Understanding Market Demand and the Environment

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Presentation transcript:

Understanding Market Demand and the Environment MARKETING MANAGEMENT Understanding Market Demand and the Environment

Chapter Questions What is important to know? What data can be employed? How can demand be forecasted and measured? What are some important macro-environmental forces?

Background on Industry What are the trends in the industry? Sales amounts Growth rate Profit margins Industry trends Types of products

Background on Industry BASED ON THAT INFORMATION THEN… Is this an area we should enter? Where are the opportunities? What should we be doing to stand out? (What is our competitive advantage?) Is that position profitable or sustainable?

Internal Data Sources Sales Information Marketing Research Marketing Intelligence Commercial Data Sources

Secondary Commercial Data Sources A.C. Nielsen SAMI/Burke Ipsos-Reid Simmons NDP Group Dun & Bradstreet’s

The Marketing Research Process Define the problem Develop research plan Make decision Collect information Analyze information Present findings

Research Flowchart Understanding of problem EXPLORATORY or SECONDARY RESEARCH Poor Good Objective answers by asking? OBSERVATIONAL RESEARCH No Yes FOCUS GROUPS Need estimates of prevalence? No SURVEY Yes

Market Demand Functions

Market Demand Functions

Estimating Future Demand Survey of Buyers’ Intentions Composite of Sales Force Opinions Expert Opinion Past-Sales Analysis Market-Test Method

Environmental Forces Demographic Economic Social-Cultural Technological Natural Political-Legal

Mattel Markets in China

Age versus Cohort effects Age differences – chronological Cohort effects – when you were born

Age versus Cohort effects http://www12.statcan.ca/english/census01/products/analytic/Multimedia.cfm?M=1

Use Data in Marketing Plan What can these data sources tell you? Demand estimates Trends MARKETING PLAN: What can we learn about demand for the product or service? Explain it!

GROUP DISCUSSION: Toy business What have been the key success factors for Toyland? Where is Toyland vulnerable? What should they watch out for? What recommendation would you make to the owner going forward? What should they be sure to do with their marketing?

GROUP DISCUSSION: Sirius/XM What have been the key factors for satellite radio? What should they watch out for? What should they be sure to do with their marketing?