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Start business unit 2
- 1. Information Fire & Safety procedures Toilets Refreshments Mobile Phones 1
- 2. Provides an introduction to the marketing process. Outlines the key information you need to know about your customers. Describes how to determine market size, and identify trends in the market place. Identifies external influences in the market place and how they can affect a business. Outlines the key information you need to know about your competitors. Describes how to research your market using primary and secondary research methods. 2
- 3. Introductions Who am I? Who are you? What is the name of your business? How long have you been trading? If not trading yet, proposed start date? What do want to learn from today, what is your objective for this session? 3
- 5. What You Need To Research Market Marketing Research Strategy 5
- 6. 2.4 Contents of a Marketing Plan The Market Research Marketing Strategy Market Size & Trends Marketing Objectives Market Environment Product Customers Price Competitors Place SWOT Promotion Marketing Mix Sales Forecast 6
- 7. Market Size & Trends Expressed in terms of Total amount spent annually Size of target markets Units sold in market place Market Gap 7
- 8. Market Size & Trends Examples Seasonal Fashion Increase/decrease in demand Change in attitudes Environmental concerns 8
- 9. Market Environment SWOT Analysis Strengths Weaknesses Internal Opportunities Threats External 9
- 10. 2.9 PEST Analysis Political/ Government Economic Social Technological Legal Environmental 10
- 11. 2.10 Market Environment Identify which PEST factors will affect your business Refer to Page 11 11
- 12. 2.11 Know Your Customers 1: Identify target market or customer groupings 2: Developing a customer profile by target market/customer group 12
- 13. 2.11 Or in other words 1: Who are they? 2: What are they? 13
- 14. Market Segmentation Market Research Marketing Strategy Customers Market Segmentation Target Market Customer Groupings 14
- 15. Market Segmentation Market as a whole Divide the total market into distinctive groups with common characteristics or Market subdivided similar needs and wants 15
- 16. How to segment a market Consumer Market Commercial Market Age/ Gender Business type Location Industry sector Occupations Location Income Number of employees Lifestyle Company turnover Product use 16
- 18. Consumer (People) Market Profile Demographics Behavioural Geographic Psychological Age When and how 20 mile radius Social class Gender often do they District council Lifestyle Occupation buy? Wales/ UK Attitudes Income levels How much do Ireland Interests they spend? Europe/ Needs/ Wants Buying motives Worldwide 18
- 19. Commercial Market Profile Demographics Behavioural Geographic Psychological No. of ees When and how Wales Innovative Turnover often do they UK Socially Services/ buy? Europe responsible product offered How much do Worldwide Financially Sector they spend prudent Buying motives Expect credit Needs/ Wants 19
- 20. Customer Buying Motives Quality Speed of service Guarantee 24 hour service Price Choice 20
- 21. Competitors What you need to know Who? COMPETITORS How many? Where? Products offered? Strengths? Weaknesses? 21
- 22. What You Need To Research Market Marketing Research Strategy 22
- 23. Types of Market Research What and How? Market Size & Trends Primary Market Research Environment Customers Secondary Research Competitors 23
- 24. Before You Start What information is required Identify search methods Set a timeframe for the research Establish the research budget 24
- 25. Primary Research (Examples) Research Advantages Disadvantages Technique Personal Greater flexibility Time consuming Survey Can observe body Expensive language Respondents High response rate have little time to think Internet Total flexibility in Must have PC questions asked Must be PC Good response literate Cheap/ free No interaction Select (loss of personal respondents rapport) 25
- 26. Primary Research (Examples) Research Advantages Disadvantages Technique Telephone Flexible Loss of personal Research those who wouldnt rapport give personal interviews May give rise to inappropriate response Postal Cheap Low response Respondents have more time Limited to think information obtained Cannot clarify answers Observation Real picture Time consuming Sit and watch Own observation not others
- 27. Questionnaires (Dos and Donts) Do Do Not Select respondents Use jargon carefully Ask double- barrelled Be precise questions Keep questions in a Ask too many logical order questions Put easy and Ask leading, biased or interesting questions emotive questions at the beginning Ask questions beyond Test the the respondent questionnaire memory span 27
- 28. Secondary Research (Examples) Consumer Market Commercial Market Census Yellow pages- www.yell.com Mintel reports Kompass & Kellys Key Note reports directories Socio- economic Databases audits Trade Associations Household expenditure survey Companies House- Limited Companies Internet Dunn & Bradstreet ONS 28
- 29. Planning the research Ask yourself What info do you require? What methods are you going to use? Timeframe? Budget? How will you analyse the results? How will you use the results? 29
- 30. Market Information Sources Company and trade Statistics BOP Trade magazines Newspapers Government Publications 30
- 31. Research Planner Information Research Method/ When Cost Required Source Market Size/ Trends Market Environment Customer Information Competition Other 31
- 32. Any Questions? 32