What information should be included in the targeting section of a marketing ...

Answer to #1

Targeting is all about choosing segments that are big enough to pursue. We want to consider whether each segment has the potential to be profitable enough, whether it has enough growth potential, how it fits with our corporate goals, and how actionable it is. Based on this information, we ultimately rank each segment in order of desirability.

Answer to #2

B

Answer to #3

In practice, the relationship between the marketing research department and the users of marketing research frequently is characterized by misunderstanding and conflicts arising from:
(1) Research that implies criticism: managers may not want to find results that are critical of their work.
(2) Money: financial managers often see research as a cost rather than as an investment or a way of lowering risk.
(3) Time: it takes time to complete a research project, and errors are more prominent if the research is rushed.
(4) Intuitive decision making: managers are action-oriented decision makers, and they often rely on gut reaction and intuition, which is often successful. Thus, they often do not believe a research project will help improve their decision making.
(5) Future decisions based on past experience: managers wish to predict the future, but researchers measure only current or past events.

Answer to #4

In this section, we want to use data to outline what segments we have identified. This could include demographics, psychographics, and buyer behavior. We can get this information through a cluster analysis. Using this data, we want to identify three main groups: current customers, nonusers, and ideal customers. For example, with J.J.'s travel-related social networking site, he found that his current customers were in their early 20s, many of whom stayed connected through friends and sometimes bought trips through the site; his nonusers were people over 40, and his ideal customers were in their 20s and had a good amount of disposable income.

Answer to #5

B

Answer to #6

When the firm facing a decision encounters one of the following situations, they should consider having the research performed by an outside agency. Here are some reasons for this:
(1) An outside agency often can provide a fresh perspective.
(2) An outside agency often can be more objective.
(3) An outside agency may have special expertise.
(4) An outside agency will have local knowledge and expertise and may specialize in research from its home area.

Likewise, there are conditions that make in-house research more attractive:
(1) The research project needs to be completed very quickly.
(2) The research project will require the close collaboration of many other employees from diverse areas of the organization.
(3) Costs are a concern  In-house research can almost always be done more cheaply than that done by an outside firm.
(4) Secrecy is a major concern.

Answer to #7

This is the first of the 5Cs we address because we need to start with corporate self-examination. The two main questions we want to answer about our company are (1) What are we known for? and (2) Who do we want to become? In other words, who are we now, and what are our goals for the future? To help us answer these questions, it is helpful to do a SWOT analysis in which we evaluate our strengths (such as good customer service), weaknesses (such as higher prices than customers want to pay), opportunities (such as possibilities offered by social media that we might be able to use to promote more effectively), and threats (such as successful and growing competitors).

Excellent answers

Thank you