Market segmentation is the process of grouping potential customers together by common characteristics such as ____, age or lifestyle. Market ____ is used to allow a business to more effectively tailor their products to a ____ group of customers. Field research is information that is ____ information. It has been collected by the business for a ____ purpose. Methods of collecting field research include: face-to-face interview postal survey focus ____ A product is a good or a service that is sold to customers or other businesses. Customers buy a product to meet a ____Information gathered from ____ research is used by businesses to help them identify need. A business will then aim to develop a ____ product that will meet the identified need effectively. All products go through distinct phases or stages. Together these are known as the ____ cycle. The number of sales and the length of a product life cycle might be different for different products but all products share a general pattern of ____ and decline. Price is one of the elements of the marketing ____. It can have an immediate impact on sales. For example, January is traditionally a time when shops will have sales, a fact which will ____ customers to shop in search of a ____. Some businesses have to locate near a ____. For example, oil rigs have to be taken out to sea to an ____ field, where they can drill. Promotion is one of the Ps of the ____ mix (along with Product, Price and Place). It is concerned with making ____ aware of a product or service. The two main methods for businesses to make customers aware are: ____ sales promotion
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