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Title:

Market Research

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Sales Forecasting What is Market Research? ... on a chosen marketing plan and an assumed marketing environment. Sales Target Sales goal for a product line ... – PowerPoint PPT presentation

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Title: Market Research


1
Market ResearchSales Forecasting
2
What is Market Research?
  • Simply a matter of finding out as much as you can
    before committing yourself to an irretrievable
    step
  • When you do not have answers through your own
    Market Information and Intelligence System

3
What to find out?
  • What does the customer need?
  • Who is the target audience and how much can you
    find out about them?
  • What is the competition?
  • Are there any gaps in the market?
  • Would the product be acceptable in the market?

4
Do I need Market Research?
  • Yes. Provided I know what I want.

5
The MR Process
  • What is the Marketing Problem?
  • What is the Research Problem?
  • Developing the Research Plan
  • Research Approach
  • Research Instruments
  • Collecting the Information
  • Analysing the information
  • Presentation of findings

6
Data sources
  • Reference Library
  • Directories of Products/Companies
  • The Bombay Stock Exchange
  • Industry/Trade Journals
  • Trade fairs and Exhibitions
  • Company Annual Reports
  • Internet

7
Testing Product Acceptability
  • If your product is a knock - down kit , give it
    to the factory peon to assemble it.
  • Post the item back to yourself and assess the
    damage the transporter does to it.
  • Try various types of packaging and choose a
    suitable cost effective option.
  • Try a number of product names and determine which
    is more acceptable.

8
Sales Forecasting - Why is it necessary?
  • To raise the necessary cash for investment and
    operations
  • to establish capacity and output levels
  • to acquire and stock the right amount of supplies
  • to hire the required number of people

9
Market
  • A set of all actual and potential buyers of a
    product or service

10
Potential Market
  • A set of consumers who profess a sufficient level
    of interest in a product or service

11
Available Market
  • A set of consumers who have interest , income and
    access to a particular product or service

12
Qualified Available Market
  • A set of consumers who have interest, income,
    access and qualifications for the particular
    product or service

13
Target Market
  • Part of the qualified available market the
    company decides to pursue

14
Penetrated Market
  • A set of consumers who are buying the companys
    product or service

15
Market Demand
  • Total volume that would be bought by a defined
  • customer group
  • geographical area
  • time period
  • marketing environment
  • marketing programme

16
Market Potential
  • Boom period
  • Recession

17
Market Minimum
  • The market potential of the product with minimum
    marketing effort of the industry

18
Sensitivity of Demand
  • Market Potential - Market Minimum

19
Market Forecast
  • Market demand corresponding to the industry
    marketing expenditure
  • This would be lower than the market potential

20
Company Demand
  • Estimated share of market demand at alternative
    levels of company marketing effort in a given
    time period

21
Company Sales Forecast
  • Expected level of company sales based on a chosen
    marketing plan and an assumed marketing
    environment.

22
Sales Target
  • Sales goal for a product line,company division or
    a sales rep.It is a benchmark to evaluate
    achievements against goals set.

23
Sales Budget
  • Conservative estimate of the expected volume of
    sales and is used for purchasing.production and
    cash flow decisions

24
Estimating Market Potential
  • Chain - ratio method
  • Demand for Complan
  • Population
  • per capita discretionary income
  • discretionary income on food
  • spent on beverages
  • spent on health beverages
  • spent on white health beverages
  • spent on Complan

25
Other methods
  • Market built - up method
  • Industry sales and market shares

26
Estimating Future Demand
  • Survey of buyers intentions
  • Composite of sales force opinions
  • Expert opinion
  • Past sales analysis
  • Market test method
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