by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is Secondary Research?Secondary research regards identifying and using information previously collected by third parties. Below are the most common sources of data for secondary research. Professional (Trade) Resources Professional resources include collections...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is a Market Analysis?A market analysis examines the potential market for a business’s products or services to identify the characteristics. What should be included in a Market Analysis?The following should be included in a market analysis: Characteristics...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is Market Research? Market research regards any activity carried out to learn about existing or potential customers. What are the Objectives of Market Research? Market research seeks to identify the needs and wants of your target customer to allow a business to:...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is Customer Segmentation?Customer segmentation deals with grouping potential customers according to their preferences or characteristics. In a way, customer segmentation is a form of stereotyping. It assumes that like customers with certain, specified...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is Product Pricing? Product pricing hinges upon the concept of customer value. That is, what is the value of your product or service to customers in the market? Value is a relative to word to the entrepreneur and his or her intended audience. The entrepreneur...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is Market Potential?Generally, you will determine potential sales based on the market size and a reasonable percentage of the customers that you will serve. Most entrepreneurs are unrealistic in assuming the percentage of the market that they will be able to...
