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One way a firm can work out its target market is through market segmentation.
For market research to take place it is extremely difficult to ask the entire population to fill out the questionnaire and it is sometimes unnecessary as well because the questionnaire may not involve the entire population therefore to make it sensible a sample should be taken who would somehow represent the entire population.
This way it is also economic because it is very expensive to ask the entire population a questionnaire.
Product refers to the actual good or service, and it shows the stages of product development and packaging.
Price is the method of pricing the method or good e. skimming, penetration pricing, cost-plus pricing method etc.
However a bigger sample is better because it can make you more confident because your finding is more likely to be closer to the entire population. The marketing mix refers to the four p’s: product, price, promotion, and place.
These four elements need to be appropriately combined.
Market segmentation it is the breaking down of the total market into a number of relevent subsections or segment, marketing activities can be then specifically targeted at these segments.
There are 3 ways of segmenting a market; geograpy, demography, and psychographic.
Market growth is the amount by which a market has grown within a year.
It can be calculated as a value in currency or as a percentage.