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Bus 188 Part 2

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Bus 188 Part 2 The Marketing & Situation Analysis Part 2 - The Marketing & Situation Analysis Topic 5 Define Your Market 1. Estimate Demand: Demand is a forecast of ... – PowerPoint PPT presentation

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Title: Bus 188 Part 2


1
Bus 188 Part 2
  • The Marketing Situation Analysis

2
Part 2 - The Marketing Situation Analysis
  • Topic 5. Define Your market
  • Topic 6. Personal Audit
  • Topic 7. Competition

3
Topic 5Define Your Market
  • 1. Estimate Demand
  • Demand is a forecast of future buyer behavior
    characterized by

4
Demand is...
  • willingness of potential buyers to purchase a
    given amount of goods and services at a given
    price at a given time under given
    circumstances...change these factors and demand
    will respond.

5
Demand
  • it presumes the ability to pay.
  • demand may be split amongst competitors.
  • Past demand (actual) has been recorded and can be
    looked up. (market shares).
  • potential new users can be estimated.

6
2. Factors Affecting Buyer Behavior
  • of available substitutes?
  • Quality of available substitutes?
  • Can the buyer do without the product?
  • Can the buyer postpone the purchase?
  • Is it a hi or lo-involvement decision?

7
Factors Affecting Buyer Behavior
  • How motivated is the buyer?
  • How strong are the competitors efforts?
  • Seasonality?
  • Other factors?

8
General Buyer Behavior is a Result Of
  • Individual and Internal Factors
  • Group and External Factors

9
Individual Internal Factors affecting Buyer
Behavior
  • Personality
  • Learning
  • Perception
  • Motivation
  • Attitudes

10
Group External Affects on Buyer Behavior
  • Culture
  • Subculture
  • Social Class
  • Peer Groups
  • Reference Groups
  • Physical Environment
  • Political/Legal
  • Marketers

11
A. Describing Your Market (s)
  • Decision Making Units - DMU's, basic element
    making up your potential market
  • Person (individual)
  • Informal Groups (Family, Roommates)
  • Formal Groups (Businesses, Resellers, Government
    Agencies)

12
B. Set Limits and Define the Potential Market
  • Geographics
  • Demographics
  • Lifestyle
  • AIO
  • Psychographics
  • Brand Loyalty
  • Usage Patterns
  • Key Benefits
  • needs/wants/motivations

13
C. Identify Market Segments Target markets
  • Demand
  • of Customers (DMUs)
  • Sales Volume
  • Unit Sales Volume
  • Market Penetration
  • Market Share
  • Special Segments
  • Niches
  • Targeting Strategies
  • Undifferentiated
  • Differentiated
  • Concentrated
  • Atomized

14
D. Describe The Typical Consumer In Target Market
  • Roles Within The Decision Making Units Are
  • Decision Maker
  • Purchaser
  • Influencer
  • User

15
5. Decision Making Process
  • (1) Recognize Needs/Wants - Motivation
  • A. Instant Evoked Set
  • (2) Information Search
  • A. Internal - Evoked Set
  • (mental search)
  • B. External

16
5. Decision Making Process cont.
  • (3) Evaluate Alternatives/Make Decisions
  • What, Where, When, How To Buy
  • (4) Implement Purchase Decisions
  • (5) Post-Purchase Evaluation -
  • Establish a Probability Of Repeating Same
    Purchase Decision P(Beh.)

17
Analyzing Demand
  • Lo vs. Hi Involvement Decisions
  • Purchase Cycle
  • Frequency of purchases
  • Purchase Quantity
  • per visit, avg. per month, etc.
  • Perceptions
  • product type, brand issues
  • Key Decision Factors

18
Analyzing Demand
  • Who is the customer?
  • geographically
  • demographically
  • Lifestyle/AIO/Psychographically
  • Loyalty/Usage
  • Key benefits sought/wants needs

19
Average Sales per Customer Visit
  • daily weekly monthly
  • of customers __________ __________
    __________
  • of units __________ __________ __________
  • value __________ __________ ______
    ____
  • /revenue
  • High and Low Range
  • ____________ _____________

20
Seeking A Competitive Advantage
  • 1960s - Marketing Based
  • 1970s - Manufacturing Based
  • 1980s - Quality Based TQM
  • 1990s - Customer Service Based
  • SOURCE Total Customer Service the Ultimate
    Weapon by Davidow Uttel Harper Perennial

21
Identifying Competitors
  • 1. 3 types based on needs filled similarity of
    the product/service
  • 2. Unrelated competition for the same .

22
Identifying Competitors cont.
23
Identifying Competitors cont.
  • Unrelated competition for the same .
  • (Gross Income Disposable Income Discretionary
    Income)
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