Market Research
How to collect certain information about your customers, market and competitors. This information tells you about your potential market, prices, trends, competition, target customer, its preferences, income, habits, accessibility, convenient time and plans. This information should be accurate, and reliable to help you make the right business decision.
Important questions
What kind of business should I do? What is the demand for my business? Who are my customers? What are the market forces that will affect my business? Where should I locate my business? How much profit can I get at different locations and times? Who are my competitors and what kind of product, price and service they offer? How I differentiate my business from my competitors? What types of service do my customer prefer? What types of advertising attract my customers? What is the market price and how I can change my price accordingly?
What are the new trends, product, time, location and service in the market? And how I adapt them? What are my weaknesses and strengths in my business compare to my competitors? How I can differentiate my business and make it unique? Should I change and redirect my advertising campaign according to the recent situations? How can I change my customers spending habits? How can I expand my business with minimum cost?
An Existing business
Marketing techniques
Unique product and distinguished service. Customer recognition & referral reward policy. Reactivation policy. Track advertising effectiveness. community service and charities. Letter of news. Public image & identity. Join business groups. Be visible in your community. Sales, sampling & coupons. Service guarantees and full money back policy. Survey your customer opinions and satisfy them.
Surveys
Survey is the first step of market research. A survey collects information from a specific group of people or data on a specific subject: Forms of survey interviews:
Personal interview Telephone interview Mail interview Focus group and group interview
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Build public relations. Become certified. Send personal letters to public figures. Join non-profit societies and give out charities . Design a logo and letterhead on all your stationery. Provide a press release for the media.
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Publicity kit
Company description. Product and services description. Personal biography. Customer identification. What makes you unique. Include previous experience. Letters of support from community leaders and customers, these will enhance your image & reputation. Publications, brochures, fliers, pamphlets, articles.
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I. Executive Summary
Brief description of the project/company. Introduction to Product or service. Objectives of the project and Potential customers. Competitive position/market niche/market share. Market problems and marketing plan/strategies. Projected sales & profits.
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marketing decisions.
Identify your problem and objectives. Design a research methodology. Conduct survey and collect data. Organize, analyze and interpret the data. Make the right business decision. Solve your problems and plan for future.
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Consumer satisfaction:
demand, needs, wants, & preferences
Competition:market can
segmented according to free, perfect, monopoly market.
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Product : What kind, and quality of product & services you offer
to customers that satisfy their needs.
Promotion:
The communications and advertising devices you use to inform customers & referral sources of your products & services and price. to display your products and services to be appealing to your customers.
Place: Where you will locate your business also what is the best way
There are other important factors: Positioning, People, Politics, & Profit, and Service.
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VI. Promotion
Communication to activate strategies & tactics Advertising program: to give information about your business, through newspaper, radio, T.V., magazines, brochures, fliers, forms, displays, personal referrals and word of mouth Publicity: how to change purchasing behavior to increase your reputation and creditability. Public relations: to foster your image. Direct mail, telemarketing, speeches, personal selling, samples, sales, networking, charity and community service.
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Strategic Analysis
Goals & Objectives: Goal is
long term aim & objective is short term aim to achieve the goal.
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Company Analysis
Advantages/strength:such
as Unique product and services, large customer volume, location, management, financial support or personnel.
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