Entrepreneurship

Which 2 tools did you choose? What was it about these tools that appealed to you over the others? How will

they be helpful to you in starting/running your business (be specific)?

The tools I chose

After watching the 10 Free Market Research Tools you should be using in the year 2022 video, I chose

Google Trends and Answer the public as my marketing research tool.

What about these tools that appealed to me over the others?

Both tools allowed me to see what people are searching for, find out whether the interest in a topic is going

up, whether a topic has passed its peak, and whether a thing is seasonal, and also helped me in doing comparisons

between topics. In addition to that, Answer the Public also helped me to see what people are searching for related

to the business topic I was interested in and to identify the specific things people are interested in.

How the tools will help me start and run my business

Both tools will help me in understanding my audience by understanding what they are interested in which

would help me in satisfying their needs. The tools will help me to beat the competition from other competitors. The

tools would also help me in spotting and choosing an opportunity that would yield more profits.

Discuss 2 things you read in this article about segmentation, targeting, and positioning that you either did

not know before or maybe misunderstood before. How can you use the information in the article to help you

in your business (be specific)?

Segmentation

Segmentation refers to the process of splitting your audience into smaller groups based on certain

characteristics. Segmentation helps you to identify the most important factors in your target audience.

Segmentation of the audience can be done using criteria such as demographics, psychographics, lifestyle traits, and

behavior.
Targeting

During the targeting phase, you must decide which segments are worth targeting with your marketing. This

can be achieved by identifying whether a segment is composed of enough potential customers to justify targeting,

whether the segment is different from others, whether it’s accessible by all members of marketing and sales and

whether your company is equipped and able to serve the segment without any barriers. Targeting one segment at a

time helps in better positioning your marketing for each specific segment.

Positioning

In this phase, you need to examine your product or service from the perspective of your chosen segment.

Positioning is well achieved by building a positioning map which refers to the visual plotting of specific brands

against axes, where each axis represents an attribute that is known to drive brand selection (Decker, 2021).

How the information in the article will help me in my business?

I will be able to identify an open market opportunity and do its marketing to fit the needs of my audience.

I will be able to understand my target audience which will help me in satisfying its needs and goals.

I will understand the viability of each segment, hence identifying which segment will yield enough profits.

The information will help me to beat competition from other competitors.

Reference

Decker. (nd). The Marketer's Guide to Segmentation, Targeting, & Positioning (STP Marketing). HubSpot.

https://blog.hubspot.com/marketing/segmentation-targeting-positioning