Start business unit 2

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Start business unit 2

  1. 1. Information – Fire & Safety procedures – Toilets – Refreshments – Mobile Phones – WAG supported 1
  2. 2. Aims of Module 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. 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
  4. 4. 2.1 The Marketing Process 4
  5. 5. 2.2 What You Need To ResearchMarket MarketingResearch Strategy 5
  6. 6. 2.3 Marketing Strategy 6
  7. 7. 2.4 Contents of aMarketing Plan The Market Research Marketing Strategy • Market Size & Trends • Marketing Objectives • Market Environment – Product • Customers – Price • Competitors – Place • SWOT – Promotion Marketing Mix • Sales Forecast 7
  8. 8. 2.5 Market Size & TrendsExpressed in terms of – Total amount spent annually – Size of target markets – Units sold in market place – Market Gap 8
  9. 9. Exercise 2.6 The MarketWhat is the size of your market? Refer to Page 8 9
  10. 10. 2.7 Market Size & TrendsExamples – Seasonal – Fashion – Increase/decrease in demand – Change in attitudes – Environmental concerns 10
  11. 11. Exercise 2.8 The MarketWhat are your market trends? Refer to Page 9 11
  12. 12. 2.9 Market Environment SWOT Analysis•Strengths •Weaknesses Internal•Opportunities •Threats External 12
  13. 13. 2.9 PEST Analysis•Political/ Government•Economic•Social•Technological•Legal•Environmental 13
  14. 14. 2.10 Market Environment Identify which PESTfactors will affect your business Refer to Page 11 14
  15. 15. 2.11 Know Your Customers1: Identify target market or customer groupings2: Developing a customer profile by target market/customer group 15
  16. 16. 2.11 Or in other words 1: Who are they? 2: What are they? 16
  17. 17. 2.12 Market SegmentationMarket Research Marketing Strategy Customers Market Segmentation Target Market Customer Groupings 17
  18. 18. 2.12 Market Segmentation • Market as a wholeDivide the totalmarket intodistinctive groupswith commoncharacteristics or • Market subdividedsimilar needs andwants 18
  19. 19. 2.12 How to segment a marketConsumer Market Commercial Market•Age/ Gender •Business type•Location •Industry sector•Occupations •Location•Income •Number of employees•Lifestyle •Company turnover •Product use 19
  20. 20. 2.12 What are they…Factors•Demographics•Geographical•Behavioural•Psychological 20
  21. 21. 2.13 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 21
  22. 22. 2.14 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 22
  23. 23. 2.15 Customer Buying Motives•Quality•Speed of service•Guarantee•24 hour service•Price•Choice 23
  24. 24. Exercise 2.16Your customer profile What is your customer profile? Refer to Page 17 24
  25. 25. 2.17 Competitors – What you need to know • Who?COMPETITORS • How many? • Where? • Products offered? • Strengths? • Weaknesses? 25
  26. 26. Exercise 2.18Competitor’s InformationWho are your competitors and what do you know about them? Refer to Page19 26
  27. 27. 2.19 What You Need To Research Market Marketing Research Strategy 27
  28. 28. 2.20 Types of Market Research What and How? Market Size & Trends Primary Market Research Environment Customers Secondary Research Competitors 28
  29. 29. 2.20 Before You Start…• What information is required• Identify search methods• Set a timeframe for the research• Establish the research budget 29
  30. 30. 2.21 Primary Research (Examples)Research Advantages DisadvantagesTechniquePersonal •Greater flexibility •Time consumingSurvey •Can observe body •Expensive language •Respondents •High response rate have little time to thinkInternet •Total flexibility in •Must have PC questions asked •Must be PC •Good response literate •Cheap/ free •No interaction •Select (loss of personal respondents rapport) 30
  31. 31. 2.21 Primary Research (Examples)Research Advantages DisadvantagesTechniqueTelephone •Flexible •Loss of personal •Research those who wouldn’t rapport give personal interviews •May give rise to inappropriate responsePostal •Cheap •Low response •Respondents have more time •Limited to think information obtained •Cannot clarify answersObservation •Real picture •Time consuming •Sit and watch •Own observation not others
  32. 32. 2.22 Questionnaires (Do’s and Don’ts)Do Do Not•Select respondents •Use jargoncarefully •Ask double- barrelled•Be precise questions•Keep questions in a •Ask too manylogical order questions•Put easy and •Ask leading, biased orinteresting questions emotive questionsat the beginning •Ask questions beyond•Test the the respondentquestionnaire memory span 32
  33. 33. 2.23 Secondary Research (Examples)Consumer Market Commercial Market•Census •Yellow pages- www.yell.com•Mintel reports •Kompass & Kelly’s•Key Note reports directories•Socio- economic •Databasesaudits •Trade Associations•Householdexpenditure survey •Companies House- Limited Companies•Internet •Dunn & Bradstreet•ONS 33
  34. 34. 2.24 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? 34
  35. 35. 2.25 Market Information Sources• Company and trade• Statistics• BOP• Trade magazines• Newspapers• Government Publications 35
  36. 36. 2.26 Research Planner Exercise Page 27Information Research Method/ When CostRequired SourceMarketSize/TrendsMarketEnvironmentCustomerInformationCompetitionOther 36
  37. 37. Any Questions? 37

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