Market Opportunity and Consumer Analysis PDF

MARKET OPPORTUNITY AND CONSUMER ANALYSIS group  STRATEGIC MARKETING VS TACTICAL MARKETING STRATEGIC TACTICAL What is it? Action Action Plan Timeframe Long Term...

MARKET OPPORTUNITY AND CONSUMER ANALYSIS group  STRATEGIC MARKETING VS TACTICAL MARKETING STRATEGIC TACTICAL What is it? Action Action Plan Timeframe Long Term Short Term Focus Task-Broad Purpose -Narrow Defining market and Day-to-day marketing Key Tasks competitive position activity Information & Unstructed, external, Structured, internal, problem solving speculative repetitive Nature Preventive Identify Competitive Opportunities Create sales Marketing Product, place, promotion and Look for tactical ways to system pricing stand out Risk Invoved Low High MARKETING ENVIRONMENT  MARKETING Marketing research involves collecting, organizing, analyzing and communicating information thatRESEARCH can be used in order to make an informed marketing decision. 5 key steps in Marketing DEFINE THEResearch Need to identify the actual problems that are What information is needed in order to solve the PROBLEM relating to Wha the apparent symptoms. problem? There are two types of 1. Primary - collecting information from 2. Secondary - collecting information from COLLECT THE sources directly by conducting interviews market research that sources where the primary research has DATA can be performed: and surveys, talking to customers & already been conducted. established businesses. ANALYZE AND Must attach meaning to the data you have collected Should determine how the knowledge you e of it and Sho during your market research to make sense of it to have gained through researching your market can INTERPRET THE and to develop alternative solutions that could be applied and used to develop effective business DATA potentially solve your business problem. strategies. With the alternatives you have developed to solve You may also need to perform further investigation REACH A your problem in mind, perform a cost benefit analysis into each alternative solution to arrive at the best CONCLUSION of each alternative keeping in mind the potentially decision for your business in regards to meeting limited resources available to your business consumer demands. IMPLEMENT Put your final solution into practice. Without completing this step your research could YOUR potentially have been a waste of your time and resources. RESEARCH M R  WHY DO BUSINESSES NEED ACCURATE AND UP-TO-DATE INFORMATION? NEED FOR MARKETING PURPOSE OF MARKETING RESEARCH RESEARCH Gain a more detailed understanding of To undertake marketing effectively consumers' needs: Changes in technology views on products' prices, packaging, recent advertising campaigns Changes in consumer tastes Reduce the risk of product/business failure: There is no guarantee that any new idea will be a Market demand commercial success Changes in the product ranges of Can help to achieve commercial success competitors It can also be used to anticipate future customer Changes in economic conditions needs Distribution channels CONSUMER AND ORGANIZATIONAL MARKETS Organizational Marketers are those that buy goods for production purposes or for reselling. 1. Industrial Manufacturers, Farms, Fisheries, Mining Marketers Financial Institutions, and other service 2.providers Reseller Marketers Wholesaler 3. Government Retailer Marketers National 4.Local Non-profit National Group (Boy Scout, Red Cross, Knight of Organizations Columbus) Local Group (Churches, Colleges, Museums)  CONTRASTING Organizationa Consumer CHARACTERISTICS CHARACTERISTI l Market Market CS 1. Few buyers Yes No 2. Close supplier/customer relationship Yes No 3. Geographical concentration or Yes No market Yes No 4. Derived demand Yes No 5. Large buyers Yes No 6. Inelastic demand Yes No 7. Fluctuating demand Yes No 8. Professional purchasing Yes No 9. More buying influences  Consumer Buying Process Personal and Environmental Factors Psychological Personal Social Cultural Evaluation Post Problem Informatio Purchase Purschase Of Recognition n Seeking Decision Evaluation Alternatives Marketing Factors 5 P's  Organizational Buying Process Personal and Environmental Factors Environmental Organizational Interpersonal Individual Order General Supplie Proposa Suppli Product Routine Perform Problem need r l er Specificati Specificat ance Recogniti Descriptio Researc Solicitat Selecti on ion Review on n h ion on Personal Economic Favors, Attention, and Risk Prince, Product, Quality & Service Avoidance Influences Organizational Buyers SEGMENTATION, TARGETING AND POSITIONING Market segmentation, the process of knowing the overview of the entire target market, but differentiating them from competitors by recognition of sub-markets with similarity in needs but differs in demographic, geographic, economic, cultural and psychological ways. Identify whether buyers are: consumer market of industrial market,  PRODUCT POSITIONING The process marketers use to determine how to best communicate their products' attributes to their target customers based on customer's: ✔Needs ✔Competitive pressures ✔Available communication channels ✔Carefully crafted key messages. Expensive Example: Breakfast Product Slow Quic k Inexpensive THANK YOU