2. Chapter Nine Competitive Advantage and Marketing Research

3. TOP 9 LIST FOR BUSINESS PLAN PROJECTS 1.Custom made corn heads, Rusty Olson 2.Contract hunting lodge, Mike Johnson 3.Pooling of ag inputs, Dana Morgan 4.Hunting guide service, Brent Neighbor 5.Crop injury specialists, Joshua Berg 6.Precision planting, Thomas Book 7.Springer, grain wagon latch, Stephanie Creese 8.Adventure travel consulting, Francis Lorenz 9.Machinery and grain storage, Patrick Newlon

4. GROUP 1 ADVENTURE TRAVEL CONSULTING 1.Francis Lorenz 2.Eric Vangorp 3.Aarron Osterhaus 4.Tyson Kaldenberg 5.Tyler Rees

5. GROUP 2 Springer, Latch for Wagon Chute 1.Stephanie Creese 2.Brent Bonner 3.Darrick Hall 4.Laura Northway 5.Marc Oostenink

6. Group 3 Crop Injury Specialists 1.Joshua Berg 2.Daniel Severs 3.Ryan Jones 4.Ramon Kuntz 5.Trent Kuntz

7. Group 4 Precision Planting 1.Thomas Book 2.Benjamin Furman 3.David Eisenman 4.Ryan Sauer 5.Sam Behrens

8. Group 5 Contract Hunting Lodge 1.Mike Johnson 2.Adam Gittins 3.Bryan Bradley 4.Clinton Veren 5.John Lyle

9. Group 6 Machinery and Grain Storage 1.Patrick Newlon 2.Chris Steinkamp 3.Matthew Willimack 4.Patrick Kuehn 5.Quinn Showalter 6.Terrance Wood

10. Group 7 Hunting Guide Service 1.Brent Neighbor 2.Brett Moffatt 3.David Curren 4.Holly Blackford 5.Leslie Miller

11. Group 8 Pooling of Ag. Inputs 1.Dana Morgan 2.Adam McKain 3.Judd Gross 4.Reid Weiland 5.Tory Hetland 6.Victor Dobroff

12. Group 9 Custom Made Corn Heads 1.Rusty Olson 2.Amanda Taylor 3.John Peterson 4.Reid Swanson 5.Steven King

13. Chapter Focus Define competitive advantage Demonstrate the importance and benefits of having a competitive advantage Describe three ways to create a competitive advantage for your business Explain the purpose of the marketing research process and steps involved in putting it into practice Illustrate what marketing research can do for your small business

14. The Five Forces for Competition Threat of New Entrants Bargaining Power of Suppliers Bargaining Power of Buyers Threat of Substitute Products or Services Rivalry Among Existing Competitors Fig. 9-1

15. Competitive Advantage Cycle Luck Failure of Competitor External Factors Superior Skills Superior Resources Internal Factors Competitive Advantage Superior Profit Performance Fig. 9-2

16. Market Research Expenditures (1 of 2) Time spent on market research before launching most recent new product or service: Fig. 9-3a

17. Market Research Expenditures (2 of 2) Out-of-pocket money spent on the market research: Fig. 9-3b

18. Market Research Process Identify Problem Develop a Plan Collect Data Analyze Data Draw Con- clusions Fig. 9-4

19. Matrix of Customer Needs and Types Unspoken Spoken ServedUnserved Customer Needs Markets Existing products or services New opportunities for products/ services Fig. 9-5

20. Marketing Research Determine potential customers Determine their demographics Determine their buying habits Determine if they will buy your products or services Determine the competition Determine your potential sales

21. Marketing Research Trends in the industry –Trade journals –Trade associations –Statistics Status of the competition –Market share –Financial situation –Vulnerabilities

22. Marketing Research Methods Secondary data –WWW –Government data –Commercial data Survey of Buying Power CACI Claritas –Trade associations

23. Marketing Research Methods Primary data –Surveys Phone Mail In person –Test marketing –Focus groups –Beta users –Analogues

24. Marketing Research Methods Data sources –Census of Agriculture –Census of Retail Trade –State sales tax reports –Survey of Buying Power –SEC annual reports –Trade journals –Iowa Agricultural Statistics