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A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.
RFM is a method used for analyzing customer value and segmenting customers which is commonly used in database marketing and direct marketing. It has received particular attention in the retail and professional services industries.
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Business and management research is a systematic inquiry that helps to solve business problems and contributes to management knowledge. It Is an applied research. Four factors (Easterby-Smith, 2008) combine to make business and management a distinctive focus for research : Transdiscipline approach
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Focus groups have several advantages for collecting qualitative research data. Focus group research can be used purely as a qualitative method or in combination with quantitative methods. Qualitative data collected in focus groups can help researchers decide what kinds of items to include in surveys.
A proper cohort analysis requires the identification of an event, such as a user checking out, and specific properties, like how much the user paid. The gaming example measured a customer's willingness to buy gaming credits based on how much lag time there was on the site. Define the specific cohorts that are relevant.
The customer base is a group of customers who repeatedly purchase the goods or services of a business.These customers are a main source of revenue for a company. The customer base may be considered a business's target market, where customer behaviors are well understood through market research or past experience.