Market Research
Memorandum
TO: Bette Royce
FROM: Market Research Director
SUBJECT: Results of Shopper Survey
Over the past few weeks, we asked shoppers in the
UltraWorld Shopping Mall to complete a short survey
about our new line of products called "Silken Moments."
We also asked some shoppers to try the product and then
we interviewed them. The results of this market research
indicate that only one market segment will pay a
substantial premium to obtain Silken Moments lotions and
creams.
The demographics of the market segment that indicated
willingness to purchase these products include the
following: income over $80,000 per year, an average age
of 38 years, education level of two years of college or
more, and female.
WHAT DO YOU KNOW?
Circle T or F to indicate whether each of the following statements is true or false.| Q1 |
T |
F |
1. One kind of market research gathers information about customers' likes and preferences, buying behaviors, and other characteristics. |
|
A1:
| True. Other market research examines competing products, services, and companies, tests the effectiveness of advertisements or promotions, and evaluates locations for stores or offices. |
| Q2 |
T |
F |
2. A market segment is a particular type or group of people who buy goods and services. |
|
A2:
| True. A market segment is a part of the purchasing public or decision makers that have something in common. People who go sailing, travel, go to school, or earn a certain income could each be a market segment. Notice that some market segments overlap. |
| Q3 |
T |
F |
3. Demographics is the type of art used on product packaging. |
|
A3:
| False. Demographics are statistics about groups of people. The prefix demo- refers to people, as in democracy. |
| Q4 |
T |
F |
4. In marketing language, a market segment is part of a grocery store. |
|
A4:
| False. A market segment is a group of customers or potential customers. |
| Q5 |
T |
F |
5. The market segment that would be most likely to buy Silken Moments lotions and creams is work-study students. |
|
A5:
| False. The people in the market segment most likely to buy Silken Moments products are about 38 years old and earn good incomes. These are probably not work-study students. |
|
TERMS RELATED TO MARKET RESEARCH
market research
information collection and analysis related to a company's customers, products or services, competitors, or advertisingmarket segment
a group of customers or potential customers who have an interest, need, lifestyle, or other characteristic in commondemographics
statistics that describe populations or groups of people |
|
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