Analyzing the Market, Customers, and Competition
16 important questions on Analyzing the Market, Customers, and Competition
Why does Entrepreneurs usually engage in Marketing Research?
- To identify the need and opportunity for the venture
- To understand marketing and customer issues that relate to the product or service.
What the five steps to formulate a successful Marketing Plan?
- Marketing analysis
- Competitive analysis
- Positioning the product or service
- Pricing and Sales Strategy
- Market penetration and Setting up Sales Channels
What are the Topics that have to be consider in the Marketing Plan?
- Set Marketing Objectives
- Get the Product out: Sales and Distribution
- Set a Pricing Strategy
- Raise Visibility: Advertising, Public Relations, and Promotion
- Conduct a Site Analysis
- Future Marketing Activities
- Current and Best Customers
- Potential Customers
- Outside Factors
- Higher grades + faster learning
- Never study anything twice
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What is Cherry Picking?
What three ways are there of conducting Low-cost Research?
- Informal Focus Groups
- Online Surveys
- Access Established Communities
What are information to garner from Secondary Research?
- Basic Demographic Information
- Customer Ideas and Opinions
- Buying Cycles or Patterns
- Trends for New or Improved products or services
- Strategic Alliance Opportunities
- Opportunities for beating your Compentition
What is Strategic Market Segmentation?
What is One-to-One Marketing?
What are Key Steps to becoming a One-to-One Marketer?
- Identify customers or get them to identify themselves.
- Link customers' identities to their transactions.
- Calculate individual customer text-decorationlifetime value.
- Practice just-in-time marketing.
- Strenghten a customer-satisfaction program.
- Treat complaints as opportunities for additional business.
- Survey customers to find their points of pain.
- Enhance product information.
What are the Factors that underlie Hidden Profit Potential from customers?
- Profit Derived from Increased Purchases
- Profit from Reduced Operating Costs
- Profit from Referrals to Other Customers
- Profit from Price Premium
Mention several different ways a Market may be Segmented.
- Demographic segmentations
- Business demographics
- Geographic segmentation
- Psychographic segmentation
- Ethnic segmentations
- Combination segmentations
What are the six Key Areas of Competition?
- Product or Service
- Price
- Industry Competitors
- Selling/Promotion
- Management
- Financial
What are the types of Pricing Methods?
- Value
- Rationale: Breakeven, competition
What should the Marketing Plan estimate?
- Fixed costs: even if nothing is sold
- Variable costs: associated with sales
- Semivariable costs: business volume
- Contribution: extra
What are the three basic categories of Pricing Objectives?
- Revenue oriented
- Operations oriented
- Patronage oriented
What the five major Advantages of selling products at Trade Shows?
- Many prospective customers can be identified because they come directly to the trade show booth.
- Excellent opportunity to interact with many people in the industry.
- Demonstrate the products and answer any questions from prospective customers.
- Initiate a business relationship by inviting the customer to a follow-up meeting.
- The competition can quickly be assessed.
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