IGNITING YOUR BUSINESS IDEAS Understanding Your Market.

Slides:

Advertisements

Similar presentations

FFA Marketing Plan Workshop

Advertisements

Assess the Market for Your Business Idea

Market Assessment for Small Businesses. Lecture Contents Marketing Mix/ Demand/ Demand Estimation Sampling Plan/ Data Collection and Analysis Market Survey.

Marketing Information The Key To Business Success.

The Main Idea To ensure success, entrepreneurs need to understand the industry and the market. They should define areas of analysis and conduct effective.

Chapter 13 Product and Distribution Strategies Learning Goals Explain marketing’s definition of a product and list the components of the product strategy.

Marketing Plan & Environmental Analysis April 4, 2000.

Entrepreneurship I Class #4 Market Research and Marketing.

1 Chapter 14 Marketing. 2 Learning Objectives Suggest how markets for international expansion can be selected, their demand assessed, and appropriate.

Unit 3 Basic Marketing Concepts

Marketing is All Around Us

Marketing Research Ch. 28 ME. Marketing Information Systems Section 28.1.

[9.4] Market Research Essential idea: Market research is any organized effort to gather information about markets or customers.

How Nestle uses marketing research to create marketing planning Summarize what is marketing research and what is Marketing planning and how its linked.

Jeopardy It starts with “P” Name that Function Bulls Eye Economic Impact Trivia Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500.

Glencoe Entrepreneurship: Building a Business Doing Market Research SECTION SECTION 6.1 Chapter 6 Market Analysis Defining Areas of Analysis The entrepreneur.

Market Research For Small Business. How to ID your Target Audience Determining what kind of business you want to open is only the first step in the start.

Marketing Planning Chapter 2 Mrs. Newbegin. The Marketing Plan SWOT Analysis – An assessment that can foster the business’ success and what could make.

Chapter 2 The Marketing Plan

Marketing and Distribution

13 Chapter Marketing in Today’s World pp

Kristina Marsh Marketing Flexibility, LLC

Marketing Market Planning Product/Service Development PricingPromotion Distribution Selling Information Management Finance Risk Management.

UNDERSTANDING PRINCIPLES OF MARKETING

1-1Copyright 2000 Prentice Hall Chapter 1 Welcome to the World of Marketing.

Marketing Research Lecture 1. MARKETING Purpose of Marketing is to allow a firm to plan and execute the pricing, promotion and distribution of products.

Marketing Is All Around Us

Marketing Is All Around Us. Quick Think How would you define Marketing? Activities that fall under its umbrella.

Marketing in Today’s World

By: Chinwoo CHAPTER 25: MARKETING PLANNING. Marketing planning: The process of making appropriate strategies and preparing marketing activities to meet.

Marketing – Chapter 28 What is Market Research?

Advertising As Marketing Tool. Marketing Process ► Four major stages:  Marketing environment analysis  Target market and positioning process  Market.

Overview of Marketing Class 23 Tuesday 11/15/11. Nature of Marketing To create value by allowing people and organizations to obtain what they need and.

MARKETING. Standards… BCS-BE-36: The student demonstrates understanding of the concept of marketing and its importance to business ownership. BCS-BE-36:

MARKET PLANNING SWOT Analysis Market Segmentation J SUTHERLAND HERRIMAN HIGH.

Understanding Principles Of Marketing Pertemuan 09 Matakuliah: J Pengantar Bisnis Tahun: 2009.

Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-1.

Market Research and Testing The Key To Business Success Revised June 2010.

Factors that Contribute to the Selection of Products/Services in Small Business.

August 6th Bell Work What is good and bad about the Share a Coke campaign?

Chapter 12 1 Understanding the Customer Prepared by Norm Althouse University of Calgary Prepared by Norm Althouse University of Calgary Copyright © 2011.

Segmentation, Targeting and Positioning. Divide a market into separate groups.

MARKETING. Marketing Marketing is the term used to describe the activities intended to attract a profitable demand for a product. Marketing is about identifying,

{ Marketing Planning Analyzing the Marketing Environment and Developing a Marketing Strategy and Plan Analyzing the Marketing Environment and Developing.

Market Research & Product Management.

Marketing 333 Introduction to Marketing Chapter 18 Developing Innovative Marketing Plans.

Types of product development. Line extensions As consumers demands grow for a certain product, the manufacturing companies need to expand their sales.

Chapter 21 Nature & Scope of Marketing

Chapter Thirteen Marketing: Helping Buyers Buy Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Information Management and Market Research. Marketing Research Links…. Consumer, Customer, and Public Marketer through information Marketing Research:

Market Analysis Glencoe Entrepreneurship: Building a Business Doing Market Research Industry and Market Analysis 6.1 Section 6.2 Section 6 6.

Remember marketing and fill in, please:

Chapter 8 The Marketing Environment. The Marketing Process  Marketing = the process of developing, promoting, and distributing products, services  The.

Marketing identify, anticipate & satisfy consumer wants and needs - profitably Overall Aim of Marketing:

Market Analysis 1 To ensure success, the entrepreneur needs to understand the industry and the market. He or she should define areas of analysis and conduct.

Marketing research is the function that links the consumer, customer, and public to the marketer through information  identification,  collection, 

BUSINESS 1 Understanding Marketing Processes and Consumer Behavior.

CHAPTER 13 MARKETING in TODAY’S WORLD The Basics of Marketing Market A market is a group of customers who share common wants and needs, and who have.

MARKETING MIX. What is Marketing Mix? The marketing mix is the combination of marketing activities that an organisation engages in so as to best meet.

May 9th, 2015 Market Research Describe the purpose of marketing research.

M ARKETING A CTIVITIES Business Management. O BJECTIVES  Explain the role of marketing in the economy.  Determine various applications of marketing.

Chapter 2 IMC Role in Marketing. Chapter 2 : IMC Role in Marketing Chapter Objectives To understand the marketing process and the role of advertising.

Building Customer Relationships Through Effective Marketing

Environmental and Industry Analysis

Environmental and Industry Analysis

Marketing Information Management

11BST 1.4 Marketing.

Chapter 14 Marketing.

Unit 3 Review Questions.

Presentation transcript:

IGNITING YOUR BUSINESS IDEAS Understanding Your Market

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

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

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)

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

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)

SWOT StrengthsWeaknesses Opportunities Threats

PESTLE analysis Political Economic Social Technological Legal Environmental

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

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

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

The Marketing Mix ProductWhat are we selling? PriceWhat is the cost of our Product? PeopleWho are we trying to reach? ProcessHow 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!