Øving til Eksamen Flashcards
Four factors that are useful to understand an industry?
Carry Capacity- Is the industry capable of growth
Uncertainty- understanding stability and unsuitability
Complexity- how complex is the industry? Are there a lot of contracts with many suppliers etc.
Stages of cycle- Know the stage of cycle. Then design a strategy
What is a “Target Market”
Who to sell to
What is market segmentation?
Grouping a market into smaller subgroups defined by some specific characteristics.
What are the four market segmentations?
Geographic- where are people located
Demographics- personal characteristics (age, gender, income, family)
Psychographics- (personality, values, motivation, beliefs etc…)
Buying characteristics- knowledge about how someone buy. What triggers them.
What are the guidelines to a target market?
- Should be measurable. Know who and how many buyers there is
- Large enough for the business to make profit
- Need to be able to reach out to the potential customer.
- Segment should be responsive meaning that the potentional buyers you have analyzed should be willing to buy from you.
Define “Market Research”
Is the collection and analyzes of certain information to understand the potential buyers.
The approach to “Market Research”?
- Identify the focus of research
- Select the type of market research
- Starting the research process
What is “Research design”
Ways to structure market research
What are the types of market research?
Exploratory Research- used when you know very little about the subject. You then find people that have knowledge in the field and talk to them.
Descriptive research- When you want to determine status. Collecting data through questionnaires, interviews.
Historical research- Studying the past (Sales data). Patterns from the past can be used to describe the situation today.
Five steps of an effective plan (Starting the research)
- Identify your information needs
- Obtain secondary research
- Collect primary data
- Organize the data
- Analyze the data
What is “Secondary research” ?
Information regarding someone that has already been collected. You can for find the information you need on internet.
What is “Primary Research”
Gathering data that has not been collected before.
What are the industry forces affecting a business?
Barriers to entry- conditions or circumstances that makes if hard to enter the market.
Economies of scale- the cost of producing one unit of a good or service decreases as the volume of production increases
Brand Loyalty- customers who are brand loyal mens that they dont easily switch to another competitor.
Sources of supply- need access to affordable sources of inventory,
raw materials, and goods
Buyers ability to bargain- when existing businesses have bargaining power, a new business may have difficulty gaining a foothold. Large discount buyers (WalMart) have enormous bargaining power
Technology- enables companies to improve their business processes, operate effectively and efficiently are more likely to stay competitive
Research of the competitors?
Market share- completing companies in market
Study the competition- to define an unserved niche in the market.
Niche – a small, specialized segment of the market based on customer
needs discovered in market research
Market Positioning – is the act of identifying a specific market niche for a product or service
Create a Competitive Matrix - do a thorough analysis of the competition. Identify what is unique about your business and define your
Competitive Advantage, a feature that makes a product more desirable than it competitor’s products.
Market Penetration Strategy
Is a plan to reach initial customers and grow
What does marketing research focus on?
Spot current and upcoming problems in the current market
Reduce business risks
Identify sales opportunities
Develop plans of action
What is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services?
Market Research
Why do market research?
People dont want to buy products or services they dont want
Learning what customers want and how to present if drives need for market research
How to do market research?
Analyze the returned items
Ask former customers on why they switched
Look at competitor prices
Seven steps in market research
Step 1: Define Marketing Problems and Opportunities
Step 2: Set Objectives, Budget and Timetables
Step 3: Select Research Types, Methods and Techniques
Step 4: Design Research Instruments
Step 5: Collect Data
Step 6: Organize and Analyze the data
Step 7: Present and Use Market Research Findings
Primary Research is divided into?
Nonreactive- observes how real people behave in real market situations without influencing that behavior
Reactive research- often done more by marketing and research specialist and includes survey, interviews and questionnaires.
What is Closed-ended questions?
Multiple choice questions
“Yes” or “No” questions
