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EXPLORING YOUR MARKET

EXPLORING YOUR MARKET. UNIT 2• INTREGRATED MARKETING. Class Name Instructor Name Date, Semester. Performance Objectives After this lecture, you should be able to complete the following Performance Objectives.

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EXPLORING YOUR MARKET

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  1. EXPLORING YOUR MARKET • UNIT 2• INTREGRATED MARKETING Class Name Instructor Name Date, Semester

  2. Performance Objectives After this lecture, you should be able to complete the following Performance Objectives 1. Explain how marketing differs from selling.2. Understand how market research prepares you for success.3. Choose your market segment and research it.4. Position your product or service within your market.

  3. 4 Markets & Marketing Market-a group of people or organizations that may be interested in buying a given product or service, can afford it, and can do so legally. Marketing-the development and use of strategies for getting a product or service to customers and generating interest in it. • Satisfying the customer at a profit • The business function that identifies your customers and their wants and needs • The engine that drives ALL business decisions

  4. 4 Marketing Research Primary = research conducted directly on a subject or subjects Secondary = research carried out indirectly through other existing resources

  5. 4 Primary Research Methods Personal interviews Telephone surveys Written surveys Focus groups Observation Tracking

  6. 4 Secondary Research Methods Online searches Database searches Industry associations, chamber of commerce, and public agencies Review of books and records Competitor Web sites

  7. Market Research Helps You Know Your Customer 4 Market Research-is the collection and analysis of data regarding target markets, industries, and competitors. Use market research to find out: Who your potential customers are Where you can reach them What they want and need How they behave What the size of your potential market is

  8. Learn from Actively Listening to Your Customers 4 Find out what they really think about such subjects as: Your products or service The name of your business Your location Your logo and branding materials Your proposed prices Your promotional efforts

  9. Market Research helps you get a Fix on Who Your Customers Are 4 Get customers to answer such questions as: How old are they? What kind of income do they earn? What are their hobbies and interests? What is their family structure? What is their occupation? What is the benefit your product or service offers that would best attract them?

  10. 4 Do You Know 10 People Who Love Your Product? You May Have A Winner! Not everybody has to like your product. What’s important is that some people love it – a lot. What if you conduct your market research and learn that you do not have a winner? - Is your business concept dead? - Only the one you thought of first! - Think positively; this is an opportunity to develop an even better idea.

  11. 4 Customer Research Surveys Focus groups Research reports Demographics-statistics dealing with the behavior of groups of people.

  12. 4 Industry Research What is the scale (size) of the industry, in units and dollars? What is the scope (geographic range) of the industry? Is it a niche industry or does it reach a mass market? What does the industry and individual company profitability look like? What trends are occurring in the industry? What is the structure of the industry? What competition is in the market space and what are they doing?

  13. 4 Industry Research Interviews Observation Tracking Written sources of statistical data Books & articles Competitor Web sites Trade associations & chambers of commerce

  14. Make Market Research an Integral Part of Your Business 4 Market research is not something you do only once. Make it an ongoing part of your operations.

  15. 4 How Customers Decide to Buy Step 1: If you have developed a product or service, ask yourself what consumer need it will serve. Step 2: Think about who might actually buy your product. Step 3: Analyze the buying process that will lead customers to your product.

  16. 4 Customer Decision-Making Awareness Information search Evaluation of alternatives Decision to purchase Evaluation of purchase

  17. 4 Owning Customer Perception Features create benefits • Feature = a fact about a product or service • Benefit = what the feature can do to meet a customer’s needs Needs, wants, and demands are different

  18. 4 Market Segmentation Market segment- a group of consumers or businesses that have a similar response to a particular type of product or service. • Four Basic Ways to Segment a Market: • Geographic • Demographic • Psychographic • Behavioral

  19. 4 Product Life Cycle (PLC) Stages Product Life Cycle: The four stages that a product or service goes through as it matures in the market: • Introduction • Growth • Maturity • Decline Where is your product/service in the PLC? Is your market saturated?

  20. 4 Market Positioning Positioning-distinguishing a product or service from similar products or services being offered to the same market. Goal is to position your product/service clearly in the mind of your target market as the brand that provides that difference. - (Your business name/brand) is the (competitive industry/category) that (provides these benefits, or points of difference) to (audience/target market) Sample positioning statement: (Microsoft) is the ( US software producer) that (provides affordable computer solutions) to (American businesses)

  21. 4 Developing a Marketing Plan Your marketing plan must include an understanding of prospective customers and their wants, needs, and demands.

  22. Key Terms demographics market research market segment marketing positioning primary research product life cycle (PLC) secondary research

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