Understanding Customers and Consumers

Determining market size from within, focusing on the business' variables like sales areas, potential customers, and competitor product data.

Estimating the overall market size, then calculating your business' market share and revenue from that estimated share.

The projected increase in demand for a product/service over time.

The general direction or pattern of change in a market over time.

Techniques used to estimate the size of a market and its potential revenue.

The sector relating to engineering services, companies, and staff.

Process of calculating the projected future market growth.

A clear statement of the benefits a product or service delivers to customers, differentiating it from competitors.

A catchy phrase or slogan used in advertising for brand recognition.

Value proposition focuses on benefits and differentiation. Taglines are short phrases used for brand memory.

Usually a few sentences describing the product's unique customer value.

A crucial tool companies use on their websites to communicate product or service value.

Communicating the value of a product on the packaging.

A great tool for advertising, focusing on the unique benefits.

Value propositions are beneficial sales tools.

A valuable tool for companies using social media to reach different consumer segments.

Changing the value proposition to serve new customer segments.

Dividing a large market into smaller groups with similar needs or characteristics.

How much profit a company can make in a particular market.

How costs are incurred in an industry (fixed and variable).

Path products take from producer to consumer.

Crucial things a company needs to succeed in an industry.

A model to analyze competition in an industry.

How easy it is for new companies to enter a market.

How easily customers can find alternative products.

Influence suppliers have over prices and product quality.

Influence customers have over prices.

How intense competition is among existing companies.

Understanding your competitor's marketing strategies (4Ps) and why customers buy from them.

Educated guess about potential sales based on market knowledge. Impacts sales projections and resource needs.

Method for understanding a market, including researching, analyzing competition, identifying gaps, defining target markets, and forecasting sales.

Gaining a comprehensive view of all elements in the industry to navigate it effectively.

Identifying key players and how your brand distinguishes itself from competitors.

Needs or desires that existing brands haven't addressed. Opportunities to fill a void.

Defining the specific customer groups who are most likely to buy your product.

Obstructions that might prevent you from entering the market or being successful. Challenges to overcome.

Estimating future sales to guide business decisions.

Factors allowing a company to create better products/services, or lower costs than competitors. Increases profitability and market position.

Strategies employed by a firm with the largest market share to expand total demand, protect their current market, or expand market share.

Attracting new users, finding new product uses, or encouraging more frequent/intense product usage to increase the overall market size.

Strategies used to maintain existing market share, by fixing weaknesses, providing valuable prices, maintaining relationships, and continuous innovation.

Approaches to increasing the percentage of the market controlled by a specific firm, including producing high-quality products, creating good service experiences, and building relationships.

Strategies used by firms aiming to increase their market share, often confronting established leaders.

Directly challenging established market leaders and other competitors by aggressively vying for a larger share.

Targeting niches or aspects of the market that existing competitors overlook, making it difficult for them to respond effectively.

Elements like pricing, branding, cost structure, service quality, distribution, intellectual property, and customer service that help a company stand out.

Analyzing existing competitors and potential rivals to develop effective marketing strategies. This includes understanding pricing, strategies, promotions, offers, and more.

Competitors in the same industry offer similar products or services to the same target market.

Competitors who target the same market but have different products or services to solve the same issue.

Companies offering the exact same products and services as your business.

Companies in a similar category but providing different products/services for the same need.

Evaluating competitor strengths and weaknesses to develop strategies and improve position.

Goals of rival companies.

Methods used by rival companies to achieve their goals.

Gathering information about the market to understand customer needs and competition.