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Published byBarry Elmer Cross Modified over 8 years ago
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Part 1-Finding your market
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Target market Individuals or companies that are interested in a particular product or service and a willing and able to pay for it Identify your target market Individuals or companies Age, income, location, lifestyle OR industry, location Need or want satisfied Number of potential customers Where do they currently get similar product Price point Differentiation
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Groups of customers within a large market who share common characteristics Customer profile-description of the person that is likely to purchase your product Demographics-age, marital status, family size, ethnicity, gender, profession, education, & income Psychographics-tastes, opinions, personality traits, lifestyle habits Use-base data-how often they use a particular service Geographic-where they live and how far they will travel to do business
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System for collecting, recording, and analyzing information about customers, competitors, goods and services. Primary data-information collected for the first time ex. surveys, observations, focus groups Secondary data-research collected for some other purpose ex. government publications, books, web sites, trade magazines and journals, newspapers
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Define the question Determine the data needed Collect the data Analyze the data Take action Evaluate the results
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Direct competition-business that makes most of its money selling the same or similar products in the same market Indirect competition-business that makes only a small amount of money selling the same of similar product in the same market Large retailers Able to keep larger quantities of products in stock Do not rely on a single product line More resources to devote to advertising
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Identifying and examining the characteristics of a competing firm Steps: Make a list of your competitors Summarize the products and prices offered by your competitors List each competitors strengths and weaknesses Find out the strategies and objectives of your competitors Determine the strength of the market
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Listen and respond to feedback(continually) Superior service More convenient hours Easy return policies Store specific credit cards Personal notes or cards for b-days, thank you’s Frequent buyer programs
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