ESB Domain 2: Market Research and Target Market Concepts

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Market Segmentation

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Dividing a market into distinct groups of buyers.

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Articles and Academic Journals

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Common sources of secondary data used to interpret primary data.

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Evaluating Competition / SWOT Analysis

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A method to assess strengths, weaknesses, opportunities, and threats.

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Opportunities in SWOT Analysis

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External factors that could be beneficial.

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Threats in SWOT Analysis

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External factors that could be harmful.

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Internal vs External in SWOT

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Strengths and weaknesses are internal; opportunities and threats are external.

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Purpose of Psychographic data

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To understand customer values and motivations.

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Budget

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How much money you can spend.

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Closing - Customer decides to buy

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Closing is when the customer decides to make a purchase.

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Drawback of Digital Sales Channels

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The need to pay shipping costs.