly from respondents

Segmentation variables are characteristics of individuals, groups, or org's used to divide a market into segments

A market is a group of people with needs for products and have the ability, willingness, and authority to purchase them

Benefit segmentation is the division of a market according to benefits that consumers want from the product

Segmentation variables are grouped into four categories: demographic, geographic, psychographic, and behavioristic

A strategy in which an org designs a single marketing mix and directs it at the entire market for a particular product

Purchasers who intend to consume the purchased products and do not buy products to make profits or serve an org need

Secondary data is data compiled both inside and outside the org for some purpose other than the current investigation

Marketing analytics can't help marketers identify how to develop better-targeted marketing campaigns.

Use of databases, big data, and technological measurements to interpret the effectiveness of a firm’s marketing

A market segmentation strategy in which an organization targets a single market segment using one marketing mix

Dividing a total market into groups with similar product needs to design a marketing mix that matches those needs.

The psychographic variable that includes many characteristics related to people's activities, interests, and opinion is

A strategy in which an organization targets two or more segments by developing a marketing mix for each segment

Purpose of marketing research is to identify customers' needs/desires, marketing opportunities, and changing attitudes

A database is a collection of information arranged for easy access and retrieval