Chapter 9: Research and Marketing Flashcards
10 Research steps for market selection
Screen potential markets
1. Obtain statistics
2. Identify 5–10 large and fast-growing markets
3. Identify some small but emerging markets
Assess target market
4. Target three to five most promising
5. Examine trends
6. Ascertain sources of competition
7. Analyze marketing/distribution options
8. Identify foreign barriers
9. Identify government incentives
Draw conclusions
10. Select one or two markets
What are the three subsections of market selection
- Screen potential markets
- Assess target markets
- draw conclusions
Why is there a need to strategic?
- New global marketing challenges
- The lifeblood of global competitiveness
- High quality and value may come from anywhere
Why is there a need to strategic?: -New global marketing challenges
• growing confidence in emerging market supply
• global availability of skilled labour
-the Internet and worldwide competition
Why is there a need to strategic? : -The lifeblood of global competitiveness
• a need to address increasingly segmented markets
○ With internet, customer demand is changing
• knowledge and communication are the keys to profits and returns to investors
-Profits and returns are the ultimate goal of business.
Why is there a need to strategic?: -High quality and value may come from anywhere
• marketing strategy is the means of overcoming new sales challenges
○ People can buy there product for anywhere to get better price, we must market.
Trade Research
Essential to creating the messages that convince potential customers to buy, and crucial to packaging and delivery of the product or service and to even to the initial design and development stages
- Know the market:
- Central to the creation of the marketing plan
- What research is needed?
-Know the market:
• who they are
• what they need
• what they believe
-what they are prepared to buy
What research is needed?
- Confirm the existence of market opportunity and provides knowledge of the market’s attributes
- How a new market can be developed
- What is important to the customers
Skills and qualities of a market researcher
- A high degree of analytical skill and planning ability
- Strong creativity and imagination
- Good communication and people skills
- Strong self-motivation and initiative
- An ability to efficiently absorb and interpret information
- A degree of persuasiveness and sales skills
- The ability to utilize office and Internet technology effectively
Sources of market information
- Internet sources (news sites, competitor websites, social media sites, etc.)
- Online and offline commercial databases and subscription services
- Periodical and trade publications
- Market guides and briefs
- Market research firms
- Government representatives at home and abroad
- Market visits
- Commercial banks
- Business associations and chambers of commerce
- Bilateral business councils and industry associations
- Other companies within the domestic market
- Connecting with diasporas of the target market
Market Types
Fast-paced markets require: (ex. US and Canada)
Relationship-based markets require: (ex. Latin American and Asian Countries )
Developing markets require: ( most African countries)
Fast-paced markets require: (ex. US and Canada
- efficient delivery and communications
- excellent quality assurance
- good media profile
- good local partners
Relationship-based markets require: (ex. Latin American and Asian Countries )
- good communication skills
- cultural sensitivity and local language
- building trust at senior levels
Developing markets require: ( most African countries)
- understanding of developing economies
- patience: market penetration takes time
- flexibility to deal with different situations
- awareness of political situation
- experience working with aid or IFI funded projects
What is marketing?
• The process of planning and executing the conception,pricing, promotion, and distribution of ideas, goods,services, organizations, and events to create and
maintain relationships that will satisfy individual and
organizational objectives.”
• Seeks to build understanding and communication
• Ongoing collection and analysis of data
-The marketing plan is a “living” document
Elements of the marketing plan :
- descriptions of the business
- market profile
- customer profile
- cultural factors
- market objectives-pricing strategy
- details of the product
- market entry
- promotion
- logistics
- implementation
- monitoring results
Elements of the marketing plan :descriptions of the business
should describe company objectives and the characteristic that set it apart from its competitors
