This document discusses how social media data and analytics are increasingly important for market segmentation. It explores how new data sources and analytical techniques allow companies to better understand customer attributes and behaviors to develop more precise segmentation models. While social media provides valuable insights, companies must ensure they use the data appropriately and comply with privacy regulations. Effective use of social media data can enhance relationship building with customers and improve targeting.
The document discusses market segmentation and summarizes key points from the literature. It begins by defining market segmentation as dividing a large market into smaller subgroups based on common needs and behaviors. It then reviews several common bases for segmentation, including geographic, demographic, psychographic, and behavioral factors. Some examples discussed include segmenting by age, gender, income level, lifestyle, and occasions. The document also outlines criteria for effective market segments and reviews literature on the importance and competitive necessity of segmentation. It concludes by describing the sources of data gathered - official Indian census data and projected population data from a marketing textbook.
Under Armour is an American sports apparel company founded in 1996 that focuses on designing clothing to keep athletes dry and comfortable during exercise. The case study analyzes Under Armour's demographic segmentation by discussing how they target different age groups, genders, income levels, and generations with customized products and marketing approaches. Key variables like life stage, gender differences, income prioritization, and generational influences are considered when segmenting the market. Overall, the document provides an overview of Under Armour's demographic segmentation strategy and how they account for various consumer characteristics.
Niche marketing is a more narrowly defined customer group seeking a distinctive mix of benefits. It divides the market into smaller segments seeking specific products or services based on location, demographics, or shared interests. Psychographic segmentation divides the market based on social class or lifestyle to better understand consumers' psychology and behaviors. Loyalty status is an example of behavioral segmentation as it measures customers' commitment to brands over time based on their purchasing patterns.
This document discusses key concepts in market segmentation, targeting, and positioning. [1] It outlines different types of market segmentation including by demographics, psychographics, geography, and behavior. [2] The benefits of segmentation are that it allows companies to better understand customer groups, communicate more effectively to specific segments, and find that some segments are more profitable than others. [3] Targeting and positioning strategies are also discussed to help ensure marketing communications are tailored to specific audience segments.
The document discusses market segmentation and target marketing. It describes the segmentation process as identifying segments, selecting target segments, and creating tailored marketing mixes. Segments should be clearly defined, substantial, measurable, accessible, and stable. Common types of segmentation include geographic, demographic, geo-demographic, psychological, socio-cultural, user behavior, and niche marketing. Benefits of segmentation include the ability to divide the market, provide tailored solutions, avoid unprofitable markets, reduce costs, focus resources equitably, and increase campaign effectiveness.
segmentation & indian automobile industrySanjay Verma
The document discusses market segmentation in the Indian automobile industry. It begins by introducing market segmentation and explaining how consumers have varying preferences that make predicting consumer behavior difficult. This has led companies to segment consumers into groups with similar needs and characteristics.
The objective of the study is to investigate segmentation techniques used in the Indian automobile industry by reviewing literature and examining current company practices and consumer purchase motivations. Questionnaires identify some initial segmentation approaches, finding geography and family structure influence purchases. Younger consumers prefer fast, stylish vehicles while extroversion impacts brands. While demographics remain popular, other techniques require more commitment.
Market segmentation involves dividing a broad target market into subsets of consumers who have common needs, interests, and priorities. It allows companies to design marketing strategies targeted to specific segments. There are several bases for market segmentation, including demographic segmentation based on variables like age, gender, income, geographic segmentation based on location, and psychographic segmentation based on lifestyle and personality traits. Behavioral segmentation divides the market according to customer behaviors related to benefits sought, brand loyalty, purchase volume, and other factors. Market segmentation improves marketing effectiveness and helps companies meet customer expectations.
Market segmentation is The process of dividing a potential market into distinct subsets of consumers and selecting one or more segments as a target market to be reached with a distinct marketing mix.
The document discusses market segmentation and summarizes key points from the literature. It begins by defining market segmentation as dividing a large market into smaller subgroups based on common needs and behaviors. It then reviews several common bases for segmentation, including geographic, demographic, psychographic, and behavioral factors. Some examples discussed include segmenting by age, gender, income level, lifestyle, and occasions. The document also outlines criteria for effective market segments and reviews literature on the importance and competitive necessity of segmentation. It concludes by describing the sources of data gathered - official Indian census data and projected population data from a marketing textbook.
Under Armour is an American sports apparel company founded in 1996 that focuses on designing clothing to keep athletes dry and comfortable during exercise. The case study analyzes Under Armour's demographic segmentation by discussing how they target different age groups, genders, income levels, and generations with customized products and marketing approaches. Key variables like life stage, gender differences, income prioritization, and generational influences are considered when segmenting the market. Overall, the document provides an overview of Under Armour's demographic segmentation strategy and how they account for various consumer characteristics.
Niche marketing is a more narrowly defined customer group seeking a distinctive mix of benefits. It divides the market into smaller segments seeking specific products or services based on location, demographics, or shared interests. Psychographic segmentation divides the market based on social class or lifestyle to better understand consumers' psychology and behaviors. Loyalty status is an example of behavioral segmentation as it measures customers' commitment to brands over time based on their purchasing patterns.
This document discusses key concepts in market segmentation, targeting, and positioning. [1] It outlines different types of market segmentation including by demographics, psychographics, geography, and behavior. [2] The benefits of segmentation are that it allows companies to better understand customer groups, communicate more effectively to specific segments, and find that some segments are more profitable than others. [3] Targeting and positioning strategies are also discussed to help ensure marketing communications are tailored to specific audience segments.
The document discusses market segmentation and target marketing. It describes the segmentation process as identifying segments, selecting target segments, and creating tailored marketing mixes. Segments should be clearly defined, substantial, measurable, accessible, and stable. Common types of segmentation include geographic, demographic, geo-demographic, psychological, socio-cultural, user behavior, and niche marketing. Benefits of segmentation include the ability to divide the market, provide tailored solutions, avoid unprofitable markets, reduce costs, focus resources equitably, and increase campaign effectiveness.
segmentation & indian automobile industrySanjay Verma
The document discusses market segmentation in the Indian automobile industry. It begins by introducing market segmentation and explaining how consumers have varying preferences that make predicting consumer behavior difficult. This has led companies to segment consumers into groups with similar needs and characteristics.
The objective of the study is to investigate segmentation techniques used in the Indian automobile industry by reviewing literature and examining current company practices and consumer purchase motivations. Questionnaires identify some initial segmentation approaches, finding geography and family structure influence purchases. Younger consumers prefer fast, stylish vehicles while extroversion impacts brands. While demographics remain popular, other techniques require more commitment.
Market segmentation involves dividing a broad target market into subsets of consumers who have common needs, interests, and priorities. It allows companies to design marketing strategies targeted to specific segments. There are several bases for market segmentation, including demographic segmentation based on variables like age, gender, income, geographic segmentation based on location, and psychographic segmentation based on lifestyle and personality traits. Behavioral segmentation divides the market according to customer behaviors related to benefits sought, brand loyalty, purchase volume, and other factors. Market segmentation improves marketing effectiveness and helps companies meet customer expectations.
Market segmentation is The process of dividing a potential market into distinct subsets of consumers and selecting one or more segments as a target market to be reached with a distinct marketing mix.
This document discusses consumer behavior and the factors that influence consumer purchasing decisions. It covers cultural, social, personal, psychological factors as well as the stages of the consumer decision process including need recognition, information search, evaluation of alternatives, and the final purchase decision. The key factors discussed are cultural influences like social class, reference groups, and family influence. Personal factors covered include occupation, lifestyle, personality and motivation. Psychological concepts like perception, learning, beliefs and attitudes are also examined.
Market segmentation involves dividing a market into distinct subgroups based on characteristics like geography, demographics, psychographics, and behavior. Geography considers factors such as region and population density. Demographics examine age, gender, family size, education, income, and occupation. Psychographics review lifestyle groups and their associations. Behavioral segmentation analyzes occasions, benefits, usage rate, and user status. The purpose is to identify target markets and effectively meet their distinct needs with tailored marketing mixes.
C.b presentation oto market segmentationdarpanpimt
The document discusses different types of market segmentation used in marketing strategies. It defines market segmentation as dividing a total market into smaller, more manageable subsets of customers with similar characteristics. Marketers use segmentation to develop targeted marketing approaches. The key bases covered for segmenting markets include geographic, demographic, psychographic, sociocultural, and usage/situation segmentation. Each looks at dividing customers according to different criteria such as location, age, interests, social class, or usage occasion.
This document discusses market segmentation, targeting, and positioning. It defines segmentation as dividing the market into groups based on common characteristics. There are two types of segmentation bases: behavioral and cognitive. Behavioral bases include demographic factors that can be easily measured, like age or income. Cognitive bases involve psychological attributes that are more abstract, like attitudes or perceptions. The document also lists criteria for effective targeting, such as segments being identifiable, sizable, stable, and reachable. It provides examples of behavioral segmentation bases like demographics, family lifecycle stage, and usage patterns. Finally, it defines positioning as differentiating a brand in consumers' minds and discusses umbrella, premier, and repositioning strategies.
This document defines market segmentation and discusses its importance. Market segmentation involves dividing a heterogeneous market into homogeneous subgroups that respond similarly to marketing strategies. It allows companies to develop tailored strategies for each subgroup. Effective segmentation yields segments that are identifiable, accessible, profitable and respond uniquely to marketing mixes. Market segmentation is a key part of marketing strategy that helps maximize sales and profits.
Market segmentation involves dividing a market into distinct groups based on characteristics like demographics, benefits sought, or behaviors. The document outlines the main steps in segmentation, targeting, and positioning:
1. Segmenting the market by identifying distinct groups using variables like geography, demographics, psychographics, benefits, or behaviors.
2. Evaluating each segment's attractiveness and selecting target segments to focus on.
3. Positioning the product by creating a competitive positioning and tailored marketing mix for the target segments.
This document discusses steps in segmenting, targeting, and positioning markets. It defines market segmentation as dividing a market into smaller groups based on characteristics. Target marketing involves evaluating segments and selecting ones to enter. Positioning sets the competitive positioning for a product by creating a marketing mix. The document then discusses various bases for segmenting consumers, including geographic, demographic, psychographic, and behavioral factors. It also outlines steps for evaluating and selecting target market segments and different target marketing strategies. Finally, it covers product positioning and choosing a positioning strategy.
This document discusses market segmentation. It defines market segmentation as dividing a market into distinct subgroups of customers according to needs, characteristics, or behaviors. The key goals of segmentation are to evaluate new business opportunities and craft successful marketing offers for specific customer segments. Segments should be identifiable, accessible, measurable, substantial, with unique needs, and durable. Common bases for segmentation include geographic, demographic, psychographic, and behavioral factors. The document also discusses market targeting, positioning, marketing strategies like undifferentiated vs differentiated vs concentrated marketing, and the goals of market segmentation for organizations.
This document discusses market segmentation, targeting, and positioning. It defines key terms like market and target market. There are several bases for segmenting consumer markets, including geographic, demographic, psychographic, and product-related factors. The document outlines a five stage process for market segmentation: 1) identify segmentation bases, 2) develop consumer profiles, 3) forecast market potential, 4) forecast market share, and 5) select target segments. Companies can use differentiated, concentrated, or undifferentiated strategies to reach target markets. Examples are provided to illustrate different segmentation approaches.
This document discusses market segmentation strategies. It defines segmentation as dividing a large market into smaller subgroups with similar characteristics. Key points made include:
- Markets can be segmented by geography, demographics, psychographics, and behavior.
- Segmentation allows companies to better understand customers and target specific groups.
- The benefits of segmentation include increased sales, better customer satisfaction, and more efficient use of resources.
- Industries like soap and watches segment based on location, lifestyle, age, gender, and income. Mass, niche, and local marketing are also discussed.
This chapter discusses analyzing consumers and consumer behavior. It defines two types of consumers - final consumers who buy for personal use, and organizational consumers who buy for business use or resale. It describes analyzing consumer demographics like age, income, and location to understand different consumer groups. Consumer lifestyles and psychological factors also influence purchasing behavior. The consumer decision process involves stages from initial stimulus to post-purchase evaluation.
The document provides an overview of research conducted on the market potential for an on-demand beauty application called Little Blaque Book LLC (LBB) that focuses on the African American market segment. Key points:
1) The research analyzed market potential, operational questions, marketing questions, and services to identify opportunities for LBB. Interviews found high interest in on-demand beauty services for women of color.
2) The target customer profile is businesswomen, mothers, travelers, and celebrities seeking convenient beauty services. African American women represent a large portion of the US beauty industry market.
3) The on-demand beauty app market is growing rapidly, especially in major US cities. Research identified opportunities and challenges for
The document discusses different types of market segmentation. It defines market segmentation as breaking buyers into internally similar but externally different groups. There are four main bases for segmentation: geographic, demographic, psychographic, and behavioral. Demographic segmentation divides the market based on variables like age, gender, income, occupation, and household size. Psychographic segmentation uses psychological attributes, lifestyles, and attitudes to develop behavioral profiles of customers. Behavioral segmentation focuses on factors like usage occasions, benefits sought, and brand loyalty.
The document discusses market segmentation and positioning strategies. It defines market segmentation as dividing a market into smaller segments based on common traits. Marketers identify segments that are manageable and evaluate which to target. Positioning involves distinguishing a product relative to competitors. Segmentation variables include geographic, demographic, psychographic and behavioral factors. Effective segmentation requires segments be measurable, accessible, substantial and allow for actionable marketing programs. Positioning matches company strengths to market opportunities to gain competitive advantage through differentiation.
Market segmentation involves dividing the total market into subgroups with similar needs and characteristics. It allows companies to target specific groups and focus their marketing efforts. The key benefits are increased marketing effectiveness, greater customer satisfaction, and the ability to design tailored marketing mixes. Some common bases for segmentation include demographics, behaviors, lifestyles, benefits sought, and geographic factors. Effective segmentation provides guidelines for resource allocation and helps organizations develop more focused strategies.
Fostering fair and sustainable marketing for social entrepreneursAsad Javed
This document discusses fostering fair and sustainable marketing for social entrepreneurs operating in subsistence marketplaces. It proposes using an integrative justice model (IJM) ethical framework to guide marketing planning and tactics. The IJM was developed to ensure fairness when marketing to/for/with impoverished consumers. The document also summarizes previous research on social entrepreneurship and subsistence markets to provide context. It then suggests specific tactics for social entrepreneurs to apply the IJM and foster fairness, including empowering consumers and addressing root causes of poverty. The goal is to encourage ethical and sustainable engagement with subsistence marketplaces.
The document discusses various types of market segmentation used in marketing strategy, including demographic, psychographic, and behavioral segmentation. It provides examples of how companies segment consumers by factors like age, income, lifestyle, and product usage to develop targeted marketing approaches. Effective segmentation involves identifying segments that are identifiable, measurable, substantial, and durable over time.
Role of Educational Qualification of Consumers on Need Recognition: A Study w...IOSR Journals
Demographic variables are the most popular bases for segmenting the customer groups. One reason is that consumer needs, wants, preferences and usage rates often highly associated with demographic variables. Another is that demographic variables are easier to measure than the most of other type variables. Marketers are keenly interested in the size and growth rate of population in different cities, regions, nations; age distribution; educational levels; household patterns; and regional characteristics and movements. Because, on the basis of these measures only, marketers have to formulate their marketing strategies in order to fulfil the needs, wants and preferences of consumers. Moreover, demographic variables make known the ongoing trends, such as shifts in age, sex and income distribution that signal new business opportunities to the marketers. Demographic trends are highly reliable for the short and intermediate run. This paper, with a strong backing of literature, explains the role of educational qualification of consumers on recognizing a need for car.
This document discusses market segmentation, which is the process of dividing a market into distinct groups of consumers based on characteristics like needs, preferences, location, demographics, etc. It defines market segmentation and explains the key criteria for effective segmentation. It also outlines the different levels of segmentation from mass marketing to niche/micro marketing. Finally, it describes three patterns of segmentation - homogeneous preferences where all consumers have similar tastes, diffused preferences where tastes vary widely, and clustered preferences where natural segments emerge. The goal of segmentation is to better target specific groups and develop tailored marketing strategies.
Chapter 5: Market Segmenting, Targeting, and Positioningtjamisonedu
This document discusses market segmentation, targeting, and positioning. It begins by distinguishing between targeted marketing, which selects specific consumer groups, and mass marketing, which sells to all consumers. The benefits of segmentation and targeting are that it allows companies to tailor products and messages to specific customer segments. Market segmentation can be done based on demographics, behaviors, benefits sought, geography, and psychographics like values and lifestyles. The document also covers strategies for targeting markets globally and techniques for positioning offerings to stand out from competitors.
FSE 2016: Mobile analytics in context. Keynote Seattle Nov 14 2016Ankit Jain
Analytics platforms have proliferated and have become an essential part of every mobile app developer's toolkit. But the lens these platforms provide us is one of introspection, one that positions analytics as something that should exist in isolation. In this keynote, SimilarWeb's Vice President of Special Projects Ankit Jain will explain why understanding analytics in the context of your industry is key to tracking meaningful progress. Ankit will discuss the leading lifecycle management tools and present overall as well as industry specific benchmarks for user acquisition and retention. To inspire the audience to meet these industry benchmarks, the talk will provide strategies for optimizing the user journey through deep linking, content personalization, and push messaging optimization.
First presented at Growth Hacking Asia - Thailand monthly meetup on Sep 25, 2015 at The Hive, Bangkok. The presentation aims to give an idea of what UX really is and how it (should) differ from UI. Not that hiring someone for both UX/UI is wrong but if the concept of UX & UI is clearly understood, it would make more sense to have different people do UX & UI.
Source:
This document discusses consumer behavior and the factors that influence consumer purchasing decisions. It covers cultural, social, personal, psychological factors as well as the stages of the consumer decision process including need recognition, information search, evaluation of alternatives, and the final purchase decision. The key factors discussed are cultural influences like social class, reference groups, and family influence. Personal factors covered include occupation, lifestyle, personality and motivation. Psychological concepts like perception, learning, beliefs and attitudes are also examined.
Market segmentation involves dividing a market into distinct subgroups based on characteristics like geography, demographics, psychographics, and behavior. Geography considers factors such as region and population density. Demographics examine age, gender, family size, education, income, and occupation. Psychographics review lifestyle groups and their associations. Behavioral segmentation analyzes occasions, benefits, usage rate, and user status. The purpose is to identify target markets and effectively meet their distinct needs with tailored marketing mixes.
C.b presentation oto market segmentationdarpanpimt
The document discusses different types of market segmentation used in marketing strategies. It defines market segmentation as dividing a total market into smaller, more manageable subsets of customers with similar characteristics. Marketers use segmentation to develop targeted marketing approaches. The key bases covered for segmenting markets include geographic, demographic, psychographic, sociocultural, and usage/situation segmentation. Each looks at dividing customers according to different criteria such as location, age, interests, social class, or usage occasion.
This document discusses market segmentation, targeting, and positioning. It defines segmentation as dividing the market into groups based on common characteristics. There are two types of segmentation bases: behavioral and cognitive. Behavioral bases include demographic factors that can be easily measured, like age or income. Cognitive bases involve psychological attributes that are more abstract, like attitudes or perceptions. The document also lists criteria for effective targeting, such as segments being identifiable, sizable, stable, and reachable. It provides examples of behavioral segmentation bases like demographics, family lifecycle stage, and usage patterns. Finally, it defines positioning as differentiating a brand in consumers' minds and discusses umbrella, premier, and repositioning strategies.
This document defines market segmentation and discusses its importance. Market segmentation involves dividing a heterogeneous market into homogeneous subgroups that respond similarly to marketing strategies. It allows companies to develop tailored strategies for each subgroup. Effective segmentation yields segments that are identifiable, accessible, profitable and respond uniquely to marketing mixes. Market segmentation is a key part of marketing strategy that helps maximize sales and profits.
Market segmentation involves dividing a market into distinct groups based on characteristics like demographics, benefits sought, or behaviors. The document outlines the main steps in segmentation, targeting, and positioning:
1. Segmenting the market by identifying distinct groups using variables like geography, demographics, psychographics, benefits, or behaviors.
2. Evaluating each segment's attractiveness and selecting target segments to focus on.
3. Positioning the product by creating a competitive positioning and tailored marketing mix for the target segments.
This document discusses steps in segmenting, targeting, and positioning markets. It defines market segmentation as dividing a market into smaller groups based on characteristics. Target marketing involves evaluating segments and selecting ones to enter. Positioning sets the competitive positioning for a product by creating a marketing mix. The document then discusses various bases for segmenting consumers, including geographic, demographic, psychographic, and behavioral factors. It also outlines steps for evaluating and selecting target market segments and different target marketing strategies. Finally, it covers product positioning and choosing a positioning strategy.
This document discusses market segmentation. It defines market segmentation as dividing a market into distinct subgroups of customers according to needs, characteristics, or behaviors. The key goals of segmentation are to evaluate new business opportunities and craft successful marketing offers for specific customer segments. Segments should be identifiable, accessible, measurable, substantial, with unique needs, and durable. Common bases for segmentation include geographic, demographic, psychographic, and behavioral factors. The document also discusses market targeting, positioning, marketing strategies like undifferentiated vs differentiated vs concentrated marketing, and the goals of market segmentation for organizations.
This document discusses market segmentation, targeting, and positioning. It defines key terms like market and target market. There are several bases for segmenting consumer markets, including geographic, demographic, psychographic, and product-related factors. The document outlines a five stage process for market segmentation: 1) identify segmentation bases, 2) develop consumer profiles, 3) forecast market potential, 4) forecast market share, and 5) select target segments. Companies can use differentiated, concentrated, or undifferentiated strategies to reach target markets. Examples are provided to illustrate different segmentation approaches.
This document discusses market segmentation strategies. It defines segmentation as dividing a large market into smaller subgroups with similar characteristics. Key points made include:
- Markets can be segmented by geography, demographics, psychographics, and behavior.
- Segmentation allows companies to better understand customers and target specific groups.
- The benefits of segmentation include increased sales, better customer satisfaction, and more efficient use of resources.
- Industries like soap and watches segment based on location, lifestyle, age, gender, and income. Mass, niche, and local marketing are also discussed.
This chapter discusses analyzing consumers and consumer behavior. It defines two types of consumers - final consumers who buy for personal use, and organizational consumers who buy for business use or resale. It describes analyzing consumer demographics like age, income, and location to understand different consumer groups. Consumer lifestyles and psychological factors also influence purchasing behavior. The consumer decision process involves stages from initial stimulus to post-purchase evaluation.
The document provides an overview of research conducted on the market potential for an on-demand beauty application called Little Blaque Book LLC (LBB) that focuses on the African American market segment. Key points:
1) The research analyzed market potential, operational questions, marketing questions, and services to identify opportunities for LBB. Interviews found high interest in on-demand beauty services for women of color.
2) The target customer profile is businesswomen, mothers, travelers, and celebrities seeking convenient beauty services. African American women represent a large portion of the US beauty industry market.
3) The on-demand beauty app market is growing rapidly, especially in major US cities. Research identified opportunities and challenges for
The document discusses different types of market segmentation. It defines market segmentation as breaking buyers into internally similar but externally different groups. There are four main bases for segmentation: geographic, demographic, psychographic, and behavioral. Demographic segmentation divides the market based on variables like age, gender, income, occupation, and household size. Psychographic segmentation uses psychological attributes, lifestyles, and attitudes to develop behavioral profiles of customers. Behavioral segmentation focuses on factors like usage occasions, benefits sought, and brand loyalty.
The document discusses market segmentation and positioning strategies. It defines market segmentation as dividing a market into smaller segments based on common traits. Marketers identify segments that are manageable and evaluate which to target. Positioning involves distinguishing a product relative to competitors. Segmentation variables include geographic, demographic, psychographic and behavioral factors. Effective segmentation requires segments be measurable, accessible, substantial and allow for actionable marketing programs. Positioning matches company strengths to market opportunities to gain competitive advantage through differentiation.
Market segmentation involves dividing the total market into subgroups with similar needs and characteristics. It allows companies to target specific groups and focus their marketing efforts. The key benefits are increased marketing effectiveness, greater customer satisfaction, and the ability to design tailored marketing mixes. Some common bases for segmentation include demographics, behaviors, lifestyles, benefits sought, and geographic factors. Effective segmentation provides guidelines for resource allocation and helps organizations develop more focused strategies.
Fostering fair and sustainable marketing for social entrepreneursAsad Javed
This document discusses fostering fair and sustainable marketing for social entrepreneurs operating in subsistence marketplaces. It proposes using an integrative justice model (IJM) ethical framework to guide marketing planning and tactics. The IJM was developed to ensure fairness when marketing to/for/with impoverished consumers. The document also summarizes previous research on social entrepreneurship and subsistence markets to provide context. It then suggests specific tactics for social entrepreneurs to apply the IJM and foster fairness, including empowering consumers and addressing root causes of poverty. The goal is to encourage ethical and sustainable engagement with subsistence marketplaces.
The document discusses various types of market segmentation used in marketing strategy, including demographic, psychographic, and behavioral segmentation. It provides examples of how companies segment consumers by factors like age, income, lifestyle, and product usage to develop targeted marketing approaches. Effective segmentation involves identifying segments that are identifiable, measurable, substantial, and durable over time.
Role of Educational Qualification of Consumers on Need Recognition: A Study w...IOSR Journals
Demographic variables are the most popular bases for segmenting the customer groups. One reason is that consumer needs, wants, preferences and usage rates often highly associated with demographic variables. Another is that demographic variables are easier to measure than the most of other type variables. Marketers are keenly interested in the size and growth rate of population in different cities, regions, nations; age distribution; educational levels; household patterns; and regional characteristics and movements. Because, on the basis of these measures only, marketers have to formulate their marketing strategies in order to fulfil the needs, wants and preferences of consumers. Moreover, demographic variables make known the ongoing trends, such as shifts in age, sex and income distribution that signal new business opportunities to the marketers. Demographic trends are highly reliable for the short and intermediate run. This paper, with a strong backing of literature, explains the role of educational qualification of consumers on recognizing a need for car.
This document discusses market segmentation, which is the process of dividing a market into distinct groups of consumers based on characteristics like needs, preferences, location, demographics, etc. It defines market segmentation and explains the key criteria for effective segmentation. It also outlines the different levels of segmentation from mass marketing to niche/micro marketing. Finally, it describes three patterns of segmentation - homogeneous preferences where all consumers have similar tastes, diffused preferences where tastes vary widely, and clustered preferences where natural segments emerge. The goal of segmentation is to better target specific groups and develop tailored marketing strategies.
Chapter 5: Market Segmenting, Targeting, and Positioningtjamisonedu
This document discusses market segmentation, targeting, and positioning. It begins by distinguishing between targeted marketing, which selects specific consumer groups, and mass marketing, which sells to all consumers. The benefits of segmentation and targeting are that it allows companies to tailor products and messages to specific customer segments. Market segmentation can be done based on demographics, behaviors, benefits sought, geography, and psychographics like values and lifestyles. The document also covers strategies for targeting markets globally and techniques for positioning offerings to stand out from competitors.
FSE 2016: Mobile analytics in context. Keynote Seattle Nov 14 2016Ankit Jain
Analytics platforms have proliferated and have become an essential part of every mobile app developer's toolkit. But the lens these platforms provide us is one of introspection, one that positions analytics as something that should exist in isolation. In this keynote, SimilarWeb's Vice President of Special Projects Ankit Jain will explain why understanding analytics in the context of your industry is key to tracking meaningful progress. Ankit will discuss the leading lifecycle management tools and present overall as well as industry specific benchmarks for user acquisition and retention. To inspire the audience to meet these industry benchmarks, the talk will provide strategies for optimizing the user journey through deep linking, content personalization, and push messaging optimization.
First presented at Growth Hacking Asia - Thailand monthly meetup on Sep 25, 2015 at The Hive, Bangkok. The presentation aims to give an idea of what UX really is and how it (should) differ from UI. Not that hiring someone for both UX/UI is wrong but if the concept of UX & UI is clearly understood, it would make more sense to have different people do UX & UI.
Source:
A presentation deck I built for IBM-CTI Conference; "Innovative Indonesia with Smarter Analytics", where I was invited as a speaker to share the role of analytics in Digital Industry
How digital marketing analytics is changing in 2015 Edureka!
The document discusses key trends in digital marketing and analytics for 2015. It identifies cross-channel experiments, the bifurcation of the digital ecosystem, the importance of obtaining a unified view of customers, prioritizing first-party data, the rise of programmatic advertising, and growing adoption of mobile wallets and payments as major trends for the year. The trends are driving organizations to better integrate across channels, connect customer data from different sources to improve personalization, and leverage new technologies like programmatic bidding and mobile transactions.
Mobile Analytics for Advertising_Michael HanleySara Quinn
Part of the Mobile Communications Resource Center, this is one of several presentations created by Michael Hanley for Ball State University's College of Communication, Information and Media. All rights are reserved.
Social network websites: best practices from leading servicesFabernovel
This document provides a general background for understanding social network websites and the study of online matchmaking websites and business network websites
This study is only the first step. Distributed under creative commons license, it should be completed and improved through the contribution of external experts, firms and web users as major moves in the industry are expected to occur in the coming months
Making Analytics Actionable with Web Content ManagementWebtrends
The document discusses how integrating web analytics data with content management allows marketers to better understand website usage and make improvements based on data. It highlights challenges with separate analytics and content systems and how the integration of Interwoven and WebTrends allows marketers to view analytics reports and data within Interwoven's content management platform. This allows issues identified in analytics to be directly addressed by editing pages, testing content variations, and optimizing the website based on insights from analytics data. An example of Rohm and Haas leveraging the integrated system to better understand and meet customer needs is also provided.
Getting Strategic with Digital - Analytics and Digital StrategynForm User Experience
Tim Schneider is the Director of Digital Analytics at the University of Alberta. He presented his insights on Analytics and Digital Strategy at the Getting Strategic with Digital conference.
Digital analytics upskilling & career tipsPhil Pearce
From Bristol Digital Analytics meetup on career.
We covered desirable Digital Analytics skills, Certifications, Training, Mentoring & Industry Salary surveys.
Thanks
Phil.
Falling in love (again) with Digital Analytics in Higher Education (PSEWEB 20...Karine Joly
The keynote about digital analytics in higher education I gave in Montreal at PSEWeb 2015 on July 28, 2015: issues, insights, inspirational stories, guiding principles & advice.
"How to Re-Energize Your Digital Analytics Program" - Hyatt + WAD, Digital Ve...Tealium
Learn how Hyatt Hotels has elevated its digital analytics strategy using recommendations from Web Analytics Demystified, and technology from Tealium. See how Hyatt Hotels was able to grab low-hanging fruit and drive superior results.
Raymond Chau discusses the importance and benefits of digital analytics. He explains that digital analytics involves collecting data from websites, apps, social media, and other online sources to better understand user behavior and make improvements. Some key benefits include optimizing marketing spending, fixing issues on websites to reduce bounce rates, running A/B tests to optimize pages, and personalizing the user experience through recommendations and targeted advertising. While traditional marketing can be difficult to measure and optimize, digital analytics allows for real-time data collection, targeted messaging, and faster iteration to improve performance.
Scalable Realtime Analytics with declarative SQL like Complex Event Processin...Srinath Perera
This document discusses real-time analytics and introduces WSO2 Complex Event Processing (CEP) as a SQL-like language for real-time analytics. It describes how CEP can be used to define filtering, aggregation, pattern matching, and other common operations on streaming data. It also discusses how CEP queries can be scaled out across multiple nodes by partitioning streams and queries. CEP provides an easy to use yet powerful way to perform real-time analytics on streaming data at scale.
Download this webinar for free: http://mstnr.me/2hPUamd
Technology is one of five essential components of the digital story. Analytics provide us with vital information to track and measure audience behavior, so we can extend the reach and impact of our storytelling efforts across all of our communications channels. What do you measure, and how do you use that data to refine your story? Join us for this webinar to get your analytics game on!
What You Will Learn
• Learn about the most important metrics for digital stories, and how analytics relate to the four other essential components of a digital story.
• Discover techniques for measuring those metrics on your sites and social media accounts, including testing different versions of content.
• Gain a framework for analyzing information and making smart, data-driven decisions about content and design.
From Digital Analytics to Insights: Data-Driven Decision Making & Changes in Consumer Trends to Effectively Develop Below-the-Line Campaigns / Guest speaking on Nov 25, 2015 at Asia Business Connect's Conference on
"Effective Below-the-Line Marketing Strategies"
Cathay Pacific: Using Digital Analytics to Drive Global Customer Centric Insi...Connie CHAN
Presented in IBM Amplify 2015 in San Diego, United States.
Airlines face a unique challenge when configuring a digital analytics platform. In order to gain an accurate view of their online business, a digital analytics platform must be able to provide analytics capabilities for commercial sites that are geographically dispersed, operate across multiple time zones, and transact in numerous currencies. Digital analytics must be able to roll-up site data in order to understand the broad level marketing and brand dynamics while also provide the flexibility for cross-site performance analysis. In this talk, Cathay Pacific outline how they planned and configured a customer analytics platform using new IBM Digital Analytics that allows them to generate aggregated brand and customer-level insights.
We are at the dawn of digital businesses, that are reimagined to make the best use of digital technologies such as automation, analytics, cloud, and integration. These businesses are efficient, continuously optimizing, proactive, flexible and able to understand customers in detail. A key part of a digital business is analytics: the eyes and ears of the system that tracks and provides a detailed view on what was and what is and lets decision makers predict what will be.
This session will explore how the WSO2 analytics platform
Plays a role in your digital transformation journey
Collects and analyzes data through batch, real-time, interactive and predictive processing technologies
Lets you communicate the results through dashboards
Brings together all analytics technologies into a single platform and user experience
This document summarizes a white paper about research conducted on the effect of social media on consumer-brand relationships. The research was a collaboration between BeyenMeyer, an advertising company, and the University of Groningen. It studied how interacting with brands on social networking sites like Facebook and Twitter influences consumer brand attachment. The research found that consumers who liked/followed brands on social media had higher levels of brand utilities like information, entertainment, and incentive utilities, and in turn stronger brand attachment, compared to consumers who don't engage with brands on social media. The findings provide implications for how brands can use social media to build relationships with consumers and strengthen their brands.
The document discusses how social media analytics can provide actionable customer insights for companies. It describes how social media has become a powerful marketing tool and how analytics can integrate social media data with other customer data sources to develop a more comprehensive view of customers. This allows companies to better understand customer preferences, identify trends, and tailor their marketing strategies and campaigns accordingly to meet shifting customer demands. The document also notes that both marketing and IT should be involved in social media strategy and integration to ensure a coordinated, enterprise-wide approach.
This document provides a summary of a research paper on marketing analytics for data-rich environments. It discusses the historical development of marketing data and analytics, from early uses of survey and sales data to today's abundance of digital data sources. It examines how analytics are applied in key domains like customer relationship management, marketing mix optimization, and personalization. The document also identifies future directions for analytics research in areas like optimizing marketing spending, personalization, and addressing privacy/security issues. Overall, the summary highlights how analytics have become central to marketing as data availability has grown exponentially in recent decades.
Social-Media-Analytics-Enabling-Intelligent-Real-Time-Decision-MakingAmit Shah
This document discusses how organizations can use social media analytics to gain business insights from social media data. It recommends a framework called LAEI (Listen, Analyze, Engage, Integrate) for organizations to effectively harness social media data. The framework involves listening to social media conversations, analyzing the data to understand customer sentiment, engaging customers by responding to feedback, and integrating social insights with enterprise data to build customer profiles. Advanced analytics tools are needed to make sense of large amounts of unstructured social media data and gain actionable insights for improved decision making.
Solving the Problem Five-Step Marketing Research Approach.docxrronald3
Solving the Problem:
Five-Step Marketing Research Approach Presentation
Name
MKT/ 421
Date
Instructor
Introduction
A a local nonprofit charity has noticed a severe drop in new memberships as well as a decline in repeat membership. Because memberships are the primary source of the foundation’s funding, the decrease in both areas threatens the organization's ability to survive and grow. Therefore, management has decided to implement the five-step marketing approach to increase their understanding of the problem and find possible solutions. To be successful, the research must determine the problem, set research objectives, decide what data is needed, and then choose a method for obtaining the information. After compiling and analyzing the results, the marketing manager can then suggest changes that may optimize the chances of the charity’s future survival and growth.
(University of Phoenix, 2017)
2
Define the problem and set objectives
Decide what data is needed
Choose a research method
Make recommendations based on the results
Utilize the Five-Step Marketing Research approach
FIVE-STEP MARKETING RESEARCH
The above graphic depicts the five-step marketing approach as a series of steps. As new information or data becomes available, the researcher may go back to previous steps and repeat them. This circular process allows firms to refine the scope and quality of the potential solutions. Additionally, the five-step process may employ multiple data collection methods that include surveys, focus groups, one on one interviews, interception interviews, observation, or a combination of any of these methods or other techniques (Kerin & Hartley, 2017).
3
The Importance Of Marketing Research
Market research definition
Keeps business focused
Reduces risks
Enables managers to be future oriented & relevant
Permits business growth opportunities
Knowledge is power. And in the modern global market, marketing research is not just helpful; it is essential to be successful. (Fletcher, 2013). Marketing research provides knowledge to industries by alerting them to their strengths, weaknesses, opportunities, and threats by providing detailed information about their market, their product, their audience, the competition, and possible opportunities and threats (Kerin & Hartley, 2017). According to Kerin & Hartley (2017), "Marketing Research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions" (p. 206). These processes can improve a firms decision-making capabilities and reduce their level of risk. Such an analysis is important because it keeps the business focused on activities that fulfill their customer value proposition, fostering an increased level of relationship marketing. When companies are acutely attuned to the needs and demands of their clients, they can respond to changes in trends and customer preferences in a timelier fashion. Such det.
Every day, enterprises across the globe are engaged in two key activities: delivering effectual effects and building decisions that create impact. If you are in the big business of building enterprises that will be more valuable in future than present your decisions need to be driven by smarter data.
Companies today are witnessing a huge explosion in data availability - 90% of the world’s data was formed in the most recent years. Structured, semi- structured and unstructured data across internal business systems and external sources like social
media, market data and syndicated study are now creating an incredible opportunity to construct insights, therefore leading to intelligent decisions. However, as this data is generally available to an enterprise’s competitive set, only those who have a vision for
leveraging this intellect and are adept will eventually out-compete others.
AICTE Sponsored National Conference on “Artificial intelligence in Marketing”, Department of Management Studies, PSNA college of Engineering & Technology, Dindigul, Tamil Nadu, India on 23rd December 2020
Market Research OverviewWhat is the idea of using marketing re.docxdesteinbrook
Market Research Overview
What is the idea of using marketing research? The idea of suing market research is to offer excellent research enable people in life to understand and interpret products and services’ issues. Market research is used because companies need to listen to people understand and give the product or service meet their expectations. It is also important conduct market research to evaluate information that would benefit organizations to make better decisions and reducing risk. This research can help businesses to increase consumer goods, reach out to people about the company’s products and services. Researchers’ role is to collect data about case studies on subjects, such as consumers’ testimony on foo products like cookies. With this market research, it helps to develop questions on sample of consumers or employees on views of the majority of population. Market research is conducted the BIPAC market research report 2011-2012 case study. One of the focuses on this topic is dealing with improvement advanced in technology affecting all disciplines in the research world.
BIPAC Background
BIPAC is an organization provides important information regarding to their employees or constituents, by the government affects website or department. The members are trade and business associations in the business community. They plan to provide accurate information about strategy issues that affect the running and development of the business. The specific goal oriented strategy including affecting active impactful role in the policy making process in the public business sector. BIPAC conduct the Prosperity Project for any organization’s strategy for the website and other information on reaching out to employees about the activities occur in business in the report. The company surveys to gather information from employees’ views on increase awareness on making changes on issues that need to be resolved in this case study. The research problem is if the organization continues to not alerting employees about the issues, that need to be resolved this case study. BIPAC Market Research (2012) shows, “More than 500 responses represent many industries that are diverse organizational size and geographical including measurements of using tools, issues and political awareness, this also includes respondents involvement in political activities” (p.1).
The research question is how BIPAC company are going to make sure employees are aware of the changes that needs to be made in this business community? If, employees are aware of changes, how would they discuss their views of the changes, if they are not notice about the activities in the business community? To answer this question and resolve this problem, the goal is both Minerva Marketing, LLC and BIPAC will conduct surveys to collect employee’s voting answers on ways to address the issues in this business. Lauga and Ofek, (2009) indicates, “Market research may target the smaller niche segment with its.
Needless to say, social media represents one of the most important platforms for marketing
communications in today’s world. In line with other opportunities, it is an important resource for business -
information. Therefore, it should be considered as a valuable asset by companies.
Customer knowledge management viasocial media the case of S.docxalanrgibson41217
This document analyzes Starbucks' use of social media for customer knowledge management (CKM). It finds that Starbucks deploys a wide range of social media tools for CKM purposes, including branding, marketing and transforming customers from passive recipients to active contributors of innovation. Starbucks also uses effective strategies to encourage customer knowledge sharing on social media. The case study suggests that social media can support CKM efforts for traditional brick-and-mortar businesses like Starbucks, not just online businesses.
Lovett & owyang social marketing analytics demystifiedad_crystal
This document presents a framework for measuring social media marketing initiatives. It defines social marketing analytics and outlines challenges with existing measurement approaches. The framework includes 4 key business objectives for social media (foster dialog, promote advocacy, facilitate support, spur innovation) and example key performance indicators for each. The document recommends companies adopt this framework to better understand the impact of their social media efforts.
Social Marketing Analytics: A New Framework for Measuring Results in Social M...John Lovett
This collaborative research effort by Web Analytics Demystified and Altimeter Group represents the latest thinking on measuring social media.
The paper includes four social business objectives that can be used to understand the impact of your social marketing initiatives and aligns Key Performance Indicators to these objectives. The result is a solid framework that companies can adopt to begin measuring social marketing efforts.
Module 3 - BackgroundPRINCIPLES OF MARKETINGAll readings are r.docxroushhsiu
Module 3 - Background
PRINCIPLES OF MARKETING
All readings are required unless noted as “Optional” or “Not Required.”
Introduction
In practice, Marketers use various models to describe the different marketing functions. Some of the more popular models are the 7 step model, STP (segmentation, targeting, positioning), or the 4 C's (Consumer Behavior, Company Analysis, Competitor Analysis, and Context). Each has advantages and drawbacks regarding comprehensiveness. Readings describing each of these models are provided in the Optional Reading list at the end of this section. For this module, however, we will use a model that integrates and abridges these other models.
Consumers, Markets, and Competition
Though many people think of marketing as consisting of sales and advertising, one of the most important marketing functions begins even before the final product or service has been developed. In this early stage, the organization conducts research to determine customer needs, how the market is structured, and the number and nature of competitors addressing that need. As you will see below, these three topics are intertwined.
Consumers
The purpose of marketing is to discover how to provide value to consumers while earning a profit. Marketers must understand the entire consumer base: the customer served by the organization, the customer currently served by competitors, and customers who may be served in the future. One way marketers do this is by analyzing buyer behavior (i.e., how consumers get information and how consumers make buying decisions). Consumer behaviors are influenced by a number of considerations such as psychological factors, convenience, competing choices, and cultural preferences. Read the following book chapter on consumer behavior.
Tanner, J., and Raymond, M. (2012). Marketing Principles (v. 2.0). Ch. 3: Consumer behavior: How people make buying decisions. Sections 3.1-3.6. Retrieved from https://2012books.lardbucket.org/pdfs/marketing-principles-v2.0.pdf
Markets
Any business needs to know the characteristics of the markets in which the firm operates. Understanding the customer and the market requires extensive and sophisticated research efforts to gather and analyze social and economic trends, human decision-making, and potential competitors. The goal of market research is to enable the firm to identify opportunities and threats in the business environment as well as the organization’s capacity to exploit its strengths and shore up its weaknesses.
Market research can be either primary (collected directly from the source), or secondary (collected/published by someone outside the organization). Some examples of secondary data include:
· US Census
· www.Data,gov
· Internal data (such as customer cards at grocery stores that collect data on buying patterns)
· Nielsen or Arbitron ratings
· Published articles and reports
· Blog posts
· Social media
The following chart illustrates the differences between primary and secondary market re ...
All That Glitters Is Not Gold Digging Beneath The Surface Of Data MiningJim Webb
This document discusses the social issues related to data mining and consumer profiling. It begins by explaining how companies are increasingly collecting consumer data from online sources like web server logs. They then use data mining tools to analyze this data and develop complex customer profiles. Companies segment consumers into groups based on these profiles to implement targeted marketing strategies. However, this practice can negatively impact consumers by excluding some groups from opportunities or limiting their access to important information. The document calls for more ethical alternatives to unfettered use of data mining that considers its broader social impacts.
This document discusses the challenges organizations face in integrating social and enterprise data for competitive advantage. It finds that while social data is beginning to enter the enterprise mainstream, full integration is still nascent due to various challenges. Specifically, social data serves multiple internal constituents with different needs, requiring new analytical approaches. Additionally, social data and analysts currently lack credibility within organizations compared to other types of enterprise data and analysts. The document provides examples of how different departments use social data and outlines key differences between social and traditional data that complicate analysis. It emphasizes the need to understand social data's unique characteristics before fully integrating it with other enterprise information.
Social Data Intelligence: Integrating Social and Enterprise Data for Competit...Susan Etlinger
This report lays out a mandate for enterprise organizations to integrate social data into other enterprise data streams, or risk building a "social silo." Includes best practices, frameworks, and a social data maturity map.
How digital technology is reshaping marketing organizationsTim Nagels
The document summarizes how digital technology is reshaping marketing organizations. It discusses how new skills, organizational structures, and partnerships are needed to adapt to changing customer expectations and the faster, more data-driven environment. Specifically, it explores how the roles of the CMO and marketing are being redefined and how marketing is extending across the entire business and overlapping with other functions like IT, HR, operations, and sales.
Instructions for the Business Research Project OptionIf the stu.docxnormanibarber20063
Instructions for the Business Research Project Option:
If the student picks the Business Research Project option, the guidelines below outline the project's expectations:
The purpose of this project is to pick a current issue or force affecting businesses, important to many businesses, and to research it. Examples would include globalization, increased focus on diversity of the workforce, greater competition, etc.
The research performed should focus on history and background of the issue and how it is affecting businesses today.
The remainder of the paper will address the possible trends of the issue [such as increasing globalization or increasing competition] and alternatives business managers have to address the issue.
Required Major parts for paper:
I. Introduction [What is the topic, why it is important….to whom]
II. Review of existing literature [history, background, current company experiences]
III. Impact on business [in the past, now, going forward]
IV. Going forward [projected trends, pending legislation, likely regulation, political pressures]
V. Management options to address likely trends going forward; these could include actions to mitigate risks of the trends or actions to take advantage of the trends
VI. Conclusion
Topic
The issue chosen for research is the role of new media on marketing in 2017 and beyond. The research project will explore available figures to find out if businesses are still spending big on traditional media advertising, including radio, television, and print media. The data will be compared to spending on online advertising over the past half decade. If indeed businesses are changing their advertising strategies, it will be important to show the effectiveness of new media. According to Forbes, people are watching more videos online and thus businesses may have to take note and create not only interesting but also informative content for their consumers. Social media has already been embraced by most corporations as a form of communication to customers. However, the paper will try and see the importance of having an actual social media strategy and the importance of well trained persons to handle these accounts.
BUSINESS RESEARCH OUTLINE 2
Business Research Outline
I. Introduction
The topic of this research is new media marketing. This is a form of marketing that is anchored on promotion of brands and the sale of products through emerging online channels. New media marketing leverages on the elements of both established and emerging online channels to engage potential and current customers. This channels include display advertising, content marketing and social networking platforms (Calder, Malthouse, & Maslowska, 2016). New media marketing aims at getting the consumer to interact with the brand and engaging them in a way that increases awareness and ultimately product sales. New media marketing has become significantly vital in the digital era and huge a.
Running Head CONSUMER BEHAVIOR ANALYSISCONSUMER BEHAVIOR ANALMalikPinckney86
Running Head: CONSUMER BEHAVIOR ANALYSIS
CONSUMER BEHAVIOR ANALYSIS 10
CONSUMER BEHAVIOR ANALYSIS
Student’s Name: HEJIE ZHENG
Course: CIS4321
Date:04/20/19
Contents
PROPOSAL 2
CONSUMER BEHAVIOUR ANALYSIS 2
SIGNIFICANCE OF ANALYSING CONSUMER BEHAVIOURS. 3
CONSUMER BEHAVIOUR DATA SET 3
IMPLEMENTATION OF CUSTOMER BEHAVIOUR DATA SET 5
CUSTOMER BEHAVIOR DATA MINING TECHNIQUES 7
Association Mining 7
Transaction study unit 7
CONCLUSION 7
REFERENCES 8
PROPOSAL
The modern consumer behavior perspective is just the same as the traditional consumer behavior perspective.CONSUMER BEHAVIOUR ANALYSIS
Our project is consumer behavior analysis. Research has been conducted and presented on the behavior of consumers and how the data obtained is important in solving real-world problems. In analyzing consumer behavior in this paper, we will embrace data mining techniques. Each data mining technique has its pros and cons. For this reason, we will choose the best technique to mine our database. The main objective is identifying psychological conditions that affect customer’s behavior at the time of purchase and the key data mining tool that is convenient for each method of purchase. Furthermore, there is an association rule that is employed in customer mining from the sales data in the retail industry.
SIGNIFICANCE OF ANALYSING CONSUMER BEHAVIOURS.
Analyzing consumer behavior is important as the data obtained is converted to a format that is statistical and a technical technique is used to analyses the data (Stoll, 2018). Business enterprises also use the knowledge of consumer behavior in the following ways:
I. Determining the psychology of consumers in terms of their feeling, reasoning, and thinking and how best they can choose between the alternatives.
II. Businesses also determine how the business environment affects consumers’ mindset.
III. Businesses can determine the behavior of customers at the time of purchasing their goods and services.
IV. Companies also find out how customer motivation affects customers' choice of goods of utmost importance.
V. Finally, Business finds ways of improving their marketing strategies based on the available data that they will gather.CONSUMER BEHAVIOUR DATA SET
The modern consumer behavior perspective is just the same as the traditional consumer behavior perspective. The patterns used by consumers in the day to day lives are also applicable in the online context. Koufaris (2002) in his article argues that online consumer behaviors are similar to traditional behaviors. However, online consumers have additional advantages as besides being customers, they easily access the information about the goods and services they want. The contents of our datasets pertaining the consumer behaviors can be found in Montgomery, Li, Srinivasan, and Liechty (2004.)
In the present world, a normal consumer is regarded as a constant generator whom his or her data is treated in diverse contexts as unstructured, contemporary ...
Data Literacy in Public Relations by the PRCA Innovation Forum.pdfJames
As part of the PRCA Innovation Forum I have published a new paper tackling data literacy in PR.
Key themes in the new paper:
- Numbers that matter
- Designing a listening & measurement strategy
- Identifying a public and listening to conversations
- Tools to use
- Translating data into insights
- Building a culture of digital literacy
- Data storytelling & visualisation
Download the report and read reactions from Wadds Inc. Founder and Managing Partner Stephen Waddington, and AMEC Measurement and Evaluation Global Managing Director Johna Burke.
Thank you to Shayoni Lynn FCIPR FPRCA CMPRCA, Iretomiwa Akintunde-Johnson, Stella Bayles, 💡 Sophie Coley, James Crawford FPRCA (me), Orla Graham MPRCA Alex Judd, Steve Leigh, Andrew Bruce Smith, Allison Spray, Stephen Waddington for contributing to the paper.
Similar to Research Paper - Analytics And Segmentation (20)
Data Literacy in Public Relations by the PRCA Innovation Forum.pdf
Research Paper - Analytics And Segmentation
1. Running Head: ANALYTICS AND SEGMENTATION 1
Analytics and Segmentation and
The Increasing Importance of Social Media Data
Bernard J. Karlowicz Jr.
Wilkes University
Author Note
Bernard J. Karlowicz Jr., College of Graduate and Professional Studies, Wilkes
University.
Correspondence concerning this article should be addressed to Bernard J.
Karlowicz Jr. C/O Kathleen Houlihan, College of Graduate and Professional Studies,
Wilkes University, Wilkes-Barre, PA 18766.
Contact: bjk002@yahoo.com
2. ANALYTICS AND SEGMENTATION 2
Abstract
This paper explores the rise of complex database lists as a result of the internet and social
networks and how this new information, along with new techniques in analytical data mining, is
making an impact on the marketing discipline, changing forever the ways in which companies
collect, analyze, segment, and act (target) on new data. This paper leverages the information
from several published articles which themselves explore unique aspects of the advent of social
data as a new information source, as well as the association between analytics and market
segmentation and targeting. Foedermayr and Diamantopoulos (2008), explore the effectiveness
of segmentation from the perspective of international companies, offering insights into their
evolving business practices as companies accelerate their investments into analytics as a means
to adapt to change, reduce costs, and capitalize on new opportunities. Jedidi, Jagpal, and
Desarbo (1997), dive deep into the mathematical constructs and equation models that underlies
the latest efforts to aggregate social data and allow for the treating of heterogeneity in social
data. Dibb and Simkin (2000) is a useful article exploring internal relationships in corporate
culture, the need to evaluate, question, and change established marketing orthodoxy, and the
sensibility of engaging external agencies for segmentation process enhancements and strategic
modifications and data access enhancements. Sheth-Voss and Carreras (2010), discuss some of
the latest aspects of information theory applied to current data mining and market segmentation
practices, highlighting the struggle to bridge perception/reality conflicts in business today.
Roberts (2008) again discusses the opportunities and challenges associated with the collection,
analysis, dissemination, and practical application of segmentation data through the corporate
lens. Remaining articles are used primarily for a specific quote or thought promotion so as to
lend credence to the conclusions of this paper.
3. ANALYTICS AND SEGMENTATION 3
Analytics and Segmentation and
The Increasing Importance of Social Media Data
Throughout history, marketing experts have sought means of enhancing their ability to
more properly identify ever more subtle differentiations between target markets. The onset of
the internet, and in particular social media, have provided marketing organizations a means by
which to more thoroughly segment markets and identify targets than ever before. “Good
segmentations convey information. In our view, segmentation is information compression.
Segmentation is not useful unless it conveys information about important customer attributes.
Ideally the converse is also true; observable customer attributes convey information about
segment membership.” (Sheth-Voss et al., 2010). This basic premise underlies the foundations
of this paper, whereby the advent of social media and the newly available data collection
opportunities as a result, allows a glimpse into the hearts and minds of the customer more so than
any data collections prior.
But why should an organization care about the hearts and minds of its potential customers? The
answer to such a question is obvious. By focusing attention on the “winning and keeping” of
customers, an organization affords itself the opportunity to take a longer term approach to
customer engagement, and customer retention (Dibb and Simkin, 2000). The coining of the term
“relationship marketing”, first coined by Berry in 1983 (Dibb and Simkin, 2000), discusses the
maintenance of customer relationships and building brand loyalty among its customer base. This
fundamental shift in marketing focus, from mere transactional selling, to the more forward
thinking relationship marketing, should allow an organization to maintain its customer retention
over the long term, enhancing company bottom lines, achieving the much desired economies of
4. ANALYTICS AND SEGMENTATION 4
scale, and developing “a coherent and consistent image of their offerings” where targeted market
segments are more likely to remain loyal to the company and its product line as the customer and
company have forged a relationship through the company’s efforts in “recognizing users’
differences, leading to an increased understanding of customer needs and decision criteria”
(Foedermayr et al., 2008). This basic tenant of evolving marketing practice is where the advent
of social media data becomes so significant. In all, of the four areas companies use to segment
their potential customer base, namely targeting and positioning tasks, in reducing costs and in
fostering a firm’s adaptability to environmental changes, it is in the targeting and positioning
area where social media data will become so vitally important (Foedermayr et al., 2008).
Key in understanding the significance of social media data is to recognize its limitations and
usefulness when contriving a marketing strategy. First and foremost, companies need to
recognize that “social media users do not have a strong association between these sites and
purchase decisions. They see them as being more about personal connection, so finding ways to
embrace that powerful function is key” (Smart actions for tough times, 2009). Customers can be
divided by age, gender, region, product interest, geography, attitudes, blood pressure or any other
dimension. Segmentations “exist” as soon as we define them. But not all segmentations are
equally good for a given purpose (Sheth and Carreras, 2010). The capacity of a company to
understand the dimensions it seeks, in order to fully quantify a key relationship dimension is
critical to success here. Companies must critically evaluate their own value system, the value
and message conveyed by their product offerings, and the “relationship” that can be extended to
the customer base. The company must evaluate itself empirically, gathering internal data and
asking questions on that data in terms of what relationships it can and is willing to offer its
5. ANALYTICS AND SEGMENTATION 5
potential customer. From this position, companies can begin to mine the data presented through
the rise of social media in an attempt to ascertain where appropriate targets and segments reside.
Companies can utilize data garnered through its social media data pursuits to develop more
precise segmentation models, increase segmentation effectiveness and targeting performance,
and identify opportunities to achieve the underlying goal of developing relationships with their
customers. Market programs can be designed to more effectively pursue niche market
opportunities revealed through the mining of social data and application of Information Theory.
A Market researcher can “use a variety of data-reduction methods (e.g. principal components or
factor analysis) to filter the aggregate data by purging measurement error, form clusters
(segments) using the reduced dimensions, and then perform multi-group structural equation
modeling” (Jedidi et al., 1997). Essentially, companies need to become better consumers of data.
They need to learn how to judge the volumes of data being made available, and begin to
determine what approaches to the data make sense given their newfound identity. When
companies begin to ask questions such as “What if we treat these variables as ordinal rather than
nominal?” “What if we include current product shares as attributes?” “What if we reduce the
attitudinal questions via factor analysis and use the factors in the segmentation analysis?” (Sheth
and Carreras, 2010), companies are on the beginnings of developing a marketing strategy aligned
with their, and their customer’s interests. Enveloping the utilization of entropy, surprise, and
latent class analysis within the scope of analyzing social data via algorithmic processes such as
K-Means testing, Bayes information criterion, and Total Mutual Information, formulate the
beginnings of a novel approach, based on Information Theory, to approach customers by way of
relationship forging. This co-development lends itself to the establishment of a relationship
between the company and the consumer unlike efforts of the past where simple management
6. ANALYTICS AND SEGMENTATION 6
insight or simplistic correlation analysis once owned the road in terms of segmentation
evaluation and understanding (Sheth and Carreras, 2010). “Smart firms make above-market
returns on their investments in customer information, analyzing that information and then
building business strategies around what they have learned.” (Smart actions for tough times,
2009).
So, in understanding the need for relationship building with the consumer, along with
new insight into the need to develop more robust segmentation and targeting strategies based on
solid, well understood Information Theory principles, companies need to realize the point, and
turn their attention to the collection of this vital information available via social media. “If you
can so segment the market that you really understand who is buying and what their motivation is,
you can make offers that are most relevant.” (Hopkins, 2009). Hopkins postulates that
companies must turn to improving their internal data collection with the aim of improving its
quality, and thus allow an adjoining of this internal data with data collected externally, via
external sources such as rating bureaus, social media sites, etc… The leveraging of online
marketing channels in conjunction with external data providers and web analytics service will
provide a means by which the company can make better segmentation and targeting decisions
with the aim of forging relationships with their best customers. “The bottom line is that in a
challenging economic landscape, marketers must focus on data intelligence in order to succeed.
FLaving an in-depth understanding of your existing customers is the first step in learning more
about your prospects, which ultimately leads to better segmentation, better targeting and better
campaign performance.” (Hopkins, 2009).
7. ANALYTICS AND SEGMENTATION 7
The final issue that needs to be addressed is the manner in which companies collect data from
such external partners as social media sites, bureaus, external data providers, etc… As was so
poignantly addressed in the article ‘I Know all about you’, “The data does need to be bandied
in a compliant way within all privacy laws and codes of conduct.” (Roberts, 2008). Compliance
concerns, SOX compliance, and other regulatory concerns need to be addressed when collecting
and managing customer data. Companies need to take care to properly handle such information,
and utilize it accordingly. It is my contention that companies should consider leveraging outside
experts and data collection facilities to provided cleansed and scrubbed data, pre-prepared for
company consumption, eliminating the risk of data non-compliance. “Another issue worthy of
future research concerns the role of external experts (i.e. market research agencies, advertising
companies, consultancies, etc.) in supporting firms with their international segmentation
decisions. Although our exploratory study revealed that external experts are frequently involved
in segmentation decisions, little is known as to what services they offer to the firms that employ
them or the benefits in terms of improved segmentation effectiveness that are obtained by using
external expertise.” (Foedermayr et al., 2008).
In light of this new understanding of the role of social data, the means to evaluate it, and
the impact and insights such efforts bring to the company, it is imperative to understand the
pitfalls companies face in developing a marketing plan with this newfound wealth of knowledge
from the consumer. Dibb and Simkin provide a wonderfully articulate list of common pitfalls
(impediments) companies most often face in this regard. The table below is a well researched
list of said impediments that stand in the way of companies and their means of developing
relationships. Though the purpose of the research is to draw insight into internal relationship
8. ANALYTICS AND SEGMENTATION 8
forging within a company, the same attributes and rules apply when attempting to build external
relationships, hence my inclusion of this table here in this paper:
Dibb and Simkin's Observed Barriers Hindering Marketing Planning
1. Poor Grasp of the Marketing Concept
2. Little or No Marketing Analyses Undertaken
3. Strategy Determined in Isolation of Analysis or Formulation of Tactical
Programmes
4. Blinkered View of the External Environment
5. Poor and Inadequate Marketing Intelligence
6. Little Internal Sharing of Marketing Intelligence
7. Inadequate Understanding & Support from Senior Management
8. Poor Internal Communications in Marketing, Between Functions/Tiers
9. Planning Activity Fades Out
10. Planning and Personnel Overtaken by Events
11. Lack of Confidence/Conviction
12. Little Opportunity for Lateral Thinking
Figure 1 - (Dibb and Simkin, 2000)
Companies must evolve to save themselves from the trend of obsolescence through
generalization. Niche markets and niche products will dominate the landscape of company
success in the coming years. Those companies best prepared to dominate those niches,
demonstrating themselves as offering best of breed product lines in subtle markets, along with a
means to truly engage the consumer in relationship building, will find success in the new
tomorrow.
9. ANALYTICS AND SEGMENTATION 9
References
Dibb, S., & Simkin, L. (2000). Pre-Empting Implementation Barriers: Foundations, Processes
and Actions-The Need for Internal Relationships. Journal of Marketing Management,
16(5), 483-503. Retrieved from EBSCOhost.
Foedermayr, E. K., & Diamantopoulos, A. (2008). Exploring the Construct of Segmentation
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