The document is a slide presentation on identifying and meeting market needs through market research. It discusses defining a target market by understanding customer demographics and psychographics, as well as identifying direct and indirect competition. The presentation covers performing secondary and primary market research to analyze customer and competitor information to help define the target market and strategies. The overall message is on the importance of thorough market research to identify customer needs and ensure a business offers a competitive product or service.

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