COMMON COMMUNICATION CHANNELS:

1. Signage
2. Web sites
3. Social Media
4. Print Ads
5. Television
6. Radio Commercials
7. Mobile Advertisement
 
KNOW YOUR CUSTOMERS
 
Marketing Research
 is a comprehensive process of understanding the customers' intricacies and industry
they revolve in.
 It aims to scrutinize the target market, their specific requirements, and the market size
where the business operates.
 
Market Size
-the size the arena where the entrepreneurs' business will play. It is the approximation
of the number of buyers and sellers in a particular market.
 
Market Segmentation
 The process of grouping similar or homogenous customers according to demographic,
psychographic, geographic, and behavior.
 
Primary and Secondary Market
 
1. Demographic Segmentation
 also called Socioeconomic Segmentation
 The process of grouping customers according to relevant socioeconomic
variables for the business venture.
 
a. Income range and the social class
 It represents the purchasing power of the market.
b. Occupation
 Should also be considered to determine their daily routine where goods and
services are properly positioned.
c. Gender and Age Group
 Must be determined because the life cycle of customers and their gender
influence their buying behavior.
d. Religion and Ethnicity
 Should be taken to account because these affect the way they buy products or
avail of services.
 
2. Psychographic Segmentation
 is a process of grouping customers according to their perceptions, way of life,
motivations, and inclinations.
 
a. Perception - is a process wherein an individual receives external stimuli using the
five senses of hearing, touching, smelling, seeing and tasting.
 
b. Motivation
1. Physiological Motivation involves the needs of the person; they seek to avoid pain and
give pleasure.
2. Psychological Motivation involves customer preference; what the customer likes or
dislikes.
3. Aspirations are what the customers want to achieve.
4. Deprivation involves the customer's recognition of certain voids to fill.
 
3. Geographic Segmentation
 is simply grouping customers according to their location.
 this is a critical analysis that encompasses the cultures, beliefs, preferences,
politics and lifestyle of a certain geography.
 
4. Behavioral Segmentation
 is the process of grouping the customers according to their actions. These
behaviors are instigated by occasions, desired benefits, loyalty, and usage of
product or availment of services.
 
a. Occasions drastically affect the
customers' buying behavior.
b. Loyalty is the result of maintaining satisfied customers.
c. Usage of products or availment of service is also a behavior segmentation factor that
describes to the entrepreneur how often a product is being used or the service is being
availed.