are the people who have already purchased the product you are selling.
- Existing customers
are the people in your market who are not currently looking for a solution.
- Target market users
are the people who have not yet purchased your product but have an intention to buy.
- Prospects
TIPS IN IDENTIFYING MARKET PROBLEM
- Focusing only on innovation and the competition
- Focusing only on customers
- Focusing on revenue
-it is the feeling and impression in the consumers’ mind of a brand’s total personality.
Brand Image
It describe attributes of the buyers in making decision connected in purchasing a certain product.
Market Character-istics
-it is the estimated maximum total sales revenue of all supplies of a product in a market throughout a certain period.
Market Potential
-it is a portion of total sales volume in a market captured by a brand, product or company.
Market Share
PROBLEM-SOLVING RESEARCH
- Distribution Research
- Market Segmentation
- Pricing Research
- Product Research
- Promotional Research
determining on how to transfer the product from the manufacturer to ultimate user.
- Distribution Research
grouping customers by similar characteristics or similar purchase behaviors.
- Market Segmentation
determining the ideal price for the product. Setting the price for the product is one of the most important marketing steps
- Pricing Research
testing the new or revised products or completing test marketing.
- Product Research
determining the best research in the area of disseminating information.
- Promotional Research
It is a quantitative and qualitative assessment of a market ability to respond positively. It investigates the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulations in the industry.
MARKET ANALYSIS
HOW TO DO A MARKET ANALYSIS?
- Demographics and Segmentation
2.Target Market
3.Market Need
4.Competition
