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Market Research

Market Research. Entrepreneurial Ventures Mr. Archambeau. Objectives Explain why market research is important Consider important factors when targeting a market Identify market research methods. Market Research. Why is market research important?

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Market Research

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  1. Market Research Entrepreneurial Ventures Mr. Archambeau

  2. Objectives • Explain why market research is important • Consider important factors when targeting a market • Identify market research methods

  3. Market Research • Why is market research important? • Business owners have to keep up to date with the changing wants/needs of consumers • Market research is an organized way to gather and analyze information needed to make business decisions

  4. Understanding Your Market • Three main areas make up the market: • Business Environment • Social, economic, or political factors that could impact your business (global, national and industry) • Customer • Can be individual or businesses • Must satisfy your customer’s needs/wants • Competition • Identify who your competitors are and how they operate

  5. Financing Market Research • Sources for financing: • Banks • Family Members • Loan sharks • Investors • Credit Union • Other

  6. Targeting Your Market • Mass Market – trying to sell your product/service to as many customers as possible • Target Market – a limited number of customers who are most likely to buy the product or service

  7. Types of Customers • Main goal of market research • Developing a customer profile (i.e. a detailed description of your target market’s characteristics) • Two main types of customers: • Consumers • A company who sells to individuals is referred to as a business-to-consumer (B2C) company • Businesses • A company who sells to businesses is referred to as a business-to-business (B2B) company • Businesses do not have to pick one or the other….they can sell to both

  8. Market Segments • Market segment is a grouping of consumers or businesses within a particular market that has one or more things in common • Three ways to group: • Demographics – objective social and economic facts about people • Geographics – basing market segments on where consumers live or where businesses are located • Psychographics – attitudes, opinions, beliefs, interests, personality, lifestyle, political affiliation and personal preferences

  9. Market Research Methods • Types of Research: • Secondary Data • Existing information that was previously gathered for a purpose other than the study at hand • Sources: government, trade journals, business magazines/reports, local community resources • Primary Data • New information that is collected for a particular purpose • Obtained directly from potential customers • Sources: interviews/surveys, focus groups, observations

  10. Evaluating Secondary Data • Four Questions to ask yourself: • Is the source well known and reliable? • How relevant is the data to my industry area and target market? • Is this set of data collected and updated on a regular basis? • Have I confirmed research results with more than one source or method?

  11. What is Your Competitive Advantage? Objectives • Learn how to identify competitors • Determine your competitive advantage • Identify the steps in researching a market

  12. Identifying Your Competition • Competitive Intelligence – the data you collect about your competitors • Two types of Competition: • Direct Competitor • A business in your market that sells a product or service similar to yours • Indirect Competitor • A business that sells a different product or service from yours but fills the same customer need or want

  13. Determining Your Competitive Advantage • Competitive advantage – something that puts your business ahead of the competition • Questions to ask yourself when gathering competitive intelligence: • What products do they carry? How are the products displayed? How much do they cost? • What is their customer service like? Did the staff offer to assist me? Were they friendly and helpful? • How many other potential customers are in the store? What do some of the demographics seem to be? What about customer psychographics, geographics, and buying patterns? • Does the competitor offer any special purchasing terms, such as credit with no interest? Do they provide any other special services, such as free delivery? What is their policy for returning purchases?

  14. Competitive Matrix

  15. Differentiator • A unique characteristic that distinguishes your business from others • Ask yourself these four questions: • What product or service can your business provide that your competitors don’t? • What mix of products or services can your business provide that your competitors don’t? • What specialized selling or delivery method can give your business a competitive edge? • In what unique ways can your business meet customers’ wants or needs?

  16. Differentiator • How have these companies differentiated themselves from the competition? • Apple • FedEx Office (formerly FedEx/Kinko’s) • Amazon.com • MTV, VH1, BET, CMT

  17. SWOT Analysis • S – Strengths • W – Weaknesses • O – Opportunities • T – Threats

  18. Steps in Researching a Market • Identify Research Objectives • Industry data, customer data, competitive data • Determine Methods and Sources • Primary or secondary data – where and how will you obtain this data • Gather the Data • Organize the Data • Group information accordingly for customers and competitors • Analyze the Data • Competitive Matrix/SWOT Analysis • Draw Conclusions • Target market, market size and demand, carrying capacity (can industry support your business), SWOT analysis (do strengths outweigh weaknesses)

  19. As a business owner…. where do you go from here??

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