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Identifying market needs
1.
LESSONS ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING IDENTIFY AND MEET A MARKET NEED 6.1 The Value of Market Research 6.2 How to Perform Market Research 6.3 Identify Your Competition
2.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Let us think about this??? What business will you put up that would generate revenue? When? Where? Chapter 6 Slide 2
3.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 3 WHAT IS A TARGET MARKET? The target market is the individuals or c__________ that are interested in a particular p__________ or service and are willing and able to p______ for it. The target market is the individuals or companies that are interested in a particular product or service and are willing and able to pay for it.
4.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 4 WHAT IS A TARGET MARKET? The marketing concept uses the n______ of customers as the primary f_______ during the planning, production, distribution, and promotion of a product or service. The marketing concept uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.
5.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 5 UNDERSTAND YOUR CUSTOMER Customers are the people who buy the products and services companies offer. Customers buy goods and services to satisfy economic wants and needs. An economic want is an unfilled desire of a customer. An economic need is anything that is required to live.
6.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 6 DEMOGRAPHICS AND PSYCHOGRAPHICS Demographics are data that describe a group of people in terms of their a_____, m_______ s_______, family size, ethnicity, g______, p________, e_______, and i_________. Demographics are data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income.
7.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 7 DEMOGRAPHICS AND PSYCHOGRAPHICS Psychographics are data that describe a group of people in terms of their tastes, o_______, p________ traits, and l________ habits. Psychographics are data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits.
8.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 8 IDENTIFY YOUR TARGET MARKET 1. Who are my customers: individuals or companies? 2. If customers are individuals: How old are they? How much money do they earn? Where do they live? How do they spend their time and money? 3. If customers are companies: What industries are they in? Where are those industries located?
9.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 9 continued IDENTIFY YOUR TARGET MARKET 4. What needs or wants will my product or service satisfy? 5. How many potential customers live in the area in which I want to operate? 6. Where do these potential customers currently buy the products or services I want to sell them? 7. What price are they willing to pay for my products or services? 8. What can I do for my customers that other companies are not already doing for them?
10.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 10 THE IMPORTANCE OF A CUSTOMER PROFILE A customer profile is a description of the characteristics of the person or company that is likely to purchase a product or service.
11.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 11 MARKET SEGMENTS Groups of customers within a large market who share common characteristics are known as market segments.
12.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 12 UNDERSTAND THE COMPETITION Knowing about your competition will help you define your target market.
13.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 13 MARKET RESEARCH Market research is a system for c______,r______, and a______ information about customers, competitors, goods, and services. . Market research is a system for collecting, recording, and analyzing information about customers, competitors, goods, and services.
14.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 14 SECONDARY DATA Secondary data is data found in already published sources.
15.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 15 PLACES TO FIND SECONDARY DATA Publications issued by government and community organizations Information on web sites for government and businesses Books about other entrepreneurs who set up similar businesses and similar industries Specialized magazines and journals devoted to particular fields Newspaper articles and statistics
16.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 16 PRIMARY DATA Primary data is information collected for the very first time to fit a specific purpose. Questionnaire or survey Observation Focus groups
17.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 17 IDENTIFY YOUR COMPETITION Determine your direct and indirect competition. Analyze the strengths and weaknesses of competitors. Establish strategies for maintaining customer loyalty. GOALS
18.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 18 DIRECT AND INDIRECT COMPETITION Direct competition is competition from a business that makes most of its money selling the same or similar products or services as another business. Indirect competition is competition from a business that makes only a small amount of money selling the same or similar products or services as another business.
19.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 19 STUDY INDIVIDUAL COMPETITORS Price Location Facility Strengths Weaknesses Strategy
20.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 20 STRATEGIES FOR MAINTAINING CUSTOMER LOYALTY Listen and respond to feedback Other strategies for maintaining loyalty Superior service More convenient hours than other businesses Easy return policies Personal notes or cards Frequent buyer programs
21.
ENTREPRENEURSHIP: Ideas in
Action © SOUTH-WESTERN PUBLISHING Chapter 6 Slide 21GR1. AGUILA, GERALD NUDO, YUNARD PAKIDING, LETTYLYN RELONIA, GERALDINE GR2. CABITEN, RAMON LOPEZ, ROILAN MUNAR, JERICHO MORAL, KAREN MONTANEZ, JEFTE GR3. CASTILLIO, EDZEL INTES, JEREMY QUITOS,ALVIN REDUBLA, ROBERT GR4. CEPEDA, MARK ANTHONY PASCULADO, CHARLES ROSCO, RACHELLE ZAULDA, MAILA GR5. DALANON, JOSHUA MORSQUERRA,JEROME ROSARIO, ELOISA ZAULDA, MEA ZANDRIA CANELA, JESTER GR. 7 DE,ASIS ,JERICK MARCINA, CALEB CASTOR, FRESHLYN ESTRADA, MYREL GR6. DOCIL, ALDRIN CHAVEZ, JOSEPHINE ROMELO, MARY MAE REPIQUE, CHINA MAE GR. 9 ECUASION CLYDE, VINCENT SIMBULAS, LEO MONTALES, KIMBERLYN FRANCISCO, ARLENE GR. 8GONZAGA, KIAN ALIMPUANGON, MER- ANN DELOS REYES, ERIKA MAE GAMBOA, ROCHELLE
Editor's Notes
11/12/2019
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