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Mmi marketing 1

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Mmi marketing 1

  1. 1. Analyze Market Opportunities Chapter I
  2. 2. Analyze Market Opportunities <ul><ul><li>MARKET OPPORTUNITIES </li></ul></ul>CUSROMERS COMPETITION
  3. 3. Analyze Market Opportunities – Customers CUSTOMER Analysis <ul><li>WHO are our target customers? </li></ul><ul><ul><ul><li>Individual Customers </li></ul></ul></ul><ul><ul><ul><li>Businesses or Organizations </li></ul></ul></ul>WHY should they buy our product and not our competitors'?
  4. 4. Forces Affecting Consumer Buying Cultural Forces National values , such as an emphasis on material comfort, youthfulness, or patriotism Ethnic or religious messages or priorities Social Forces Friends, neighbors, coworkers , and other groups with whom people interact frequently and informally Family members, friends: parents, spouses, partners, children, siblings Personal Forces Age: including stage in the life cycle; for example, adolescence or retirement Occupation, economic circumstances, and lifestyle (or activities, interests, and opinions) Psychological Forces Motives: conscious and subconscious needs that are pressing enough to drive a person to take action; for example, the need for safety or self-esteem Perceptions (interpretations of a situation), beliefs , and attitudes (a person's enduring evaluation of a thing or idea)
  5. 5. Understand Consumer Buying Process Recognize a Need Your newsletter doesn’t provide financial information, so you need to subscribe to a new one Search for more information Surfing the Internet for extra financial information Weigh the alternatives That newsletter have all the information the old one provided, plus a detailed section on finances Decide to buy Determining that the price is right, concluding that you've done enough &quot;shopping around,&quot; and subscribing the newsletter Example Evaluate the purchase You may feel satisfied, disappointed, or even delighted with your purchase; you may unsubscribe to the new newsletter or decide to buy it again
  6. 6. Marketing Major Directions Marketing Directions Recruitment of New Customers (acquisition) Retention and expansion of relationships with existing customers (base management)
  7. 7. Learning about Consumers <ul><li>Problem: </li></ul><ul><li>How do your gather and use information about your target market? </li></ul><ul><li>Answer: </li></ul><ul><li>By RESEARCHING and EVALUATING </li></ul>
  8. 8. Learning about Consumers <ul><li>Reading newspapers, and trade publications </li></ul><ul><li>Talking with customers, suppliers, and distributors </li></ul><ul><li>Checking Internet sources </li></ul><ul><li>Meeting with company managers </li></ul>Review your company's internal sales and order information Gather marketing intelligence Perform market research Use secondary data sources <ul><li>Internal research </li></ul><ul><li>Market surveys </li></ul><ul><li>Product-preference tests </li></ul><ul><li>Focus groups </li></ul><ul><li>Government publication </li></ul><ul><li>Commercial data </li></ul><ul><li>SNA-Focus study </li></ul><ul><li>Business Information </li></ul>
  9. 9. Steps for Market Research <ul><li>Define the marketing opportunity you will focus on </li></ul><ul><li>Establish your research objectives in exploring the opportunity you identified </li></ul><ul><li>Develop your market-research plan </li></ul><ul><li>Implement your market-research plan </li></ul><ul><li>Analyze the information </li></ul><ul><li>Present your findings </li></ul>
  10. 10. Evaluating Consumers Customer Value Equation Worksheet
  11. 11. Lifetime Value of a Consumers Worksheet for calculating the Lifetime Value of a Customer
  12. 12. Organizations Buying Behavior The straight re-buy The new task The modified re-buy Pressure to maintain the quality of your product Pressure to protect the account to keep rivals from encroaching on your business Lengthy and complex decision process between your firm and the company
  13. 13. Influences on Purchasing Decision Environmental Forces Interest rates, materials shortages, technological and political developments Organizational Forces Purchasing policies and procedures, company structures and systems (for example, long-term contracts) Interpersonal Forces Purchasing staff members' differing interests, authority levels, ways of interacting with one another Individual Forces An individual buyer's age, income, education, job position, attitudes toward risk Cultural Forces Attitudes and practices influencing the way people like to do business; for example, some people tend to emphasize the collective, not individual, benefits of doing business
  14. 14. Understand Organizations Buying Process Recognize a Need Determine characteristics and quantity of needed items Ex: Our Bank needs a news flow, offering latest financial news and real time news alerts Required technology Search potential suppliers Negotiate the final order Solicit bids or proposals from suppliers Choose a supplier Assess the chosen supplier's performance Ex: Available to all bank’s terminals
  15. 15. Understand Competition <ul><li>Why should customers buy from you and not from competition? </li></ul><ul><li>You have to make it clear to customers what the benefits of your products are. That is, you must find, and sustain a competitive advantage that has meaning for your customers. </li></ul>
  16. 16. Perform a Competitive Analysis <ul><li>Determine your competition </li></ul><ul><ul><li>Existing competition </li></ul></ul><ul><ul><li>Potential competition </li></ul></ul><ul><li>Analyze each competitor </li></ul><ul><ul><li>Strategies </li></ul></ul><ul><ul><li>Objectives </li></ul></ul><ul><ul><li>Strengths & Weaknesses </li></ul></ul><ul><ul><li>ways of doing business </li></ul></ul>
  17. 17. Determine your Competition <ul><li>… Competitors are companies that satisfy—or that intend to satisfy—the same customer needs that your firm satisfies. </li></ul><ul><li>Other players offering similar products to yours </li></ul><ul><li>Entirely new players in your industry </li></ul><ul><li>Companies that make substitutes for your products </li></ul><ul><li>Customers' power of comparing, set competitors against one another, and easily switch suppliers </li></ul><ul><li>Your own suppliers' power to raise their prices or reduce the quantity of their offerings </li></ul><ul><li>… Most companies have both existing and potential competitors. But companies are more likely to be hurt by their potential and emerging competitors than by existing rivals. </li></ul>
  18. 18. Analyze Competition Strengths & Weaknesses Ways of doing Business Objectives Strategies Competition Analysis
  19. 19. Analyze Competition – Strengths & Weaknesses Share of market Share of mind Share of heart How much of your target market does the company sell to? What percentage of customers say they'd prefer to buy from that firm before any other? What percentage of customers name that competitor as the first one to come to mind?
  20. 20. Analyze Competition – SWOT
  21. 21. Analyze Competition – Ways of doing business Reacts swiftly and strongly to any assault Doesn't react quickly or strongly to other players' moves Responds to certain kinds of attacks —such as price cuts or advertising campaigns Slow-moving Selective A &quot;tiger&quot; Unpredictable No predictable reactions to marketplace changes
  22. 22. 4 Capital Rule of Marketing <ul><li>It is better to be the first than to be the best </li></ul><ul><li>If you can’t be first in a category, create a new category you can be first in </li></ul><ul><li>It is better to be first in the consumer’s mind than to be first on the market </li></ul><ul><li>Marketing is not the battle of the products, but the battle of the consumer’s perceptions relative to the products </li></ul>

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