Page 241 - (DK) The Business Book

SUCCESSFUL SELLING 239

most important in the marketing Marketers have developed new
environment. These encompass strategies for online information
gender, life stage, income, trends, gathering, such as personalized,
current issues, and the influence of or one-on-one, marketing, in which
key individuals in the public eye. a single consumer’s interests
Research is formalized The challenge for the marketer and wants can be recorded and
curiosity. It is poking and is finding out how all of these compiled to create a detailed profile.
prying with a purpose. things influence customers and, Psychographic profiling is one
Zora Neale Hurston consequently, what motivates them way that marketers attempt to
US anthropologist (1891–1960) to buy. The obvious starting point make sense of diverse consumer
is to ask questions. This basic interests, by corralling individuals
premise developed during the 1960s with shared interests and
and 1970s into a formal process motivations into groups that can
of question-and-answer known be targeted. Whereas businesses
as market research. Researchers used to define their customers
gathered both quantitative evidence demographically, for example as
a wide spectrum of external factors, (from simple questions directed Baby Boomers or Generation X,
so it is crucial to understand these toward a large audience) and a psychographic profile is much
to get to their hearts and minds. qualitative evidence (through direct more detailed. It is put together
Price cutting by competitors, for observation or in-depth discussion by using information about a
example, can divide the customer’s with a small sample of individuals). consumer’s daily habits; favorite
attention, providing enticement but Qualitative research is usually brands, music, and athletic
also potentially damaging a brand’s regarded as the more valuable of personalities; media habits;
value in the eyes of the consumer. the two in getting a grasp of why leisure activities; vacation
A business therefore needs to know a customer accepts or rejects a destinations; and much more.
how sensitive their existing and product, and in understanding the Social media and online
potential customers are to price. realities of customers’ lives. communities have encouraged
The distribution system, which people to define themselves by an
determines how products and Personalized marketing ever-more specific set of
services get to potential buyers, is Since the 1990s, business has forged characteristics, likes and dislikes.
also a vital aspect to consider. A a direct path of communication At the same time, the Internet has
business should figure out how to with the customer via the Internet. allowed businesses to glean ❯❯
deliver products and services in a
way that best suits purchasers. The
Internet has transformed how this
happens, and customers now
expect sellers to understand where,
when, and how they want to buy.

Types of research
The state of the economy, level of
interest rates, regulatory law, and
technological change can sway
customers, while social and
cultural forces are arguably the

Focus groups were used extensively
in the late 20th century to gather
informal comments and opinions on
products, as shown here in a scene
from the TV show, Mad Men.