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COMPUTER ENGINEERING 3RD YEAR - BISU > MARKET IDENTIFICATION ANALYSIS (TECHNO) > Flashcards

MARKET IDENTIFICATION ANALYSIS (TECHNO) Flashcards

1
Q

Market analysis - is a crucial process that provides insights into your business’s target market and the competitive landscape within a specific industry.

A

Market analysis - is a crucial process that provides insights into your business’s target market and the competitive landscape within a specific industry.

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2
Q

6 steps in doing market analysis

A

RESEARCH YOUR INDUSTRY
INVESTIGATE THE COMPETITIVE LANDSCAPE
IDENTIFY MARKET GAPS
IDENTIFY BARRIERS TO ENTRY
CREATE A SALES FORECAST
DEFINE YOUR TARGET MARKET

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3
Q

The purpose of this step is to gain an understanding of your industry at large so that you know how to enter it, can spot trends, and compete with other brands.

A

RESEARCH YOUR INDUSTRY

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4
Q

This next step takes you from broad industry insights to looking specifically at brands you’ll be competing against as you seek to attract potential customers in your target market.

A

Investigate the competitive landscape.

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5
Q

INVESTIGATE THE COMPETITIVE LANDSCAPE
This next step takes you from broad industry insights to looking specifically at brands ____________________ as you seek to attract potential customers in your target market.

A

you’ll be competing against

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6
Q

RESEARCH YOUR INDUSTRY
The purpose of this step is to gain ____________________ so that you know how to enter it, can spot trends, and compete with other brands.

A

an understanding of your industry at large

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7
Q

With insights into how competing brands fare, you can find market gaps, differentiate your products and services, and stand out within your industry.

A

Identify market gaps

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8
Q

Now that you know your industry, the competitive landscape, and the market gaps you can fill, the next thing to do is get specific about the kinds of customers you want to serve.

A

Define your target market.

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9
Q

Define your target market according to the characteristics that make individual consumers more likely to purchase products and services from you:

A

Define your target market.

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10
Q

, it’s important to have a clear sense of factors that might prevent you from entering your market successfully.

A

Identify barriers to entry.

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11
Q

______________ is the process of estimating future sales so that you can make confident business decisions or secure funding from investors and lenders.

A

Sales forecasting

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12
Q

7 ELEMENTS OF MARKET ANALYSIS

A
  1. INDUSTRY ANALYSIS
  2. COMPETITOR ANALYSIS
  3. CUSTOMER ANALYSIS
  4. SWOT ANALYSIS (Str, Wkn, Opp, Thrts)
  5. MARKET SEGMENTATION
  6. MARKET TRENDS
  7. SALES AND FORECAST DATA
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13
Q

An overview of the market, including trends, size, and key players.

A

Industry analysis

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14
Q

A study of existing competitors and their strengths and weaknesses, including market share, pricing, and product offerings.

A

Competitor analysis

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15
Q

An examination of the target market and its needs and behaviors, including demographics, purchasing habits, and pain points.

A

Customer analysis

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16
Q

A review of a company’s internal strengths and weaknesses, as well as external opportunities and threats in the market.

A

SWOT analysis

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17
Q

The division of the market into smaller, more defined groups based on characteristics such as demographics, location, and purchasing behavior.

A

Market segmentation

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18
Q

A review of current and emerging trends in the market, such as technological advancements, changes in consumer behavior, and regulatory changes.

A

Market trends

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19
Q

An analysis of past and projected sales data, including market size, growth rate, and revenue projections.

A

Sales and forecast data

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20
Q

ENUMERATE AT LEAST 2 BENEFITS OF CONDUCTIN A MARKET ANALYSIS

A
  1. Spot trends and opportunities in your industry
  2. Differentiate your business from competitors
  3. Reduce the risks and costs of launching a new business (or pivoting an existing one)
  4. Tailor products and services to your target customers’ needs
  5. Analyze successes and failures
  6. Optimize your marketing efforts
  7. Reach new market segments
  8. Monitor your business’s performance
  9. Pivot your business in new directions
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21
Q

it is the process of dividing a heterogeneous market into smaller, more homogeneous groups based on characteristics such as demographics, psychographics, behavior, or geographic location.

A

Market segmentation

22
Q

Its purpose is to identify and target specific customer segments with tailored marketing strategies to better meet their needs and preferences.

A

Market segmentation

23
Q

This is one of the most common ways to segment a market. It involves dividing the audience based onage,gender,race,nationality,occupation,income, andfamily status.

A

Demographic Segmentation:

24
Q

Demographic Segmentation:
This is one of the most common ways to segment a market. It involves dividing the audience based on(7 entities)

A
  1. age,
  2. gender,
  3. race,
  4. nationality,
  5. occupation,
  6. income, an
  7. family status.
25
Q

Geographic Segmentation:
Characteristics: Geographic segmentation considers factors such as(4 entities) to a specific location.

A

climate,city or country,population density, andproximity

26
Q

This approach delves into a customer’spersonality,attitudes,opinions,values,interests,lifestyle, andmotivations.

A

Psychographic Segmentation:

27
Q

Characteristics: This approach delves into a customer’s(7 items)

A
  1. personality,
  2. attitudes,
  3. opinions,
  4. values,
  5. interests,
  6. lifestyle,
  7. motivations.
28
Q

Characteristics: Behavioral segmentation focuses on how customersbehave. It includes factors likepurchasing habits,brand loyalty,spending patterns, anduser status.

A

Behavioral Segmentation:

29
Q

4 Characteristics of Effective Segmentation

A

MEASURABLE
SUBSTANTIAL
ACCESSIBLE
UNIQUE

30
Q

EFF SEG
A viable market segment should be quantifiable. Businesses need to estimate how much the segment will spend on their products and services.

A

Measurable

31
Q

EFF SEG
The segment must be large enough to support the business. If it’s too small, revenue generation becomes challenging

A

Substantial

32
Q

EFF SEG
The chosen segment should be easily reachable for marketing efforts

A

Accessible

33
Q

EFF SEG
Each segment should have distinct characteristics that set it apart from other groups

A

Unique

34
Q

The goal of market segmentation is to develop ________________________________________

A

detailed profiles of each market segment.

35
Q

Once these segments are clearly defined, marketers choose the segments with the _________________ of buying their products and services.

A

highest potential

36
Q

____________________ involves examining historical data and current market conditions to identify patterns, tendencies, and directions in the market.

A

Market trend analysis

37
Q

Market trend analysis involves examining ___________ and _______________conditions to identify patterns, tendencies, and directions in the market.

A

historical data and current market

38
Q

It aims to understand the direction in which the market is moving and predict future movements to make informed decisions.

A

Market trend analysis

39
Q

One effective way to gain a competitive edge is by conducting a _______________

A

market trend analysis.

40
Q

9 types of market trend analysis

A
  1. CONSUMER TRENDS
  2. HISTORICAL TRENDS
  3. SEASONAL TRENDS
  4. GEOGRAPHIC TRENDS
  5. TECHNOLOGICAL TRENDS
  6. DEMOGRAPHIC TRENDS
  7. SOCIAL MEDIA TRENDS
  8. ECONOMIC TRENDS
  9. COMPETITIVE TRENDS
41
Q

:
This type target market analysis focuses on understanding changes in consumer behavior, preferences, and purchasing patterns.

A

Consumer trends

42
Q

By analyzing historical data, you can identify patterns and trends that have emerged over time. These can be all types of patterns and market trends.

A

Historical trends:

43
Q

By analyzing ___________________, you can identify patterns and trends that have emerged over time. These can be all types of patterns and market trends.

A

historical data

44
Q

Analyzing trends across different regions can help you understand how consumer behavior and preferences vary across different regions.

A

Geographic trends:

45
Q

Some industries experience seasonal fluctuations in demand, and analyzing seasonal trends can help you adjust inventory levels, pricing, and marketing strategies to maximize sales during peak seasons.

A

Seasonal trends:

46
Q

With new technologies emerging all the time, businesses need to keep up with the latest trends to stay relevant and competitive.

A

Technological trends:

47
Q

Analyzing demographic trends, such as age, gender, income and education level can help you understand your target audience and develop marketing strategies that resonate with different demographics

A

Demographic trends:

48
Q

Social media has become an integral part of many people’s lives, and your business can benefit from analyzing trends on social media platforms.

A

Social media trends:

49
Q

We all know that economic trends can have a significant impact on businesses. Analyzing economic indicators, such as GDP, inflation and interest rates can help you make informed decisions about pricing, inventory, and expansion plans

A

Economic trends:

50
Q

Amarket trend analysisthat focuses on the strategies and performance of your competitors, can help you identify new opportunities for growth and stay ahead of the competition

A

Competitive trends:

COMPUTER ENGINEERING 3RD YEAR - BISU (25 decks)

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