Transcript Marketing Research

Chapter Nine
Competitive Advantage and
Marketing Research
TOP 9 LIST FOR BUSINESS PLAN PROJECTS
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2.
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9.
Custom made corn heads, Rusty Olson
Contract hunting lodge, Mike Johnson
Pooling of ag inputs, Dana Morgan
Hunting guide service, Brent Neighbor
Crop injury specialists, Joshua Berg
Precision planting, Thomas Book
Springer, grain wagon latch, Stephanie Creese
Adventure travel consulting, Francis Lorenz
Machinery and grain storage, Patrick Newlon
GROUP 1
ADVENTURE TRAVEL CONSULTING
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Francis Lorenz
Eric Vangorp
Aarron Osterhaus
Tyson Kaldenberg
Tyler Rees
GROUP 2
Springer, Latch for Wagon Chute
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5.
Stephanie Creese
Brent Bonner
Darrick Hall
Laura Northway
Marc Oostenink
Group 3
Crop Injury Specialists
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Joshua Berg
Daniel Severs
Ryan Jones
Ramon Kuntz
Trent Kuntz
Group 4
Precision Planting
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5.
Thomas Book
Benjamin Furman
David Eisenman
Ryan Sauer
Sam Behrens
Group 5
Contract Hunting Lodge
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Mike Johnson
Adam Gittins
Bryan Bradley
Clinton Veren
John Lyle
Group 6
Machinery and Grain Storage
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Patrick Newlon
Chris Steinkamp
Matthew Willimack
Patrick Kuehn
Quinn Showalter
Terrance Wood
Group 7
Hunting Guide Service
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5.
Brent Neighbor
Brett Moffatt
David Curren
Holly Blackford
Leslie Miller
Group 8
Pooling of Ag. Inputs
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Dana Morgan
Adam McKain
Judd Gross
Reid Weiland
Tory Hetland
Victor Dobroff
Group 9
Custom Made Corn Heads
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Rusty Olson
Amanda Taylor
John Peterson
Reid Swanson
Steven King
Chapter Focus
• Define competitive advantage
• Demonstrate the importance and benefits of
having a competitive advantage
• Describe three ways to create a competitive
advantage for your business
• Explain the purpose of the marketing
research process and steps involved in
putting it into practice
• Illustrate what marketing research can do
for your small business
The Five Forces for Competition
Threat of New
Entrants
Bargaining Power
of Suppliers
Fig. 9-1
Rivalry Among
Existing
Competitors
Threat of
Substitute
Products or
Services
Bargaining Power
of Buyers
Competitive Advantage Cycle
Luck
External
Factors
Failure of
Competitor
Competitive
Advantage
Internal
Factors
Fig. 9-2
Superior
Skills
Superior
Resources
Superior Profit
Performance
Market Research Expenditures (1 of 2)
Time spent on market research before
launching most recent new product
or service:
Less than one
month
24%
Seven to 12
months
14%
More than one
year
13%
One month to
6 months
49%
Fig. 9-3a
Market Research Expenditures (2 of 2)
Out-of-pocket money spent
on the market research:
More than
$25,000
10%
$11,000 to
$25,000
$6,000 to
5%
$10,000
17%
Less than
$1,000
36%
$1,000 to
$5,000
32%
Fig. 9-3b
Market Research Process
Analyze
Data
Collect
Data
Develop
a Plan
Identify
Problem
Fig. 9-4
Draw
Conclusions
Customer Needs
Matrix of Customer Needs and
Types
New opportunities
for products/
services
Unspoken
Spoken
Existing
products
or
services
Served
Fig. 9-5
Unserved
Markets
Marketing Research
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Determine potential customers
Determine their demographics
Determine their buying habits
Determine if they will buy your products or
services
• Determine the competition
• Determine your potential sales
Marketing Research
• Trends in the industry
– Trade journals
– Trade associations
– Statistics
• Status of the competition
– Market share
– Financial situation
– Vulnerabilities
Marketing Research Methods
• Secondary data
– WWW
– Government data
– Commercial data
• Survey of Buying Power
• CACI
• Claritas
– Trade associations
Marketing Research Methods
• Primary data
– Surveys
• Phone
• Mail
• In person
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Test marketing
Focus groups
Beta users
Analogues
Marketing Research Methods
• Data sources
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Census of Agriculture
Census of Retail Trade
State sales tax reports
Survey of Buying Power
SEC annual reports
Trade journals
Iowa Agricultural Statistics