2. LEARNING
OBJECTIVES:
• Describe the goal of market analysis.
• Discuss what is Market needs
• Discuss the Functional or Emotional Needs
• Know the Differentiated Marketing, Products
and Services
• Steps to identify market needs
• Meet the customer market needs
• Quiz
3. GOAL OF MARKET
ANALYSIS
-To determine the attractiveness
of a market and to understand its
evolving opportunities and threats as
they relate to the strengths and
weaknesses of the firm.
4. WHAT IS MARKET
NEEDS?
• “Marketplace needs" is a marketing
concept that relates to the functional or
emotional needs or desires of a target
market. Generally, a successful company
identifies when a segment of customers
is not effectively served by existing
providers and develops and promotes
products or services to match.
5. TARGET MARKETING
• One of the first steps in marketing is to look at
the target audience for your products or
services and to identify one or more market
segments. A market segment is a smaller group
of potential customers with shared traits,
interests, behaviors, usage patterns or lifestyles.
While some companies mass-market to the total
audience, many small businesses identify a
select group of customers and focus on meeting
their needs. A smaller, more homogeneous
market segment allows you to focus on
particular needs.
6. FUNCTIONAL OR
EMOTIONAL NEEDS
• Needs are generally categorized as either
functional or emotional. When the marketplace
has a functional need, people want a product or
service that provides rational benefits. Lower-
income buyers typically want a vehicle that gets
them where they need to go with high fuel
economy, safety and dependability. That's a
functional need. A provider of entertainment or
family activities might appeal to parents in a
specific income group who want to create family
bonding experiences -- to satisfy emotional
needs.
7. DIFFERENTIATED
MARKETING
• Differentiation is a key component of effective
marketing, especially in highly competitive industries.
Often, multiple companies or brands compete to best
meet the needs of a particular market. Developing and
offering distinct features, a lower price, elite service,
better materials, environmental responsibility,
nutritional value or an all-in-one solution are ways to
distinguish your company's brand. Clearly
demonstrating superior benefits that matter to your
customers not only attracts them, but it allows you to
charge moderate to high prices.
8. PRODUCTS AND
SERVICES
• Marketplace needs may include tangible or intangible
needs -- or both types.
• A tangible need means a customer needs a product
that offers tangible benefits. Food is a tangible
product that meets hunger needs, for instance.
• An intangible need exists when a customer wants a
service that comes with expertise, time savings or
value. A customer segment of busy professionals may
need a lawn care service provider because the
customers don't have time to mow and care for their
own lawns.
9. STEPS TO IDENTIFY
MARKET NEEDS
1. Take stock of the current marketing department, materials
and strategies.
2. Research how your competitors market.
3. Do market research.
4. Identify your target customer base.
5. Evaluate your name, logo and motto.
6. Evaluate your printed materials.
7. Evaluate your electronic image.
8. Find out if you have a marketing calendar.
9. Research your past marketing campaigns.
10. Begin adding new marketing strategies according to your
needs.
10. STEP 1
1. Take stock of the current marketing department,
materials and strategies.
-You must become familiar with what has already
been tried, so that you can decide what is missing. For
new businesses, this may be as simple as business
cards or a business plan.
• A new business should complete all or most of a
business plan before trying to chart their marketing
needs. The managers and marketers should have
intimate familiarity with the market before trying to
define a marketing plan. You should have an
established marketing budget, if possible.
11. STEP 2
2. Research how your competitors market.
-Pay special attention to the most
successful companies in your business. You can
identify key competitors by searching online and
completing a sales process, surfing their sites,
walking into physical business offices themselves,
or by reading reviews online.
• Establish your competitive advantage against
your competitors. Everything you do in your
marketing plan needs to emphasize this
advantage.
12. STEP 3
3. Do market research.
-Survey your current customers to see what age,
gender, ethnicity and other demographic groups they fit
into. Also, ask them what is missing in their experience,
so that you can improve their experience and attract
repeat customers.
• You can also evaluate new industry standards and
innovations. Develop a detailed report that everyone
involved in marketing would read.
13. STEP 4
4. Identify your target customer base.
-The majority of the money you spend on
marketing should be spent on communicating and
attracting similar customers. Occasionally you may
want to try to tempt a new demographic to your
business.
• Remember that each demographic responds to
marketing in a different way. One of your main
needs may be to establish different campaigns for
different kinds of customers. A 20 year old person
would be better served by an email, but an 80 year
old might require a piece of mail to alert them
about a sale.
14. STEP 5
5. Evaluate your name, logo and motto.
-All 3 of these things should
communicate what is unique about your
business within its market. This is called
"branding," and you should hire marketing
professionals to create an attractive brand,
if you do not have the skills to do it
yourself.
15. STEP 6
6. Evaluate your printed materials.
-Everything from business cards to letterhead to
invoices and more should project your brand. Media kits,
catalogs, brochures and direct mail campaigns should
be in the hands of people who can effectively design
your graphics.
• If you find your printed materials are not up to
standard, you can choose to hire a graphic designer
full time, hire 1 for a contract, or contract with a
marketing firm. A good relationship with a graphic
designer will help you to execute printed marketing
campaigns in the future.
16. STEP 7
7. Evaluate your electronic image.
- Online marketing is growing to
be 1 of the best ways to find new
business. To this end, you should
have a user-friendly website, email
correspondence, and possibly social
media accounts that announce your
business and specials.
17. STEP 8
8. Find out if you have a marketing
calendar.
-This is 1 of your primary needs. You
need to be able to track and implement
marketing campaigns on a regular basis to
create new business.
18. STEP 9
9. Research your past marketing
campaigns.
-Find the most effective methods and
start advertising campaigns based on
those methods. Develop a more efficient
way to track the Return on Investment (ROI)
on marketing campaigns, such as Google
Analytics.
19. STEP 10
10. Begin adding new marketing strategies
according to your needs.
-If you find that many of these marketing
pieces are missing in your marketing plan, you
may want to consult a marketing firm, so that you
can meet the needs in a timely manner.
• Instead of hiring a marketing company, you can
choose to hire or appoint someone to a
dedicated marketing position.
20. MEET THE CUSTOMER
MARKET NEEDS
Meet your customers' needs - Some ways to go beyond
customer expectations are:
introducing initiatives - for example, customer focus groups,
customer survey cards or a suggestion box. These initiatives
send a clear message to customers that you are interested in
their input
suggesting add-ons - for example, 'Would you like batteries
as well?'
Meeting customers' expectations -To provide good
customer service, you need to understand who your
customers are and what they want.
Know your customers - Try to find out what your customers are
buying, why they are buying and the frequency of their purchases.
When trying to understand their needs, it may be useful to know
details such as their lifestyle, occupation and interests.
21. Know your customers - Try to find out what your
customers are buying, why they are buying and the
frequency of their purchases. When trying to
understand their needs, it may be useful to know
details such as their lifestyle, occupation and interests.
Understand your customers' needs - Find out how your
customers expect you to meet their needs. The
expected level of service varies from marketplace to
marketplace, industry to industry and, to some extent,
from consumer group to consumer group. Research
your marketplace and your target markets to find out
what your customers expect of your business in your
location.
22. Failing to meet expectations - When a business fails to meet
customer expectations, customers do business elsewhere. Poor
customer service and the perceived indifference of staff and
management account for about 68% of customers who don't
return to a business. Customer complaints can alert you if your
business is failing to meet customer expectations. Learn more
about managing customer complaints.
Some actions you can take to improve customer service are:
investigate the areas of issue
train staff in customer service and sales skills
rotate staff so they can increase their knowledge of
other areas
encourage and support teamwork
review recruitment and selection procedures.
24. 1. What is the goal of market analysis?
2. What is market need?
3. One of the first steps in marketing is to look at the
target audience for your products or services
4. Needs are generally categorized
5. When the marketplace has a ____________, people
want a product or service that provides rational
benefits.
6. A provider of entertainment or family activities might
appeal to parents in a specific income group who
want to create family bonding experiences to satisfy
______________.
7. _________is a key component of effective marketing,
especially in highly competitive industries
25. 8. What is tangible need?
9. What is intangible need?
10 - 12. Explain “Introducing Initiatives” . ( base
on your own understanding)
13 – 15. Explain “Know Your Customer” ( base
on your own understanding)
16-17. Explain “Understand your customers’
need” ( base on your own understanding)
18-20. Explain “Failing to meet expectation” (
base on your own understanding)
