techno 4

Question 1

– the process of selecting groups of customers to focus on in a firm’s marketing mix.

Answer 1

MARKET IDENTIFICATION

Question 2

– selecting one or more market segments or groups of customers to target in your marketing mix.

Answer 2

TARGET MARKET IDENTIFICATION

Question 3

– quantitative and qualitative assessment of a market.

Answer 3

MARKET ANALYSIS

Question 4

5P’s OF MARKETING MIX:

Answer 4

1. Product
2. Price
3. Place
4. Promotion
5. People

Question 5

BENEFITS OF TARGET MARKET IDENTIFICATION:

Answer 5

1. More effective marketing mix
2. Helps you choose the right marketing channels
3. Uses limited time, money, and resources more efficiently
4. Maximizes sales and profits

Question 6

STEPS FOR IDENTIFICATION OF THE TARGET MARKET:

Answer 6

1. Assess product or service characteristics
2. Identify why customers would buy from you
3. Identify the most relevant dimensions of segmentation
4. Segment the market according to specific criteria
5. Choose the most profitable segments to include in the target market.

Question 7

– a large part of market research and an important component of business plan

Answer 7

MARKET ANALYSIS

Question 8

– assessing the size of the market

Answer 8

1. DEMOGRAPHICS AND SEGMENTATION

Question 9

– the size of a market

Answer 9

a. VOLUME AND VALUE

Question 10

– potential buyer or clients

Answer 10

b. POTENTIAL CUSTOMER

Question 11

– see if the figure is publicly available

Answer 11

c. MARKET VALUE

Question 12

– 2 methods, bottom-up & top-down approach

Answer 12

d. METHODS FOR BUILDING AN ESTIMATE

Question 13

– type of customer you target within the market

Answer 13

2. TARGET MARKET

Question 14

– where you show your potential investors that you have an intimate knowledge of your market.

Answer 14

3. MARKET NEED

Question 15

– give fair view of who you are competing against

Answer 15

4. COMPETITION

Question 16

– answering two questions from your investors

Answer 16

5. BARRIERS TO ENTRY

Question 17

– refers to licenses and concessions in particular or requirements by the authority to start a business

Answer 17

6. REGULATION

Question 18

EXAMPLES OF BARRIERS TO ENTRY:

Answer 18

• Investment
• Technology
• Brand
• Regulation
• Access to resources
• Access to distribution channels
• Location

Question 19

DIFFERENT METHODS OF MARKET ANALYSIS:

Answer 19

1. Primary Research
2. Secondary Research

Question 20

– experts from target market are interviewed in order to collect new data.

Answer 20

1. Primary Research

Question 21

– uses existing data records from previous surveys.

Answer 21

2. Secondary Research

Question 22

FIVE TYPES OF COMPETITORS:

Answer 22

1. DIRECT COMPETITORS
2. POTENTIAL COMPETITORS