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Market Research and CompetitiveAnalysis for Start up Companies
Kresnayana Yahya
Maret 2007
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DEMOGRAPHICDEMOGRAPHIC--BUSINESS CYCLEBUSINESS CYCLE
Social Economic
DemographyDemography PEOPLE Who have Market to buy
ProductServiceIdea
InstitutionPersonPlace
BusinessBusiness
Ability
Willingness
Life - StylePsychography
PRODUCT
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Proyeksi penduduk Jatim 202541.236.5
31.5
18.1
30.1
34.6
30.1
15.6
25.2
22.6 20.3
19.919.0
25.8
32.9
27.6
30.2
35.9 36.4 35.3
30.7
30.729.627.9
25.2
21.121.221.8
6.9
9.411.5
13.2 14.1
26.0
22.719.2
1971 1980 1990 2000 2005 2010 2015 2020 2025
< 15 tahun 15 - 34 tahun 35 - 54 tahun 55 + tahun
Laki dan perempuan
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What is New
Economy
Networked
Economy+
C-Scenarios
Marketplace
Workplace
Digital
Economy+
Personalization
Self-service
Knowledge
Economy+
Rapid Know-
ledge Transfer Best Practices
New
Economy
.Integrated
Enterprise
Applications
Old
Economy
HYPERCOM
PETITION
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Trends: Communication Sector
The InternetThe InternetFixedFixed
Telecom.Telecom.
BroadcastersBroadcasters
Cable TVCable TV
OthersOthers
InformationInformation
TechnologiesTechnologies
WirelessWireless
TechnologiesTechnologies
MobileMobile
Telecom.Telecom.
ConvergenceConvergence
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Essential Questions forProduct Development
andEffective
Marketing Strategies Who are my customers and potential customers? What kind of people are they? Where do they live?
Can and will they buy? Am I offering the kinds of goods or services they want - at the bestplace, at the best time and in the right amounts?
Are my prices consistent with what buyers view as the product'svalue?
Are my promotional programs working? What do customers think of my business? How does my business compare with my competitors?
Source: Small Business Administration, http://www.sba.gov/starting_business/marketing/research.html
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Competitive Analysis Business takes place in a highly competitive, volatileenvironment, so it is important to understand thecompetition.
Who are your five nearest direct competitors? Who are your indirect competitors?
Is their business growing, steady, or declining?
What can you learn from their operations or fromtheir advertising?
What are their strengths and weaknesses?
How does their product or service differ from yours?
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Collecting Competitor Information Start a file on each of your competitors
and collect information on: Advertising
Promotional materials
Pricing strategies Hours of operation
Marketing channels
Packaging
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What
This Can
Tell Us
How often competitors advertise
Do they sponsor promotions Do they offer sales
Seasonality - when they advertise
Sales strategies
Target Market
Marketing mix
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What
Else Can it
Tell Us? The most popular package size.
Where customers are looking for the product
or service. Product extension opportunities
Whether market is expanding or contracting
Whether the product is a commodity ordifferentiated product
Opportunities to improve existing products
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Target Market Your current customer base: age, sex, income, neighborhood
How your customers learn about your product or service -advertising, direct mail, word of mouth, Yellow Pages
Patterns or habits your customers and potential customersshare - where they shop, what they read, watch, listen to
Qualities your customers value most about your product orservice - selection, convenience, service, reliability, availability,affordability
Qualities your customers like least about your product orservice - can they be adjusted to serve your customers better?
Prospective customers whom you aren't currently reaching
Source: Small Business Administration, http://www.sba.gov/starting_business/marketing/research.html
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New business Opportunities First Step is ID Target Market
Target Market A segment of the population that is mostlikely to use your product or service.
Usually described using demographic variables like,Gender, Income, Race, Age, Location, Lifestyle,Psychograpic, Technographic, Sociographic
Used to: Determine market potential
Develop product packaging
Choose marketing channels
Develop marketing mix and advertising strategy
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The way that products and services
can enhance the way people live
FROM ONE TO ONE ; FUTUREIS ALL TO ONE
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1. KEKAYAAN AKAN INFORMASI KEMUDAHANMENDAPAT INFORMASI, PASAR UNTUK RISKMANAGEMENT MENJADI MAKIN EFICIENT
2. PENURUNAN NILAI DARI OBYEK YANG TAMPAK
SECARA FISIK, MENDORONG PENGHARGAANYANG SANGAT TINGGI PADA GAGASAN( IDEAS).ADA KELANGKAAN IDEAS, BAHKAN SEBELUMJADI COMMERCIAL PRODUCT
3. PERDEBATAN TENTANG COPYRIGHT,CRYPTOGRAPHY, PRIVACY LAWS. TERJADIMISMATCH ANTARA SOCIAL CAPITAL DALAMERA INDUSTRI DAN ERA NEW ECONOMY
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Product Price
Promotion Place
Marketing
Interaction
Sales
Interaction
ServiceInteraction
SupportInteractions
CustomerConsideration
AndPotentialPurchase
CustomerSatisfaction,
Loyalty,And value
Traditional marketing Focus
Customer Experience Focus
ProviderParity
CustomerDifferential
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Sense
ThinkAct
Relate
SENSE
FEEL
THINK
ACT
RELATE
SENSE
FEEL
THINK
ACT
RELATE
Strategic Experiential Modules (SEMs)Strategic Experiential Modules (SEMs)
Feel
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Integration Core
Strategy Technology AgencyComplimentary
TransitoryPointSolutions
NewSkills
PremiumCapabilities
Changing approaches to outsourcing
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Subsistencemarketing,unconnectedmass marketing
Consumers aresegmented,interactivity
begins
Personalizedservice,lifestyle andbehavior
Consumersadvocates,buildingrelationshipvehicles
The all to one
culture; fullintegrated
Co
mpetiti
ve
ad
vantag
e Interactivity of execution
1 2 3 4 5
broadcast
interactive
personalized
memberrelationship
Fully integrated
BIKIN PROGRAM
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Product driven
Bombards the customer with messages
Capture Sales
Information flow is primarily one wayResponsibility of marketing department
Mass marketing model
Closely held resistant
New-technology resistantUnknown prospects and customer
Single-channel distribution
Indirect, imprecise accountability
Relationship driven
Maintains dialogue with the consumer
Captures sales and data
Information flow is two wayResponsibility of entire company
Direct mass marketing
Partners welcomed
New-technology friendlyAddressable prospect and customers
Multichannel distribution
Real-time accountability
Traditional Marketing Max-e-Marketing
Difference between traditional marketing and theMax-e-Marketing way of doing it
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In the Net economy, the buying process itself doesntchange. Predictably, it involves a logical progression:
Suspect Prospect Customer Advocate Partner
The process also involves activity phases that often lead to such conversion:
BrandAwareness
Passiveinterest
ActiveShopping
Purchase
Maximizing customer value and creating true advocates and even partnersrequires:
CustomerDevelopment
CustomerRetention
Reshopping Repurchase
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S U S P E C T S
PROSPECTS
CUSTOMERS
CLIENTS
ADVOCATES
PARTNERSPROFIT
STARTS
HERE
THE LOYALTY PYRAMID
B
RA
NDawa
reness
PUR
CHASE
RE- shoppingRE -purchase
REPEAT orders
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TRADITIONAL NEW OPERATORSCompliance driven Deregulated, privatized
Orders to a particular line Integrated turnkey solutions
Knowledgeable technical Business & marketing driven
High Predictability Lower Predictability
Steady price evolution Rapid price erosion
Focus on product lines Total integrated solutionsSlow delivery Fast delivery
Low level of service High level of service
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Selling Process
Activity
Suspect
Lead
Prospect
Customer
Communication
Informationprovision
Orientation
Transaction
Buying Process
Activity
Need
Interest
Information
Consideration
Orientation
Informationgathering
Communication
Transaction
Purchase
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Register
Offer
Sell
Collect
Search
Select
Buy
Receive
Marketplace
Seller Buyer
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OFFLINE : PDA
ONLINE : WIRELESS
ALWAYS ON
MAJOR PITFALLS :
Speed killsFashion & Glamour don:t make business
Diffusion of innovation takes time
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THE INNOVATION CIRCLE
Hardware & DeviceInnovations
Demo-Socio-Technographics Speed ofService Simplicity and
Convenience
Changing
CustomerPriorities
Infrastructureinnovation
Network Bandwidth NetworkConvergence PersonalizedBandwidth
MiniaturizationNew ChannelsDevice ConvergenceVoice User Interfaces
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Market Evolution Time & Scope
Value
M-BusinessMulti Device,Multi-Web,Transformation
M-BusinessMulti Device,Multi-Web,Transformation
E-businessWeb _ Enabled
Transformation
E-Commerce
Business
Integration
reengineeringSYSTEMS
INTEGRATIONAutomation
Web Enabled
Commerce
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Who Is or Could Be Your Target ?
Customers with extreme needsCustomers that no one else likes to hassle with
Customers who control spending decision
Customers with varying levels of category experience
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Time
Share
E-mail
Chat
WorldWide
Web
WirelessMobile
Internet
Embedded
Internettoday
tomorrow
Information
Appliances
AutosDigitalCameras
Toys
Screen PhoneMP3
MobileTablets
WAPPhones
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Trust
Customer relationship
Customer Identificationwith the Brand
Reliable, Fulfillment,Delivery, and Support
Integrity
ValueEfficient Useof My Time
Ease of
Doing BusinessEase of
Interaction
Ease ofDecision-Making
Innovation Differentiation
BrandPersonality
CoreDriving Idea
Brand Identity : INDOSAT
Catalog
CallCenter
DedicatedRetailStore
Web E-MailPartner
MultiProductStore
E-Market
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StageMarketingas Toolkit
Marketingas Strategy
Marketingas service
Marketingas Culture
Emphasis Marketing Mix Understandthe Customer
ServiceIndustries
and servicedelivery
CustomerRelationship
Elements ProductAdvertisingPromotion
DistributionPrice
SegmentationDifferentiationCompetitive
advantagePositioning
Customerinteraction
Service
encounterService quality
Customerretention
Customer value
ReferralsShareholdervalue
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Listen, analyze
communication
sell
serve
Cross sell
Understandyour customers Consumeracquisition Consumer
retentionMaximizelifetimevalue
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Four Ps Marketing: Products: What youre selling
Price: How much youre charging for the product orservice. Promotion: How youre inducing people to buy it. Place: Where buyers can find it.
Four Ps to focus on the four As of direct massmarketing.
Addressability: how do you identify and reach the bestprospects and customers?
Accountability: How easy is it to measure results? Affordability: How cost effective is it to interact with
the customer? Accessibility: How can you locate the people you want to
reach, and are they ready, willing, and able to receive your
message?
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SenseFeel
ThinkAct
Relate
SENSE
FEEL
ACT
RELATE
SENSE
FEEL
THINK
ACT
RELATE
Strategic Experiential Modules (SEMs)
THINK
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Communications
Visual/verbal
identity and signage
Productpresence
Co-branding
Spatialenvironments
Web sites andelectronic media
People ExperienceProviders
Key Experience Providers (ExPros)
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SENSE
FEEL
THINK
RELATE
ACT
S
E
M
StrategicPlanning
ofExperiential
Marketing
The Experiential Grid
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Agenda Introduction
Market Research
Practical techniques Reiterative points about marketing
Definitions and thought processes
Examples of market research presentation Business plan outline sample
Q&A
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W
hat is market research Just a set of activities? Focused on defined goals Refines the direction of the 5 Ps
Product, promotion, place and price(and positioning)
View into social processes? Who, what, when, where and why!
Necessary? Strategy does not take place in a
vacuum
Valued by organizations? Successful organizations.. Market research supports every
department
The bridge to
the customer!
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Market Research Fallacies MR is boring
MR is unnecessary
MR is for analysis geeks
MR is a waste of timeand $$
MR is easyha!
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Intent of market research What results are you looking for? Define measurement of market potential
Determination of market characteristics
Market share analysis
Sales analysis
Business trends
Refine opportunities to pursue and how
Market segmentation and niche markets
Features and benefits required for market success
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Marketing 101Generic market
definition
Target
Product
Market
Customer or user
need (Niche)Customer type
(segmentation)
Demographics/
Market size
Product or
Service+++
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W
hy do Market Research Knowledge is King Learn from othersyou will have plenty of your own lessons
Find strategic competitive advantages What are your barriers of entry? What are the competitors?
Develop competitive differential opportunities Why are you better? How can you be the best?
Understanding of core competencies and core rigidities Develop pricing models Targeted alliances/partnerships that extend reach Create the product roadmap
Features, benefits to fit customer/consumer need Support the creation of the company/product/service vision Feed the machine with information
Identify unmet needs Product extension into current market Extension into new markets
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Market Research is the
Critical component to any business plan Know the self
Know the customer
Know the market
Know the industry
Know the government
OBJECTIVE: To develop an informed
business in a vibrant high growth market
through strategiccompetitive advantages
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Types of market research Exploratory research
Review of literature (pubs, online, mags)
Discussion with experts, officials, friends and family
Study of competitors or case studies in similar industries
Descriptive research Targeted at specific question or hypothesis
Surveys/questionnaires random sample from a relevant population
Focus groups Industry or product specific (usually expensive)
Use your network! As a studentask for help from a targeted CEO
Experimental research Looking for cause and effect (i.e. pharma research)
Watching a user group use the product
Story boarding service offerings/product offerings to group of targetedconsumers
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Targeted research topics and why?
Advertising research Motivation research Ad effectiveness
Business Economics and
Corporate research Forecasting Business Trends Pricing studies Acquisition/merger research
Product research Product acceptance or potential Competitive product studies Testing of existing products Packaging design, etc.
Sales and Marketresearch Market potential Market share analysis Market characteristics Sales Analysis Distribution sales channel studies Test marketing/focus groups Promotional research and studies
Financial research Turnover and ratio analysis (public
companies annual reports)
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Competitive research Direct competition important Indirect competition critically important What to look for..
Map their strategy Differentiate your offering Find pricing advantages Develop barriers to entry How to fill the whole need for customer/consumer
Financial stability Market share and focus on new markets
where are they going
Take the short and long term view
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Short term advantages
Refined tactics for customer reach
Measurement of market potential
Market characteristics Market share
New product acceptance
Produce evaluation Improvements
Extensions
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Long range advantages
Planning, goal setting, developing strategies
Understanding business trends
Global market opportunities
Forecasting growth Management uses MR to reduce errors in
decision marketing, expand sales and locate
new opportunities Uninformed decisions can be failuresMarket research is done so that all marketing efforts can bestrategically integrated into the wants and needs of customers.
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Gorilla market research School libraries and Internet
Observation
Customer visits
Listening to tech support calls
Opinions of sales personnel
Networking
Use your gut feelings (intuition)
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More expensive options Scientific methods
Systematic and accurate investigation with objectiveanalysis of results
Goal to reduce uncertainty and risk of error
Research is reliable only if it can be repeated by anotherwith the same results
Surveys
Mail, mall, telephone, focus groups
High priced information 3rd party market analysis
Gartner group, IDS, Industry specific ($5,000-$100,000)
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Primary Market Research Surveys
Telephone, mail, in-person, (email)
Focus groups
Random sampling of population Scientific approach for primary market research
Define the problem Dont confuse problems w/a symptom
Analyze the situation What do you already have and what do you need Use secondary data
Refine the specific problem
Attain and interpret the data
Solve the problem
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Secondary Market research tools The internet
Competitive research White papers Press releases (statistics
Industry tradeshows
School databases Industry analysts
Gartner Group IDS
Internal records (sales, etc) Libraries
Government SIC codes/Industry codes Demographics
Commercial firms (competitors, partners, like companies) Press releases, conferences, tradeshows AC Nielsen, Dun and Bradstreet
Trade, professional and business associations
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Decisions driven by market research
Overall company vision
Product or service positioning
Product or service innovations/extensions Investment in marketing at segments of market
Understanding of potential distribution channels
Branding Credibility
Lock in or switching costs
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What are you looking for Basic understanding, knowledge, facts, trends
Markets are uncertain find your niche Technology is complicated find your focus Competitors are moving targets understand them
Demographics who, what, when and why Where you fit in the product/service life cycle
Introduction of new idea, growth market, shakeout (M&A opportunity), maturemarket (commodity) or declining market
Who are your target markets? The adoption process Innovators, early adopter, early majority, late majority or laggards
(Crossing the chasmGeoffrey Moore)
Answers will effect yourWHOLE marketing strategyif you dont understandthese concepts and where you fit inenter at your own risk
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SWOT Analysis Strengths
Your competitive strengths (would include barriers to entry) Patents, management team, financial resources, market leader, etc.
Weaknesses Your weaknesses (competitor strengths)
Funding, branding, lack of partners, etc.
Opportunities Market opportunities
Logical product extensions, high growth market
Threats Competitive threats
Microsoft is a competitor
Economic, demographic, etc. Baby boom retirement, interest rates, etc.
Strengths Weaknesses Opportunities Threats
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g pp
Ease of use (intuitive
GUI).
Funding need asap Logical product
extensions exist.
Competition is well
funded.
Product champions exist;excellent early
testimonials.
Ability to brandgoodproduct names are
taken.
High growth market Time to market iscritical path to
success.
Switching costs
(emotional and time)
Initially it is a low
margin product.
Volume and market
share are critical.
No existing market leader
yet.
Microsoft has low
barriers to entry
Management team has
taken companies
public
Lackof strategic
partnerships with
other companies for
bundling.
Ability to position
company as an
acquisition
candidate.
Economy in the
technology
industry
Barriers to entry - patents. Traction in distribution
channels
Superior engineering
skills.
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Competitive Grid
XZY Inc. Microsoft MailFrontier Cloudmark Brightmail Banter
End UserProduct Yes Yes Yes Yes No No
Personalization Yes Yes Yes No No ?
Accuracy 90%+ 10%-25% 10% - 75%
10% -
75% 80% ?
Adaptive Learning Yes No No No No ?
Classify beyondspam
Yes Yes No No No Yes
Individual client Yes Yes YesN
oN
o ?
Enterprise server Yes No No P2P Yes Yesw/ integration
Price Point $39/seatFree, butpainful
Free Free ~$4,900$75,000 +$750/seat
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Presentation of Market Research
filtering
classification
rules/signature based machine learning
prioritization
functionality
technology
Banter
intelliMailBrightmailVipuls Razor
Inbox ProtectorMcAfee Spamkiller
Mail Frontier
Cloudmark SpamNet
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Viewed as Situation Analysis
External forces Customer Competitor
Government/Political
Economy
Funding trends
Environment trends
Social trends
Technology trends
Pain points
Market
Segmentation
Niche (very focused)
Motivations whatwill make them buy!
Strategies/objectives
Financial condition
Market share
Target markets
OT (part of SWOT)
Know the operating environment!
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Sample Business Plan Outline Executive summary
Company description Organizational plan
Outsourcing, in-sourcing Management
Product
Industry Analysis and Trends
T
arget Market Segmentation Niche
Competition Competitive Grid Summary of OT (part of SWOT)
Strategic position and risks
SWOT analysis Marketing strategy
5 Ps
Financial projections Important: Market share will feed
financial forecast
Potential exhibits Management bios Product technology overview Product timeline (if applicable) Screen shots (if applicable) Organizational structure (org chart) Product pricing
Detail of distribution channels Detail competitive threats and resolutions
Competitive core competencies Barriers of entry and detail
Other deals that are critical to your success
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General starting points for market research
Business magazines Business Week Business 2.0
Fast Company General business pubs Wall Street Journal Red Herring Economist
Industry trade pubs PC Week Info Week Retail specific
Government pubs SIC industry codes
Online
Ask Jeeves, Google, Yahoo! Finance Ratio analysis and
competitive analysis
SJSU libraries D&B reports
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Definition
Marketing research is the systematic and
objective process of designing,gathering, analyzing, and reporting
information to aid in making marketing
decisions.
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Purpose of Marketing Research
CustomersConsumers
Public
Marketer
Decision-maker
Firm
INFORMATION
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Implementing the Marketing Concept
CUSTOMER RELATIONSHIP MARKETING (CRM) -the idea that a major goal of marketing is to build long-
term relationships with the parties who contribute to thecompanys success.
Marketing research helps marketers to managerelationships with customers they already have, as well
as to attract new customers How? By filling information gaps between needs, wants,
expectations and current offerings
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Uses of Marketing Research
Identify and Evaluate Opportunities1) Detect trends in the marketing environment
Demographic Socio-economic
Cultural
Technological
Competitors
2) Estimate market potential for new ideas
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Uses of Marketing Research
Analyze and Select Target Markets
Identify groups of consumers who possess similar
needs, characteristics and preferences and selecttarget markets
Determine how to effectively segment the targetmarket to create competitive advantage
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Uses of Marketing Research
Plan and Implement the Marketing Mix1) Product Research
2) Pricing Research3) Distribution Research
4) Promotion Research
5) Integrated Marketing Communications (IMC)
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Uses of Marketing Research
Analyzing Marketing Performance
1) Performance-monitoring research (e.g., service
quality, customer satisfaction, sales & marketshare)
2) Exploring failures to explain in further detail thesource of problems
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Threats to the Value of Marketing Research
Garbage
IN
Garbage
OUT
Nonuse
inappropriate use
Biased objectives
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Questions to ask?
Who are your biggest competitors?
Who are your customers?
What does it take to get to your customer?
What does your product/service solve?
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Sample of
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Words of wisdom
What counts most is not being right the first time, buthow quickly a company can learn and modify its path.Jakki Morr, Marketing of High TechnologyProducts and Innovations
Grey markets are the most importantthat area notfully understood must be respected.Prof. Charles White, Golden Gate University
Knowledge is a weaponuse it to win. Unknown
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