2 Customer Analysis: Preliminary Identification of Market Market definitionWho will be your likely potential customersHow many are there?Trends in customer demographics?Geographic dispersionSegmentation:Who are likely to be your biggest customers?The most profitable customers?The most attractive potential customers?Are there any logical groups based on needs, motivations or characteristics?Segmentation Approach: How should be the market be segmented into groups, with relatively homogeneous needs, that would require a unique marketing strategy?Benefits soughtUsage levelApplicationOrganizational type or sizeGeographic locationCustomer loyaltyPrice Sensitivity
3 Competitor Analysis Competitor Definition: What types of business will be your competitors? Which are direct and which indirect?Where are they likely to be located?Define the business of your competitors, including industryWhat are the sizes our your competitors (sales or number of employees)Competitor Strategy: How are your competitors choosing to compete (price, service, technology, product quality, etc?)Barriers to Entry & Exit: How easy is it to enter or exit the market? Are there barriers to entry or exit? Significant capital investments?Top Competitors: Who are your top 5 competitors? For each competitor identify the following?Size (number of employees or sales revenue), profitability.Strategy to compete in the marketWhat are their strengths and weaknessesDevelop a competitive strength grid and identify opportunities for your businessAnalysis of competitive environment and implications for your businessCompetitor Analysis
4 Customer Analysis Summary and implications for your business What is the customer’s motivation for buying your product or service?What elements of the product or service are valued most?What are the customer’s objectives? What are they really buying?How do segments differ in their motivation priorities?Do these needs represent leverage points for competitors?What are the customers unmet needs?Why are some customers dissatisfied?What are the severity and incidence of customer problems?What are the unmet needs that customers can identify and those of which they are unaware?Do the unmet needs represent a leverage point for competitors?Summary and implications for your businessCustomer Analysis
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