Identifying-Market-Needs-1.pdf

Business marketing and business needs

3. Who’s Reporting?
Janwell Livy Barce Redz Charlot
MANAGE REPORTERS

4. Identifying market needs
SUBTOPICS OF THE REPORT
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5. Market needs refer to the functional needs, desires
and goals of a target audience.

6. SUB TOPIC Part 1
Goal
•Identifythemarketbyanalyzingtheneedsof
costumers
•Explainhowmarketsegmentationcanhelpan
entrepreneuranalyzea
atargetmarket

7. Consider the following information regarding your costumer
•individual or companies
•age and income
•needs and wants my product will satisfy
•competitive environment
•pricing of product and services
•what is unique about my offering

8. What are the included when identifying
market needs?

9. The process of dividing a customer base into distinct groups
of individuals that have similar characteristics.
•Mass market
•Niche market
•Segmented market
•Diversified market
•Multi sided market

10. ❖TheValuePropositions,DistributionChannels,andCustomer
Relationshipsallfocusononelargegroupofcustomerswith
broadlysimilarneedsandproblems.
❖Specific,specializedClientSegmentsarecateredtobybusiness
modelsaimedatnichemarkets.
❖Thesebusinessstructuresarefrequentlyobservedinsupplier-
buyerinteractions.Forinstance,manysuppliersofautopartsrely
substantiallyonordersfromsignificantautomakers.

11. ❖Somebusinessmodelsdistinguishbetweenmarketsegmentswith
slightlydifferentneedsandproblems.
❖Twounrelatedclientsegmentswithextremelydiversedemandsand
issuesareservedbyanorganizationwithadiversifiedcustomer
businessstrategy.

12. ❖Somebusinessescatertotwoormoreinterconnectedcustomer
segments.

13. A description of the characteristic of the person or company
that is likely to purchase a product or service.
•Demographics
•Psychographics
•Use-base data
•Geographic data

14. ❖datathatdescribesagroupofpeopleintermsof;
•Age
•Maritalstatus
•Familysize
•Ethnicity
•Gender
•Profession
•Education
•Income

15. ❖datathatdescribeagroupofpeopleintermsof;
•Tastes
•Opinion
•Personalitytraits
•Lifestylehabits

16. ❖datathathelpsyoudeterminehowoftenpotentialcustomersusea
particularservice.
❖datathathelpsyoudetermine:
•Whereyourpotentialcostumersliveand;
•Howfarcustomerswilltraveltodobusinesswithyou

17. SUB TOPIC Part 2
Goal
•Explaintheroleofmarketresearch
•Identifythesixstepsinvolveinmarketresearch

18. A system for collecting, recording, and analyzing information
about costumers, competitors, goods, and services.

19. ❖Informationcollectedfortheveryfirsttime.
Example:
Autobiographiesandmemoirs.Diaries,personalletters,
andcorrespondence.Interviews,surveys,andfieldwork.
❖Informationfoundinalready-publishedsources.
Example:
Governmentpublicationandwebsites
Books
Newspapersarticles.

20. ❖Definethequestion.
•Determineexactlywhatyouneedtoknow
❖Determinethedataneeded.
•Definewhatkindofdatayouneedtoanswerthequestion.
❖Collectthedata.
•Questionersshouldcontainonlythemostpertinentquestion.
❖Analyzethedata.
•Thoroughlyanalyzeandinterpretthedata.
❖Takeaction.
•Useyouranalysisresulttotakeactionplan.
❖Evaluatetheresults.
•Entrepreneursmustperpetuallyreassesstheeffectivenessof
theiractions.

21. SUB TOPIC Part 3
Goal
•Explaintheimportanceofunderstandingyour
competition.
•Determinetypesofcompetition.
•Prepareacompetitiveanalysis.
•Describestrategiesformaintainingcustomerloyalty.

22. To remain competitive, you should offer products that are of
equal or better quality than the
competitionand that sell for the same or lower prices.

23. Determine the ways your competition is not meeting the
needs of their customers. The unmet needs of these
customers provides you with an entrepreneurial
opportunity.

24. ❖Sellssimilarproductsandservices
❖Productsareofcomparablequality,value,andpricepoint
❖Hasthesameidealcustomer
❖Sellsdifferentproductsandservicesfromthesamecategory
❖Productsmaybeatadifferentpricepoint,butcouldserveasa
substitute
❖Meetsthesameneedforthecustomer

25. competitive analysis identifying and examining the
characteristics of a competing firm

26. ❖Makealistofyourcompetitors.
❖Summarizetheproductsandpricesofferedbyyourcompetitors.
❖Listeachcompetitor'sstrengthsandweaknesses.
❖Findoutthestrategiesandobjectivesofyourcompetitors.
❖Determinethestrengthofthemarket.

27. 100% Done 19+ 5 Members
Reporters: Barcebal, Caracena, Mamalintao, Tiña, Peñaflor
Subject: Technopreneurship
Teacher: Dr. MarcicelDayaday
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