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Understanding Your Market

Understanding Your Market. Igniting Your Business Ideas. Marketing. What is it? “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” – Chartered Institute of Marketing What does it involve? Market Research

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Understanding Your Market

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  1. Understanding Your Market Igniting Your Business Ideas

  2. Marketing • What is it? • “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” – Chartered Institute of Marketing • What does it involve? • Market Research • Linking product/service features & benefits to customer needs • Promoting products/services to customers • Branding • A Market is a group of people with needs

  3. Why is Marketing important? Discovering a need or problem a customer has Researching markets with potential customers Discovering channels to sell to customers Creating or stimulating demand for your product Promoting the product in the eyes of your customer Good marketing is needed by all businesses Marketing is not something you ‘bolt-on’ later

  4. Marketing – who to? • Who is your market anyway? • Who are they? • Where are they? • What are they? What are they motivated by? • When is the best time to reach them? • How do we reach them most effectively? • Market research is critical • How big is the Market? (TAM – Total Available Market) • How do you secure your share? (SAM – Share of Accessible Market)

  5. Market Segmentation Low Value Value of Products & Services within Category Target segment of the market High Value Locations, Regions, Populations of Market Too Large Too Small

  6. Market attractiveness Number of customers in the market State of market, mature, growing, declining Are these customers the ‘early adopters’ or the ‘late majority’? Customers disposable income The amount of money spent, min/max criteria Number of times they spend that money, renewals/replacements How these have changed over time (trends)‏

  7. SWOT Strengths Weaknesses Threats Opportunities

  8. PESTLE analysis • Political • Economic • Social • Technological • Legal • Environmental

  9. Market Research Ask/survey potential customers Research the web, press articles Announcements from potential competitors Run trials, tests, sampling Gather information from independent sources, analysts, market research companies, government reports, industry pundits and influencers Your experience

  10. Market Research Qualitative exploratory research – focus groups, interviews Quantitative testing of a hypothesis – surveying responses Observations in natural setting – usage, patterns, analysis Experimentation in artificial setting – user testing

  11. Price Point • Formulation of price positioning: • Examine similar products • Look at competition • Look at customers behaviour and buying power • Levels of distribution: • Distributors • Wholesalers • Retailers • Direct sales • Who appropriates value out of the chain… • Assess value to end customer • Value added by others

  12. The Marketing Mix ProductWhat are we selling? PriceWhat is the cost of our Product? People Who are we trying to reach? Process How do feel get hold of or engage with us? PlacingHow do we distribute it? Placement in the Market? PromotionHow are we selling it? Brand? And you need to maintain market presence or interest will wane!

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