1. Chapter 9 Market Information and Research

2. Market Segmentation  Way of analyzing your market by certain charactericts to create a target market 1. Demographic Segmentation AgeIncomeGender 2.Psychographics= lifestyle, aptitudes, opinions Patterns

3. VALS Segmentation  Thinkers- well educated and informed  Believers  Achievers  Strivers  Experiences  Makers – practical

4.  3. Geographic Segmentation= where you live Geographic tourism and hospitality pg 189 4. Behavioral Segmentation = attitudes, use, or response to a product. 5. Product Use – who uses what and when and how often.

5. Determining Markets  Companies look for size, growth, competitions, and ethics and society  Product Positioning = branding- creating an image of a product in the minds of customers Positioning by competition Completive advantage= something that makes it better than the others

6. 9-2 Market Research  Market Research = gathering, recording, and analyzing information related to a company’s goods/services  Answer 3 questions 1. What info does it need to know? 2. Who might have the info? 3. What is the best method of gathering the info?

7. Market Research Process  Identify the problem then find a way to research the most effective way  Secondary Research = published data that had been collected for some other reason.  Primary Research= original research conducted for a specific situation

8. Primary Research Methods  1. Observation= watching people  2. Experimental Method= research observes the results  3. Survey Method= use of surveys

9. Developing Consumer Questionnaires  Sample= number of people who are represented for the survey 1. Who? 2. How many ? 3. How should they be chosen? 4. When?  Open ended = let them write what they wish  Closed ended = give them choices to answer