Market Research International Trade Center NCA&TSU Dr. William Amponsah Interim Director Mr. Amr M....
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Transcript of Market Research International Trade Center NCA&TSU Dr. William Amponsah Interim Director Mr. Amr M....
Market Research
International Trade Center
NCA&TSUDr. William AmponsahInterim DirectorMr. Amr M. Ahmed, M.SC.Business Counselor/ Loan Officer
Market Research• How to collect certain information about
your customers, market and competitors. This information tells you about your potential market, prices, trends, competition, target customer, its preferences, income, habits, accessibility, convenient time and plans. This information should be accurate, and reliable to help you make the right business decision.
Important questions• What kind of business
should I do?• What is the demand for my
business?• Who are my customers?• What are the market forces
that will affect my business?
• Where should I locate my business?
• How much profit can I get at different locations and times?
• Who are my competitors and what kind of product, price and service they offer?
• How I differentiate my business from my competitors?
• What types of service do my customer prefer?
• What types of advertising attract my customers?
• What is the market price and how I can change my price accordingly?
An Existing business• What are the new trends, product, time, location and
service in the market? And how I adapt them? • What are my weaknesses and strengths in my business
compare to my competitors?• How I can differentiate my business and make it unique? • Should I change and redirect my advertising campaign
according to the recent situations?• How can I change my customers’ spending habits?• How can I expand my business with minimum cost?
Marketing techniques• Unique product and
distinguished service.• Customer recognition
& referral reward policy.
• Reactivation policy.• Track advertising
effectiveness.• community service
and charities.• Letter of news.
• Public image & identity.• Join business groups.• Be visible in your
community. • Sales, sampling &
coupons.• Service guarantees and
full money back policy.• Survey your customer’
opinions and satisfy them.
Tips to conduct market research?
• The public & college library.
• Vocational schools.• Observation
/questions.• Chamber of
commerce.• Potential consumers/
survey.• Business competitors.
• Wholesalers and manufacturers.
• Federal & state government agencies.
• Trade associations.• Business publications
& magazines.• Media
representatives.
Surveys
• Survey is the first step of market research. A survey collects information from a specific group of people or data on a specific subject: Forms of survey interviews:
• Personal interview• Telephone interview• Mail interview• Focus group and group interview
How to design a questionnaire• Keep your questions very
short, understandable, and clear.
• Ask direct questions.• Ask questions that can be
answered easily, open/close-ended .
• Ask questions that do not have more than one meaning.
• Make sure your questions do not offend anyone.
• Make your questions only in your subject matter.
• Customize your questions to encompass more than one group of people, male/female.
• Be honest with the intent of the questionnaire.
• Give enough time answer.• Be courteous and friendly when
asking people to participate in your survey.
• Ask questions in different repeated ways, so you minimize missing data.
Marketing plan summary• Goals & objectives: short
& long.• Potential customers
characteristics: race, age, location, gender, income, etc.
• Target market characteristics, free market, monopoly, etc.
• Competitors’ strengths, weaknesses.
• Your company analysis; strengths, and weaknesses, and opportunities and threats .
• How you will differentiate Your competitive position and how you will be unique.
• Marketing strategies and tactics.
• Marketing personnel, job description and duties.
• Timetable for start-up, retention and expansion.
• Marketing, promotion and advertising budget.
Improve your business image• Build public relations.• Become certified.• Send personal letters to
public figures.• Join non-profit societies
and give out charities .• Design a logo and
letterhead on all your stationery.
• Provide a press release for the media.
• Publish newsletters, fliers and brochures.
• Contact all the civic and professional organizations.
• Always give careful and professional advice.
• Distribute business cards.
• Always be in good professional appearance.
Publicity kit
• Company description.• Product and services
description.• Personal biography.• Customer
identification.• What makes you
unique.• Include previous
experience.
• Letters of support from community leaders and customers, these will enhance your image & reputation.
• Publications, brochures, fliers, pamphlets, articles.
I. Executive Summary
• Brief description of the project/company.• Introduction to Product or service.• Objectives of the project and Potential
customers.• Competitive position/market niche/market share.• Market problems and marketing plan/strategies.• Projected sales & profits.
II. Marketing Analysis
• Market survey for data collection.• Market research; market forces and forms.• Market demand and customers’ characteristics.• Product-services’ characteristics and analysis.• Feasibility study, needs assessment, personnel and
financial resources.• Company weaknesses and strengths. • Competitors’ weaknesses and strengths and their
market share.• Interpretation, evaluation, decision making, and
future plan.
The process of collecting, organizing, analyzing, interpreting and utilizing specific information for
the purpose of making future marketing
decisions. • Identify your problem and objectives.• Design a research methodology. • Conduct survey and collect data.• Organize, analyze and interpret the
data.• Make the right business decision.• Solve your problems and plan for
future.
• Location: countryside, town, county, state, national & regional market.
• Size: based on volume of dollar sales/votes, area/shopping center & number of customers.
• Product and Seasons: market can be identified by different product, winter, summer, and etc.
• Demand factors: price, people, places, income & things that influence demand must be identified and satisfied.
• Consumer satisfaction: demand, needs, wants, & preferences
• Convenient service: alter or extend your hours to accommodate customer needs.
• Demographics: age , race, religion, nationality gender, marital status, occupation, education, job title & etc.
• Competition:market can segmented according to free, perfect, monopoly market.
• Potential growth: quality and price are different according to the degree of growth.
V.Marketing Mix( 4 -Ps)
• Price: How much your customers will pay for your product & services.
• Product : What kind, and quality of product & services you offer to customers that satisfy their needs.
• Promotion: The communications and advertising devices you use to inform customers & referral sources of your products & services and price.
• Place: Where you will locate your business also what is the best way to display your products and services to be appealing to your customers.
• There are other important factors: Positioning, People, Politics, & Profit, and Service.
VI. Marketing strategies & tactics
• Business problems, goals & objectives.• Marketing advantages and
disadvantages.• Marketing strategies: how to measure
your business and what conceptual procedures you use to solve your business problems.
• Marketing tactics: action plans and implementation.
VI. PromotionCommunicationCommunication
to activate strategies & tacticsto activate strategies & tactics• Advertising program: to give information about
your business, through newspaper, radio, T.V., magazines, brochures, fliers, forms, displays, personal referrals and word of mouth
• Publicity: how to change purchasing behavior to increase your reputation and creditability.
• Public relations: to foster your image.• Direct mail, telemarketing, speeches, personal
selling, samples, sales, networking, charity and community service.
VII. Evaluation and follow-up
• Evaluation of action plan and strategy.• Checking your sales, cash flow and
income statement and balance sheet.• Achievement of projected goals, market
share & unique competitive advantage.• Recommendations for future
opportunities, and change of market plan accordingly .
VIII. Appendices: Budget, forecasting, charts and graphics
• Projected budgets including variable/fixed cost, salaries/wages, equipment/tools, inflation/depreciation, miscellaneous expenses and etc.
• Projected cash flow month-to-month.• projected income statement.• Pro-forma balance sheet.• Advertising copy, layout and forms.• Tables, charts & graphics.• Legal documents & required licenses, approvals.
• Goals & Objectives: Goal is long term aim & objective is short term aim to achieve the goal.
• Strategies & Tactics: Strategies are the decision making about what should be done & how should be done to enable your business to achieve its goals & objectives. Tactics are the methods by which strategies are implemented.
• Strategic influences: expected market forces/conditions which influence the operation of small business.
• Strategic comparative advantages( strengths):these will improve your marketing position.
• Strategic Barriers and disadvantages (weaknesses): you must overcome to start, retain and expand your business.
• Advantages/strength:such as Unique product and services, large customer volume, location, management, financial support or personnel.
• Disadvantages/weak-nesses, such as lack of capital and management, strong competitor and lack of customer services.
• Market opportunities: more training for better customer services, more demand, price drop, more money available, easy access to recent technology,
• possibilities of partnerships, bankruptcy of competitor and etc.
• Market threats: new strong competitors having lower price and better services, financial crisis, labor strike, changes in taste & preferences, some political threats, new monopoly, and etc.