Business Technology Mr. Bernstein DECA, pp 4-8 and 10-14: 1.1 Target Market, 1.2 Market Research September 16, 2013
Business Technology Mr. Bernstein Target Market A group of individuals or companies willing and able to buy a particular product Target market segment should be measurable Segment should be large enough to be profitable Segment should be reachable 2
Business Technology Mr. Bernstein Finding Your Customers Identify Why There is Buying Interest – What Are the Features and Benefits They Desire? Segment the Target Market – Demographics, Psychographics, Geographics and Buying Characteristics Research Your Customer 3
Business Technology Mr. Bernstein Analyzing the Competition Visiting and Observing Asking Around Viewing Advertisements 4
Business Technology Mr. Bernstein Market Research Leads to Market Analysis Primary Data Surveys – Written, Oral, Online Observation, Experimental Methods Secondary Data – Already Collected Elsewhere Business Publications Government Agencies 5
Business Technology Mr. Bernstein Market Research Leads to Market Analysis Which method of segmenting markets do you think will be most helpful in identifying target markets for the Dog House? Which type of data do you think will be most useful in identifying target markets for the Dog House – Primary or Secondary? 6