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Chapter 6

Chapter 6. Market research and analysis. Vocabulary. 6.1. 6.2. Industry Carrying Capacity Complexity Market Target Market Market Segmentation Geographics Psychographics Industrial Markets Market Research Exploratory Research Focus Group Descriptive Research Historical Research

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Chapter 6

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  1. Chapter 6 Market research and analysis

  2. Vocabulary 6.1 6.2 • Industry • Carrying Capacity • Complexity • Market • Target Market • Market Segmentation • Geographics • Psychographics • Industrial Markets • Market Research • ExploratoryResearch • Focus Group • Descriptive Research • Historical Research • Secondary Data • Primary Data • Barriers to Entry • Economies of Scale • Brand Loyalty • Mass Marketing • Market Share • Niche • Market Positioning • Competitive Advantage • Customer Profile • Customer needs analysis

  3. Market research • What is the purpose of Market Analysis? • Areas of Analysis • Industry • List the 4 Broad Factors of understanding your industry and highlight some points from those paragraphs. • Target Market and Customer • How does target marketing help businesses focus their marketing strategies? • Pg. 119 gives you guidelines to target marketing, jot down those 4 guidelines in your own words

  4. Research process • List out the 5 steps of the research process • Read the information underneath each section and paraphrase the main points under each (Don’t just list the questions under each section, that’s not even the main points) • Answer Critical Thinking Page 123 and answer it related towards your Business you are starting (you may already have the answer)

  5. Industry and market analysis Section 6.2 page 124

  6. Researching the industry • Researching the Industry includes: • Tracking Trends and Patters of Change • Determining Industry Forces that affect your Business • Researching Industry Demographics • Checking out the Competition • Jot down the 5 Industry Forces that Affect Business • Paraphrase the main points of each underneath (you can make a table if you want) • List the 3 ways you can gather information on your competitors (List one other way you can think of and add it to this list)

  7. Researching the target customer • Creating Customer Profiles • Answer the four questions for your personal business (this will take a little while if done right and can be used in your business plan) • Evaluating Customer Needs • Forecasting (predicting) Demand • Turn Chapter Work into Period Box and continue with Marketing Mix PPT (Review it) and the I Scream For Ice Cream Project

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