Transcript Chapter 6

CHAPTER 6
MARKET RESEARCH AND ANALYSIS
VOCABULARY
6.1
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Industry
Carrying Capacity
Complexity
Market
Target Market
Market Segmentation
Geographics
Psychographics
Industrial Markets
Market Research
Exploratory Research
Focus Group
Descriptive Research
Historical Research
Secondary Data
Primary Data
6.2
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Barriers to Entry
Economies of Scale
Brand Loyalty
Mass Marketing
Market Share
Niche
Market Positioning
Competitive Advantage
Customer Profile
Customer needs analysis
MARKET RESEARCH
• What is the purpose of Market Analysis?
• Areas of Analysis
• Industry
• List the 4 Broad Factors of understanding your industry and
highlight some points from those paragraphs.
• Target Market and Customer
• How does target marketing help businesses focus their
marketing strategies?
• Pg. 119 gives you guidelines to target marketing, jot down those
4 guidelines in your own words
RESEARCH PROCESS
• List out the 5 steps of the research process
• Read the information underneath each section and
paraphrase the main points under each (Don’t just list the
questions under each section, that’s not even the main
points)
• Answer Critical Thinking Page 123 and answer it
related towards your Business you are starting (you
may already have the answer)
INDUSTRY AND MARKET
ANALYSIS
SECTION 6.2 PAGE 124
RESEARCHING THE INDUSTRY
• Researching the Industry includes:
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Tracking Trends and Patters of Change
Determining Industry Forces that affect your Business
Researching Industry Demographics
Checking out the Competition
• Jot down the 5 Industry Forces that Affect Business
• Paraphrase the main points of each underneath (you can
make a table if you want)
• List the 3 ways you can gather information on your
competitors (List one other way you can think of
and add it to this list)
RESEARCHING THE TARGET CUSTOMER
• Creating Customer Profiles
• Answer the four questions for your personal business (this will
take a little while if done right and can be used in your
business plan)
• Evaluating Customer Needs
• Forecasting (predicting) Demand
• Turn Chapter Work into Period Box and continue
with Marketing Mix PPT (Review it) and the I Scream
For Ice Cream Project