Topic 1: Market

• A market is a place where

  buyers and sellers can meet

  to facilitate the exchange or

  transaction of goods and

  services. Markets can be

  physical like a retail outlet, or

  virtual like an e-retailer.
• Marketing is the promotion

  of business products or

  services to a target audience.
• Marketing is about

  understanding what

  customers want, and using

  this analysis to drive the

  business.
• MARKET ANALYSIS/RESEARCH - is the process of gathering information about a market within an industry. Your analysis studies the dynamics of a market and what makes potential customers.
• When you conduct a market analysis, you learn the

  following:

  ▪ Who are my potential customers?

  ▪ What are my customers’ shopping and buying habits?

  ▪ How large is my target market?

  ▪ How much are potential customers willing to pay?

  ▪ Who are my competitors?

  ▪ What are my competitors’ strengths and

  weaknesses?
• HOW TO CONDUCT A MARKET ANALYSIS?

  1. DETERMINE THE PURPOSE OF YOUR STUDY
  2. LOOK AT YOUR INDUSTRY’S OUTLOOK
  3. PINPOINT TARGET CUSTOMER
  4. COMPARE YOUR COMPETITION
  5. GATHER ADDITIONAL DATA
  6. ANALYZE YOUR FINDINGS
  7. PUT YOUR ANALYSIS INTO ACTION
• 1. DETERMINE THE PURPOSE OF

  YOUR STUDY

  There are many reasons why

  businesses might conduct market

  research. You may use them to assess

  business risks (e.g., threats), reduce

  issues, or create opportunities.
• 2.) LOOK AT YOUR INDUSTRY’S OUTLOOK

  In your analysis, outline the current

  state of your industry. Include where the

  industry is heading using metrics such as

  size, trends, and projected growth. Be sure

  to have relevant data to back up your claims.
• 3.) PINPOINT TARGET CUSTOMER

  The truth is, not every person

  will be your customer. But that’s OK!

  When you analyze the market, you must

  determine who your potential

  customers are. This part of the process

  is called a target market analysis.
• 4. COMPARE YOUR COMPETITION

  To further analyze the market, you need

  to understand your competition. And,

  you must know who your competitors are

  trying to target. Make a list of all of your

  main competitors. Go through each one

  on the list and determine their strengths

  and weaknesses (SWOT analysis).
• 5.) GATHER ADDITIONAL DATA

  Information is your greatest ally

  when it comes to conducting a market

  analysis. The more information you

  gather and have, the better off your

  business will be. The data you have

  should be unbiased, relevant, and

  factual.
• 6.) ANALYZE YOUR FINDINGS

  After you analyze the market, it’s

  time to take a look at your findings.

  Layout all of your research and organize

  it using different sections. Include

  sections for your purpose, target

  market, and competition.
• 7.) PUT YOUR ANALYSIS

  INTO ACTION

  Don’t put all that

  extensive research to waste.

  PUT YOUR ANALYSIS INTO

  ACTION.