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Published byBartholomew Harris Modified over 9 years ago
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The goal of a market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they related to the strengths and weaknesses of the firm.
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Situational Analysis and Objectives Specification Collection of data Market Survey Market description Demand Forecasting Market planning
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Identify emerging and relevant values and attitudes shaping behavior in order to make optimal marketing decisions.
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Answers the why are we here? It provides a background on the factors that influence the company’s functions and performance
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THE SITUATIONAL ANALYSIS Macro environment Market Competition Product SWOT
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THE SITUATIONAL ANALYSIS – Macro environmental Situation Define and analyze: Economy Technology Political/legal Social/cultural trends – education, lifestyle changes
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THE SITUATIONAL ANALYSIS – Market How to appropriately identify your target market: Demographic descriptors –attributes of individual customers Geographic descriptors – define trade area Behavioral descriptors – benefits sought by the customer
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THE SITUATIONAL ANALYSIS – Competition Develop a competitor profile: customer base, products or services, revenues, marketing strategies? Sources for information: marketing materials, employee and customer networks, news releases, prior knowledge Continually monitor competitive landscape on a periodic basis
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THE SITUATIONAL ANALYSIS – Product Determine and prioritize customer needs Identify the benefits of your products/services in meeting customer needs Know where your products/services rank in the competitive landscape
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SWOT ANALYSIS Conducting a SWOT analysis that identifies company’s internal strengths (S) and weaknesses (W) from the perspective of the products/services offered and examines external opportunities (O) and threats(T)
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What the company is concerned with What it stands for Usually this information is found in mission and vision statements
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Company’s mission History Sales and profits Market share Product offerings Key personnel Capital resources
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Primary data: information that is developed or gathered by the researcher specifically for the research project at hand Secondary data: information that has previously been gathered by someone other than the researcher and/or for some other purpose than the research project at hand
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Surveys Observations One on one interviews Consumers Employees Competitors
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Library Databases
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Defining the target market Selecting the sample Developing the questionnaire Training the surveyors Recording the information Interpreting the information
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Effective demand Breakdown of demand Price Consumers Interest Methods of distribution Sales promotion Supply and competition Government policy
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An activity of determining qty. of goods to be purchased in Future Necessity for forecasting Demand Stock Effects Market Response effects
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Qualitative Methods Consumer’s opinion survey. Sales force composite. Experts opinion method. Delphi technique
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Econometric method. Barometric method. Time series method.
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