WorksheetsMarket Identification and Analysis
Total questions: 20
Worksheet time: 40mins
Involves selecting one or more market segments or groups of customers to target in your marketing mix.
(a)
What is the goal of a market analysis?
Determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm.
Provides a high-level perspective of the overall business field and usually outlines opportunities and restraining factors for companies hoping to enter that market.
Help businesses establish strategies for effective marketing and sales techniques, and to the assessment of how your product or service fits into a specific market and where it will gain the most traction with customers.
Identify detailed information, including statistics, about your industry. Include information about size, growth potential, trends and outlook.
Give at least three (3) dimensions of marketing analysis.
(a)
It covers your industry, brand competitors, target market, the aim of your business, and the external factors which will directly affect the growth of your business.
(a)
An assessment of how your product or service fits into a specific market and where it will gain the most traction with customers.
(a)
A factor of target market analysis which identify detailed information, including statistics, about your industry. Include information about size, growth potential, trends and outlook.
Target Market
Industry Description and Outlook
Market Test Results
Competitive Analysis
A factor of target market analysis which is the demographic you're trying to reach with your product or service.
Market Test Results
Target Market
Lead Time
Competitive Analysis
A dimension of market analysis that can be evaluated based on present sales and on potential sales if the use of the product was expanded.
Market Profitability
Market Growth Rate
Market Size
Market Trends
Give at least three (3) benefits of target market identification.
(a)
A dimension of market analysis where changes are important because they often are the new source of opportunities and threats.
Market Trends
Market Porfitability
Market Size
Market Growth Rate
Also called the situational assessment or situational analysis.
(a)
5C of marketing
Customers, Company, Competitors, Collaborators, Climate
Collectors, Consumers, Contexts, Costs, Convenience
Communications, Commitment, Connections,
Contents, Creativity
Cash, CEO, Campaigns, Corporation, Capital
Refers to the group of consumers or organizations that is interested in the product, has the resources to buy the product, and is permitted by the law and other regulations to acquire the product.
(a)
4P of marketing
Preperation, Percentage, Preference, Potential
Patience, Perseverance, Power, Performance
Product, Price, Place, Promotion
Panel, Package, Patent, Permit
Parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment.
5P
5C
4P
4C
An environmental scan on the key areas especially applicable to marketing decisions that covers the internal, macro-environmental, and micro environmental situation.
4C
4P
5C
5P
Target market identification does not involves identifying why a customer would want to buy from you.
True
False
Without a target market in mind, you cannot promote your products or services to customers where they are
True
False
If you know who your customers are, you can tailor the product, price, and distribution channels to better meet their needs and desires.
True
False
Market testing can not be a valuable part of a target market analysis
True
False
