TECHNO 4

• Market


  A group of consumers who share similar needs and wants
• Market Segment


  A subgroup of potential customers
• Target Market


  A group of customers that a business has decided to aim its marketing
• Target Market Identification


  The process of pinpointing specific groups
• Psychographics


  The study on classification of people according to their attitude, aspiration and other psychological criteria, especially in market research
• Market Analysis


  Assessment of a market within a specific industry
• Industry Description and Outlook


  Describe the industry by providing an overview
• Target Market


  Identifying and describing your ideal client
• Market Need


  Factors that influence the need for your product or service
• Market Growth


  Potential growth of your market
• Market Trends


  Current trends affecting your market
• Market Research Testing


  Testing and information gathering you have conducted to assess
• Competitive Analysis


  Examining your competitors' strengths and weaknesses and threats
• Direct Competitors


  Offer similar products or services and target the same customer base
• Indirect Competitors


  Companies or alternatives that provide different products or services but satisfy the same customer need
• Competitor Strengths and Weaknesses


  An analysis of what competing companies excel at and where they fall short
• Perceptual Map


  This helps to locate and identify where your company is
• Window of Opportunity


  A favorable period during which a business can enter the market and capitalize on emerging trends
• Barriers to Entry


  Obstacles that prevent new competitors from entering your market
• Regulations


  Discuss the regulations that apply to your business and how you comply with them
• The Internet


  Gathering information about population and demographics
• Chamber of Commerce


  Can provide detailed insights into the general business climate of the area where you plan to operate
• Other Resources


  Can gather a good picture of the market from various other sources
• Customer Mindset


  Put yourself in your customers' shoes to understand their needs and preferences
• The Competition


  Analyze your competitors by visiting their stores, trying their products, and observing their operations
• Traditional Market Research


  The most valuable information often comes directly from potential customers