Market Analysis Flashcards
quantitative and qualitative assessment of the market.
market analysis
Detailed statistics; presented using visual aids- graphs and charts
industry overview
The type of customers you target within the market
Target Market
Indicates where your products or services fit in the competitive environment
competition
highlights the unique features or benefits that customers can expect to receive
USP (Unique Selling Proposition)
Short statement that communicates why buyers should choose your product.
VP (Value Proposition)
Any company that offers the same product/service as you
Direct Competition
Different product/service from yours but can potentially satisfy the same need and reach the same goal
Indirect Competition
characteristics of a business which give it advantages over its competitors
strengths (internal factors)
characteristics of a business which make it disadvantageous relative to competitors
weaknesses (internal factors)
elements in a company’s external environment that allow it to formulate and implement strategies to increase profitability
opportunities
elements in the external environment that could endanger the integrity and profitability of the business
threats
will help determine how you position your company in the market.
pricing strategy
survey research and analysis of the market for a particular product/service which includes the investigation into customer inclinations
market survey
key figure which represents the total scope of the opportunity ahead
market size
total market demand for a product or a service.
total addressable market
part of the total addressable market that can be reached.
served available market (SAM)
estimate of the portion of revenue within a specific product segment that a company is able to capture.
serviceable obtainable market (SOM)
process of dividing a target market into smaller, more defined categories.
market segmentation
types of market segmentation
demographic, psychographics, geographical/location, behavioral
Your customers’ characteristics in terms
of: Age, Sex/Gender, Income, Profession,
and Marital Status
demographics
Your customers’ characteristics in terms
of: Beliefs, Attitudes, and Lifestyle
psychographic
Customer’s identity depends on the specific location or region
location
How your customers shop for and purchase products like yours
behaviors
Influence the behavior of consumers.
trends
process of systematic inquiry that entails collection of data; documentation of critical
information; and analysis and interpretation of that
data/information, in accordance with suitable
methodologies set by specific professional fields
and academic disciplines.
research
place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.
market
process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market
market research
most valuable tool in any type of research study. Inaccurate data collection
may cause mistakes and ultimately lead to invalid results
data collection
most common way to gather primary research with the use of questionnaires or interview schedule
survey
most reliable and credible ways of getting relevant
information from target customers
interview
an excellent method for generating and screening ideas and concepts
focus group discussion (FGD)
