3.05 Entrepreneurship 1 CONDUCT MARKET ANALYSIS. MARKET ANALYSIS What Is It ? An evaluation of the market for a company's goods and services. For example,

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Presentation transcript:

3.05 Entrepreneurship 1 CONDUCT MARKET ANALYSIS

MARKET ANALYSIS What Is It ? An evaluation of the market for a company's goods and services. For example, a company might be interested in the characteristics of consumers who are buying the firm's products, or a comparison of its products with those offered by competitors. Why do we need It ? Before you can describe your marketing and sales strategies, you need to figure out what market you serve and what need you fulfill.

COMPONENTS OF A MARKET ANALYSIS 1.Target Segment Description 2.Target Segment’s Needs (Why do customers need the product/service?) 3.Distribution channels (Where do customers need the product/service?) 4.Buying Habits (What factors influence the target market to buy?) 5.Communication channels (How will you communicate with the customers?)

ADVANTAGES OF USING A SPREADSHEET FOR MARKET ANALYSIS Keep your market numbers organized. It helps you track the basic numbers of potential customers by segment, with columns to estimate growth rates and the projected future numbers.

STEPS FOR CONDUCTING MARKETING ANALYSIS 1) What do you want to know? 2) Draft your questions and hypotheses for how people will answer. 3) Find the right group of people for your market research. 4) Determine the best method to ask your questions. 5) Analyze your findings.