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MARKET ANALYSIS & RESEARCH

MARKET ANALYSIS & RESEARCH. To understand how you need to know who!. It doesn't matter what you're saying if you're not saying it to the right people!. Getting to know ‘Who’ getting to know all about ‘Who’ …. Identify, understand and select your Target Audience. This is achieved by:

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MARKET ANALYSIS & RESEARCH

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  1. MARKET ANALYSIS & RESEARCH

  2. To understand how you need to knowwho!

  3. It doesn't matter what you're saying if you're not saying it to the right people!

  4. Getting to know ‘Who’ getting to know all about ‘Who’…..

  5. Identify, understand and select your Target Audience.

  6. This is achieved by: SEGMENTATION! Age, Income, location (demographics) Lifestyle, behaviour, habits (psychographics)

  7. “I always pretend that I’m sitting beside a woman at a dinner party, and she asks me for advice about which product she should buy. So then I write down what I would say to her. I give her the facts , facts, facts. I try to make it interesting, fascinating, if possible, and personal-I don’t write to the crowd. I try to write from one human being to another … And I try not to bore the poor woman to death, and I try to make it as real as possible.” DAVID OGILVY

  8. 2. Understand your product

  9. Characteristics and usability of the product • Market history • Distribution • A&P analysis

  10. 3. Determine objectives

  11. Or else you’ll end up going in circles

  12. 4. Know your budget

  13. Dealers and Distribution • Price distribution • Consumer spending • Media costs • C.E.P

  14. COMPETITIVE EXPENDITURE ANALYSIS

  15. How much money is being spent?

  16. Which media?

  17. How much is spent on each medium?

  18. Which markets are concentrated?

  19. How much weight is placed in each market?

  20. When do competitors use various media, and how?

  21. Why bother? • Determines how factors influence change for all competitive and potentially competitive brands • Infer on money being spent, how they view their target audiences, profile their brands and position themselves. • Determine spending patterns

  22. CASE STUDY Procter & Gamble • In an effort to pioneer disposable nappies in Japan faced stiff competition • Competitors entered the market with smaller boxes • Smaller sizes better suited because of lack of space in Japan (Zikmund et al. 2007)

  23. what went WRONG? • Failed to understand market demands • Explore and review market trends • Consumer lifestyles and its affect on consumption

  24. CASE STUDY Johnson & Johnson • Launched its contact lens, under the pretext of: • Convenience • Enhancing looks • Recommendation of others (Zikmund et al. 2007)

  25. MARKETING RESEARCH PROCESS IN A NUTSHELL

  26. Discover The Problem Explore The Problem Selection of Exploratory techniques Data Gathering & Analysis Interpretation & Evaluation SOLUTION

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