ì	            Consumer Market Analysis           A	  Best	  Prac+ce	  Guide	  For	  Your	  Marke+ng	  Strategy	  Process	...
Learning	  Objective	  ì  Look	  at	  the	  consumer	  and	  their	  needs	  ì  Iden+fy	  segments	  or	  groups	  ì  U...
Consumer	  Analysis	           ì  Consumers	  +	  Needs	           ì  How	  to	  iden+fy	  segments	                    ...
Need	  Category	           ì  What	  is	  the	  need?	           ì  Who	  needs	  us?	           ì  Why	  do	  they	  n...
Who	  Buys?	           ì  Who	  is	  buying?	           ì  Who	  is	  using	  the	  product?	           ì  Buyers	  can...
The	  Buying	  Process	           ì  How	  the	  product	  is	  brought	                      ì  Collect	  marke+ng	  re...
Five	  Step	  To	  Buying	                                           Informa+on	       Evaluate	                          ...
Awareness	  Buying	           ì  Might	  Need	  Something	                      ì  Interest	                      ì  Pr...
Information	  Search	                                        ì  Product	  Informa+on	                                    ...
Evaluating	  Alternatives	           ì  Which	  is	  the	  best	  for	  me?	                      ì  Price	  comparison	...
Distribution	  Buying	           ì  Where	  to	  buy?	                      ì  Store	  vs.	  Online	                    ...
Purchasing	  Decision	                                        ì  Purchase	  is	  not	  always	  a	  “WIN”	               ...
Purchase	  Evaluation	           ì  Post-­‐purchase	  Behavior.	  	  	                      ì  Good	  decision	  or	  Ba...
Providing	  Research	  Information	                                           ì  Consumer	  research	  	                 ...
Product	  Involvement	  Levels	           ì  High	  vs.	  Low	  involvement	                      assessment	           ì...
High	  vs.	  Low	  Matrix	                                              High	                    Low	                     ...
How	  To	  Segment	           ì  “Who	  is	  our	  consumer?”	  	                      ì  Segmented	  vs.	  Mass	       ...
Effective	  Segmentation	           ì  Crea+ng	  aim	  and	  efficient	                      execu+on.	  Yielding	  most	   ...
Geographic	  Segmentation	           ì  Divides	  the	  market	  by	  	                      ì  Country	                ...
Demographic	  Segmentation	           ì  Demographic	  breakdown	                      ì  Age	  	                      ì...
Psychographic	  Segmentation	                                        ì  Lifestyle	                                       ...
Behavioral	  Segmentation	           ì  Purchase	  behavior	                      ì  Usage	                             ...
Evaluating	  Marketing	  Segments	                                        Measurability	                                  ...
Evaluate	  	  Segments	           ì  Profitability	                      ì  Poten+al	  in	  market?	           ì  Compe+...
Evaluate	  Segments	                                        ì  Measurability	                                            ...
Develop	  Consumer	  Profile	                                        ì  Profile	                                           ...
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Best Practice Guide - Marketing Strategy - Consumer Market Analysis By Wayne Chen

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An overview of the consumer marketing analysis for your marketing strategy. Great for entry level marketer, product marketing, and senior marketing executives. Learn to develop your consumer profile.

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Best Practice Guide - Marketing Strategy - Consumer Market Analysis By Wayne Chen

  1. 1. ì   Consumer Market Analysis A  Best  Prac+ce  Guide  For  Your  Marke+ng  Strategy  Process   By:  Wayne  E.  Chen  ©  2011  –  Wayne  Chen  
  2. 2. Learning  Objective  ì  Look  at  the  consumer  and  their  needs  ì  Iden+fy  segments  or  groups  ì  Understand  buying  process  ì  Evaluate  segments  ì  Develop  consumer  profile  
  3. 3. Consumer  Analysis   ì  Consumers  +  Needs   ì  How  to  iden+fy  segments   ì  How  to  segment  the   market?   ì  Who  needs  us  and  why?   ì  Who  buys  and  uses?     ì  What  is  the  buying   process?   ì  High  or  low   involvement?  ©  2011  –  Wayne  Chen  
  4. 4. Need  Category   ì  What  is  the  need?   ì  Who  needs  us?   ì  Why  do  they  need  us?   ì  Can  your  product  be  applied   to  other  situa+ons?     ì  Arm  &  Hammer   ì  Uncover  poten+al  market  ©  2011  –  Wayne  Chen  
  5. 5. Who  Buys?   ì  Who  is  buying?   ì  Who  is  using  the  product?   ì  Buyers  can  be  different  from   users   ì  Women  buying  men’s   underwear  and  socks   ì  Determine  Buyer  &  User  ©  2011  –  Wayne  Chen  
  6. 6. The  Buying  Process   ì  How  the  product  is  brought   ì  Collect  marke+ng  research   ì  Observe  and  inves+gate   ì  Why  should  I  care?   ì  Iden+fy  cri+cal  routes  to   reach  customers   ì  Adop+on  /  Problem-­‐solving   process   ì  A.I.D.A     ì  AYen+on,  Interest,  Desire,   Ac+on  ©  2011  –  Wayne  Chen  
  7. 7. Five  Step  To  Buying   Informa+on   Evaluate   Awareness   Purchase   Evaluate   Search   Alterna+ves  ©  2011  –  Wayne  Chen  
  8. 8. Awareness  Buying   ì  Might  Need  Something   ì  Interest   ì  Problem   ì  Recogni+on   ì  Realizing  the  need  over  +me   ì  Accelera+ng  the  buying   process  with  ads  ©  2011  –  Wayne  Chen  
  9. 9. Information  Search   ì  Product  Informa+on   ì  Sor+ng  out  the  ads   ì  Deciding  what  is  best   ì  Ge]ng  second-­‐hand   readings   ì  Sampling  the  product  ©  2011  –  Wayne  Chen  
  10. 10. Evaluating  Alternatives   ì  Which  is  the  best  for  me?   ì  Price  comparison   ì  Quality  comparison   ì  Value  comparison   ì  Iden+fy  the  influencers     ì  Target  buying  behavior   ì  Promo+on  models  ©  2011  –  Wayne  Chen  
  11. 11. Distribution  Buying   ì  Where  to  buy?   ì  Store  vs.  Online   ì  Easy  of  purchase   ì  Acceptability  ©  2011  –  Wayne  Chen  
  12. 12. Purchasing  Decision   ì  Purchase  is  not  always  a  “WIN”   ì  A  trail  period   ì  Time  consuming  purchases   ì  Reducing  product  risks   ì  Ads  and  videos   ì  Knowledgeable  sales  people   ì  Trial  warran+es   ì  Printed  collateral   ì  Posi+ve  referrals   ì  Product  comparison  ©  2011  –  Wayne  Chen  
  13. 13. Purchase  Evaluation   ì  Post-­‐purchase  Behavior.       ì  Good  decision  or  Bad?   ì  Physical  or  psychology   tes+ng   ì  Is  there  a  beYer   alterna+ve?   ì  Automobile  evalua+on   ì  Poten+al  and  recent   buyer  targe+ng    ©  2011  –  Wayne  Chen  
  14. 14. Providing  Research  Information   ì  Consumer  research     ì  Success  &  Improvements   ì  Ques+ons   ì  What  specific  ques+ons   do  I  need  answered?   ì  How  am  I  going  to   leverage  the  informa+on   once  I  aYain  it?   ì  Wasted  efforts  ac+ons    ©  2011  –  Wayne  Chen  
  15. 15. Product  Involvement  Levels   ì  High  vs.  Low  involvement   assessment   ì  High  level  risk   ì   High  priced  products   ì  Benefits     ì  Psychological  reward  ©  2011  –  Wayne  Chen  
  16. 16. High  vs.  Low  Matrix   High   Low     Significant   Complex   Experiment   Differences   process   Random     Brand  loyalty   Seeking  Variety   Cheapest   Few   Anxiety   Differences   Random   Reduc+on     Baseless  Beliefs   Baseless  loyalty   Iner+a  ©  2011  –  Wayne  Chen  
  17. 17. How  To  Segment   ì  “Who  is  our  consumer?”     ì  Segmented  vs.  Mass   ì  Coca-­‐Cola  vs.  Vitamin   Water   ì  Segmenta+on  serves:   ì  Profitability  volume   ì  Efficiently  reached   ì  Develop  marke+ng   programs  ©  2011  –  Wayne  Chen  
  18. 18. Effective  Segmentation   ì  Crea+ng  aim  and  efficient   execu+on.  Yielding  most   sales  and  profits   ì  Risk  of  money  and  +me   ì  Four  major  variables:   ì  Geographic   ì  Demographic   ì  Psychographic   ì  Behavioral    ©  2011  –  Wayne  Chen  
  19. 19. Geographic  Segmentation   ì  Divides  the  market  by     ì  Country   ì  State   ì  Region   ì  Count   ì  City   ì  Neighborhood    ©  2011  –  Wayne  Chen  
  20. 20. Demographic  Segmentation   ì  Demographic  breakdown   ì  Age     ì  Sex     ì  Income   ì  Marital  Status     ì  Family  Life  Cycle     ì  Educa+on  or  Occupa+on     ì  Ethnicity   ì  Religion   ì  Race  ©  2011  –  Wayne  Chen  
  21. 21. Psychographic  Segmentation   ì  Lifestyle   ì  Ac+vi+es,  Interests   ì  Personality   ì  Conserva+ve,   Gregarious,  Risk-­‐taking   ì  Difficult  to  assess  and   quan+fy   ì  Generalize  psychological   profiles  ©  2011  –  Wayne  Chen  
  22. 22. Behavioral  Segmentation   ì  Purchase  behavior   ì  Usage   ì  Frequency,  Benefits   ì  Purchase  Occasion   ì  Gij,  Vaca+on,     ì  Brand  Loyalty   ì  Affilia+on   ì  Responsiveness   ì  Sales,  Coupons,  and   Rebates  ©  2011  –  Wayne  Chen  
  23. 23. Evaluating  Marketing  Segments   Measurability   Accessibility   Sustainability   Profitability   Compa+bility   Effec+veness   Defendability  ©  2011  –  Wayne  Chen  
  24. 24. Evaluate    Segments   ì  Profitability   ì  Poten+al  in  market?   ì  Compe++on  Compa+bility   ì  Interest  &  Strategy?   ì  Effec+veness   ì  Adequately  service  this   segment?   ì  Defendability   ì  Compe+tor’s  aYack?    ©  2011  –  Wayne  Chen  
  25. 25. Evaluate  Segments   ì  Measurability   ì  Iden+fy  and  quan+fy   size   ì  Accessibility   ì  Reach  segment  through   ads,  sales  force  or   distributors   ì  Substan+ality   ì  Shrinking,  maturing  or   growing?  ©  2011  –  Wayne  Chen  
  26. 26. Develop  Consumer  Profile   ì  Profile   ì  Female,  25-­‐35YO   ì  College  –  Bachelors   ì  Professional  or  business   execu+ve     ì  No  dependents,  childless   ì  100K  +,  Large  City   ì  European  Car  Owner   ì  Enjoys  Yoga  and  Art  ©  2011  –  Wayne  Chen  

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