MARKET RESEARCH

ABC1 is an audience segmentation code used by the broadcasting industry to describe certain groups of people in the UK. In particular, it is used to identify the most affluent and influential people in the country.

Big data is a term used to describe immense and complex datasets which can be difficult to process using traditional methods of data analysis. It is often referred to as a type of analytics, or ‘business intelligence’, and refers to the large amounts of structured and unstructured data that can be collected, stored and mined for patterns and insights.

The buyer’s journey is the process of a potential customer becoming aware of a product or service, learning about it, and then eventually making a purchase decision that they believe is the right one for them. This journey is made up of three distinct stages; awareness, consideration, and decision.

When making a purchase decision, consumers take a number of factors into consideration to decide the best product or service for them. This is known as Buying criteria.

The Buying cycle is an important concept for marketers to consider during the planning process - it is the journey the customer takes from the moment they recognize a need or want and end with a purchase. The buying cycle is an integral part of a successful marketing strategy and understanding each of the stages involved can help a company target their customers more effectively.

Churn rate is a central term in marketing that measures a company's customer retention rate. It's also known as turnover rate or attrition rate, and is used as a metric for businesses to understand how effectively their loyal customer base is being maintained over time.

In marketing and advertising, the Client is the one requesting for the service, and the provider is the company which carries out the requested service. In a company, that means the client and provider are two different branches of the same organisation.

Competitive advantage is the term used to describe any action or activity that gives a business an edge over its rivals in the marketplace. It is the unique ability of an organization to produce goods or services that are valued by customers more than its competitors.

Competitors refer to other companies or organisations in the same field or industry offering similar products and services that have an effect on the profitability of a company. A company needs to have a complete understanding of its competitors and the competition in the industry in order to effectively compete and remain profitable.

A Consumer is an individual that buys goods or services from a business. It is the most important target audience of any business in the market.

Customer is a term used in marketing to refer to an individual or group that purchases or utilizes a particular product or service. A customer is often seen as the most important part of any business, due to the fact that they are the ones who ultimately bring in revenue and profits as they purchase products or services.

The Customer acquisition journey is the process that a business takes in order to acquire customers from initial contact to purchase or sign-up. It is an essential component of any customer relationship management (CRM) strategy, and can have a major impact on customer loyalty, retention and satisfaction.

Distribution channels refer to any pathway or network used to move a product or service from the manufacturer or seller to the customer. This includes wholesalers and retailers, physical stores, online stores, and direct mail.

End user is a term used to describe the ultimate consumer of a product or service. This includes any individual, organisation, or entity that will utilise or interact with a product or service.

A Focus group is an important tool for marketers, who use the information gathered from focus groups to inform marketing strategies, product development, and other crucial elements of their work. Focus groups involve bringing a small number of participants together (typically between 8-12 people) to discuss a specific product or service – either one already available to the public, or one in development.

Geographical targeting is a strategic technique used by marketers to target potential customers in a specific area or region. This strategy allows marketers to create more effective marketing campaigns by tailoring messages, content, promotional activities, and pricing to the relevant local audience.

Head-to-head competition is an important marketing concept which is used to describe a situation in which two or more companies are directly competing against each other for the same customers. Companies involved in head-to-head competition are typically offering the same or similar products or services, and have a common target market.

Hidden objections are ideas or concerns that people have regarding a product or service but have difficulty verbalizing. These objections are often unconscious and are hidden even from the person who has them.

Industry news is a term used to describe information about the latest developments and trends in a particular sector or industry, as well as news about major players in the industry. The term ‘industry news’ usually refers to news from various industry sources including trade publications, websites, blogs, and conferences.

A judgment sample, also known as a judgemental sample, is a type of non-probability sampling that involves choosing study participants based on the researcher’s personal judgement about which individuals are most appropriate for a study. Rather than a random selection process, a judgment sample allows researchers to be proactive when deciding who to include.

The Key buying influential (KBI) is an important role in the marketing mix. This person is responsible for making the buying decisions of the company or organization, and as such, is responsible for selecting the products and services that will be purchased.

Key items in marketing is a term used to refer to the most important parts of the marketing mix, which is made up of the product, pricing, promotion, and place. The key items in this mix are the most important components that need to be taken into consideration when developing a successful marketing strategy.

Key prospects are potential customers or clients who have been identified as offering the greatest potential for success in marketing, sales, and other related activities. They are the foremost target for any business or individual looking to increase revenue and extend their reach.

Klout is an online measurement system which indicates the reach and influence of any individual on the web. In essence, Klout measures the quantity and quality of an individual's interactions on the major social media networks, and assigns them an overall score of 0 to 100.

Lead scoring is a method used by modern marketers to define the value of prospects, contacts and customers. It is used to identify the best prospects for sales activities, and to help prioritize marketing efforts, so that the most valuable contacts and leads receive the resources needed to drive conversions.

Lifecycle stages are a concept used in marketing to describe the stages of a consumer’s relationship with a certain product or brand over time. Understanding the lifecycle stages of a product or brand enables marketers to optimise their marketing strategies and campaigns in a way that more effectively meets the needs of their customers.

The "Marketing mix" is an important concept when it comes to successful marketing. It refers to the core elements of an effective marketing strategy and covers the '4 Ps' - Product, Price, Promotion, and Place.

Marketing objectives are the desired outcomes of your marketing activities. They are statements that provide guidance on where you are heading, what you need to achieve, and the type of results you should expect.

A Marketing plan is a document that explains the components of an organization’s marketing strategy, including their objectives, target market and strategies for achieving it. It serves as a guide for the implementation and tracking of a business’s marketing strategies.

Markets, or marketplaces, are the places that buyers and sellers come together to conduct transactions in goods, services or investments. They are the economic mechanism of balance and competition that allows the free exchange of goods and services, and the determining of prices in an efficient and fair way.

Mass customisation is a marketing approach which seeks to tailor products to fit the unique needs and wants of individual customers. It is a type of personalisation in which standardised products, such as cars and clothes, are produced or modified for each customer based on their preferences.

Multivariate testing is an approach used in online marketing campaigns to test changes in websites to maximize conversion rate. It involves making multiple changes at once in order to maximize the impact of the changes made.

Narrow and deep is a marketing approach that focuses on targeting a specific niche market in order to achieve more success. It allows businesses to identify and focus on a specific area, and it can be used to differentiate their offerings from those of their competitors.

Need profiling is a method used in marketing to gain insight into customer needs and preferences in order to develop products and services that meet those needs better. Need profiling can also be used for lead generation, segmentation, and campaign targeting.

New product development is a process used by businesses to identify, design, and create new products that could be sold to customers. It's a key part of any company's marketing and growth plans, as well as a critical step in the product life cycle.

Pain points are areas within a customer’s life that create distress or need some form of improvement. They are identified through customer surveys, focus groups, and market research.

A customer Persona is a semi-fictional representation of your ideal customer. It serves as a tool to help your business understand who they are selling to and how best to market to them.

The Q-sort technique is a powerful and essential marketing research tool. It is used to quickly and accurately identify key elements or attributes among a large set of data or opinions.

Qualitative forecasting is a forecasting technique used by businesses when attempting to understand future market trends. It is a subjective, non-numerical method of forecasting, based on expert opinion and qualitative data, rather than quantitative data.

Segmentation is a key part of any successful marketing campaign. It is the process of breaking down a customer base into smaller targeted groups based on factors like location, demographics, online behaviour and other characteristics.

SWOT analysis is a strategic planning tool that businesses and entrepreneurs use to assess their internal strengths and weaknesses, as well as external opportunities and threats. It is a useful tool that can be used by both small and large businesses to gain insight into how their products, services, and operations stack up against the competition.

A Target market is a particular segment of a population to which a product or service can be marketed. It is a group of consumers that have certain characteristics, likes, dislikes, and interests that sets them apart from the larger population.

Targeting in marketing refers to the process of aiming promotions and marketing messages towards specific individuals or groups of potential customers, in order to increase their likelihood of making a purchase. The targeting strategy used by a business is an important part of their overall marketing mix, as it helps them to ensure that the right message is seen by the right people.

User research is a critical part of the process of designing any product. It refers to the process of actively exploring the needs, behaviours, and motivations of potential users, in order to inform product design and development.