YOUR MARKET ANALYSIS AND MARKETING PLAN

WHAT’S THE DIFFERENCE? Market Analysis Describes Targets (Who & Why)  Customers  Competition  Competitive Advantage  Critical Success Factors  Critical Risks  Potential Sales/Market Share Marketing Plan Describes Tactics (How) Product Positioning Price Placement Promotion Sales Process Partnerships

WHY SEGMENT THE MARKET? All firms have limited resources. They can’t be all things to all people. They must decide where to focus their limited time, money and human capital so that they yield the greatest return. All firms have limited resources. They can’t be all things to all people. They must decide where to focus their limited time, money and human capital so that they yield the greatest return. That means identifying “right-sized” pieces of the market to go after. That means identifying “right-sized” pieces of the market to go after.

WHAT MAKES A MARKET SEGMENT PROMISING? Measurable: possible to determine size Measurable: possible to determine size Significant: large enough to be profitable Significant: large enough to be profitable Recognizable: distinct enough so that you can identify its members Recognizable: distinct enough so that you can identify its members Compatible: with your venture’s mission, strengths, ability Compatible: with your venture’s mission, strengths, ability

WAYS TO TARGET THE MARKET Geographic Geographic local, regional, national, international local, regional, national, international Demographic Demographic B2C: gender, age, income, education, ethnicity B2C: gender, age, income, education, ethnicity B2B: revenues, # employees, industry B2B: revenues, # employees, industry Psychographic Psychographic values, lifestyles, hobbies values, lifestyles, hobbies Behavioral Behavioral benefits sought, usage rate benefits sought, usage rate

TIPS FOR IDENTIFYING MARKET SEGMENTS Secondary Research Secondary Research Databases & Reports Databases & Reports Newspapers & Magazines Newspapers & Magazines Trade publications and Trade shows Trade publications and Trade shows Ask Ask Industry players Industry players Potential customers Potential customers Suppliers Suppliers Observe Observe

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