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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 SpecificationCollection of dataMarket SurveyMarket description Demand ForecastingMarket 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 – MarketHow 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 forUsually 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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SurveysObservationsOne on one interviews
ConsumersEmployeesCompetitors
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LibraryDatabases
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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 DemandStock EffectsMarket 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.