MARKETING ASPECT

Dennis B. Alferos, MBA

 What is market research?

• Market research is the process of gathering information about your business's

buyers personas, target audience, and customers to determine how viable
and successful your product or service would be among these people.
 How To Do Market Research
• Define your buyer persona.
• Identify a portion of that persona to engage.
• Engage your market research participants.
• Prepare your research questions.
• List your primary competitors.
• Summarize your findings.
 1. Define your buyer persona.

• Before you dive into how customers in your industry make buying decisions,

you must first understand who they are. This is the beginning of
your primary market research — where buyer personas come in handy.
• Buyer personas — sometimes referred to as marketing personas — are
fictional, generalized representations of your ideal customers. They help you
visualize your audience, streamline your communications, and inform your
strategy
Some key characteristics you should be keen on
including in your buyer persona are:
• Age
• Gender
• Location
• Job title(s)
• Job titles
• Family size
• Income
• Major challenges
 Identify a portion of that persona to engage.
• Now that you know who your buyer personas are, you'll need to find a
representative sample of your target customers to understand their actual
characteristics, challenges, and buying habits.
• These should be folks who recently made a purchase (or purposefully
decided not to make one), and you can meet with them in a number of
ways:
• In-person via a focus group
• Administering an online survey
• Individual phone interviews
 Engage your market research participants.

• Market research firms have panels of people they can

pull from when they want to conduct a study. The trouble
is, most individual marketers don't have that luxury —
and that's not necessarily a bad thing. In fact, the time
you'll spend recruiting exclusively for your study will
often lead to better participants.
 Prepare your research questions.

• The best way to make sure you get the most out of your
conversations is to be prepared. You should always
create a discussion guide — whether it's for a focus
group, online survey, or a phone interview — to make
sure you cover all of the top-of-mind questions and use
your time wisely.
 List your primary competitors.

• Understanding your competitors begins your secondary market

research. But keep in mind competition isn't always as simple as
Company X versus Company Y.
• Sometimes, a division of a company might compete with your
main product or service, even though that company's brand
might put more effort in another area. Apple is known for its
laptops and mobile devices, for example, but Apple Music
competes with Spotify — which doesn't sell hardware (yet) —
over its music streaming service.
 Summarize your findings.
• Feeling overwhelmed by the notes you took? We suggest
looking for common themes that will help you tell a story
and create a list of action items.
• To make the process easier, try using your favorite
presentation software to make a report, as it will make it
easy to add in quotes, diagrams, or call clips. Feel free to
add your own flair, but the following outline should help
you craft a clear summary:
• Background. Your goals and why you conducted this study.
• Participants. Who you talked to. A table works well so you can break groups
down by persona and customer/prospect.
• Executive Summary. What were the most interesting things you learned?
What do you plan to do about it?
• Awareness. Describe the common triggers that lead someone to enter into
an evaluation. Note: Quotes can be very powerful.
• Consideration. Provide the main themes you uncovered, as well as the
detailed sources buyers use when conducting their evaluation.
• Decision. Paint the picture of how a decision is really made by including the
people at the center of influence and any product features or information
that can make or break a deal.
• Action Plan. Your analysis probably uncovered a few campaigns you can run
to get your brand in front of buyers earlier and/or more effectively. Provide
your list of priorities, a timeline, and the impact it will have on your business.
 Begin Conducting Market Research

• Conducting market research can be a very eye-opening experience. Even if

you think you know your buyers pretty well, completing the study will likely
uncover new channels and messaging tips to help improve your interactions.
Not to mention, you'll be able to add "market research" as a skill to your
resume.
 What is Demand?

• Demand is an economic principle referring to a consumer's desire to

purchase goods and services and willingness to pay a price for a specific
good or service. Holding all other factors constant, an increase in the price
of a good or service will decrease the quantity demanded, and vice versa.
Market demand is the total quantity demanded across all consumers in a
market for a given good. Aggregate demand is the total demand for all
goods and services in an economy. Multiple stocking strategies are often
required to handle demand.
 What is Supply?
• Supply is a fundamental economic concept that describes the
total amount of a specific good or service that is available to
consumers. Supply can relate to the amount available at a
specific price or the amount available across a range of prices if
displayed on a graph. This relates closely to the demand for a
good or service at a specific price; all else being equal, the supply
provided by producers will rise if the price rises because all firms
look to maximize profits.
 KEY TAKEAWAYS
• Demand refers to consumers' desire to purchase goods
and services at given prices.
• Demand can mean either market demand for a specific
good or aggregate demand for the total of all goods in
an economy.
• Demand, along with supply, determines the actual prices
of goods and the volume of goods that changes hands in
a market. 75% Volume.
 Marketing Aspects

• To determine the extent to which the goods/

services be generated by the project are needed or
demanded and to design the appropriate
marketing strategies and plans that will help
ensure that the project’s outputs will reach and be
accepted by the target users.
 Market Segmentation
• Refers to the process of dividing the market into distinct
groups where each group has common characteristics.
Segmentation is the initial step in targeting the market.
There are various ways a company can divide or segment
the market. This can be done through dividing the
market into different segments; demographic ,
geographic; behavioral, and psychographic
segmentation.
 Demographic Segmentation

• The market is divided based on variables such as

age, gender, income, education , nationality,
religion, and family life cycle.
 Geographic Segmentation

• Means the market is divided or segmented based

on territory or geographical units such as regions
and cities.
 Psychographic Segmentation

• Groups the market according to lifestyle,

personality, or social class
 Behavioral Segmentation

• Dividesthe market into groups based on

knowledge, attitudes of the market’s
response to a product.
 Market Share

•  is the breakup of market size in percentage terms,

to help identify the top players, the middle and the
"minnows" of the marketplace, based on the
volume of business conducted;
 Marketing Strategies / Product Promotion
• Promotion in marketing , involves communicating to the
public something about the product. The intention of
communication is to inform , persuade , remind, and
influence the decision of the public about the product.
There are different ways of product promotions like,
advertising, public relations, sales promotions and
personal selling.
 Advertising

• is a paid non-personal type of promotion where a

product or idea is presented by an identified firm.
It is one of the widely used promotion. It is done
using broadcast media.
 Advertising mediums
• A. Broadcast media- refer to medium used by advertisers
when they choose to have ad expose on television, radio
or cinema.
• B. Print media prices vary depending on the size of the
ad, location and the number of colors used in printing the
advertisement.
• C. Outdoor Advertisement- consists of ads that are
placed on highways or roads where there are many
passerby and vehicular traffic is heavy.
 Personal Selling

• Unlike Advertising, personal selling is promotional

method where face to face interaction between
the seller and the buyer is seen.
 Sales Promotion
•A kind of promotion that targets either the
channel of distribution , like the wholesalers or
distributors or the market. This is short termed
promotion that intends to make the market react
fast to a promotion campaign.
 Public Relations

•A type of promotion that builds good relations

with the various stakeholders of the company by
using different public relations tools to establish
good corporate image and manage unfavorable or
negative publicity or events.
 SWOT Analysis
•A SWOT analysis is an incredibly simple, yet
powerful tool to help you develop your business
strategy, whether you’re building a startup or
guiding an existing company.
• SWOT stands for Strengths, Weaknesses,
Opportunities, and Threats.
• Strengths and weaknesses are internal to your company
—things that you have some control over and can
change. Examples include who is on your team, your
patents and intellectual property, and your location.
• Opportunities and threats are external—things that are
going on outside your company, in the larger market. You
can take advantage of opportunities and protect against
threats, but you can’t change them. Examples include
competitors, prices of raw materials, and customer
shopping trends.
Questions that can help inspire your analysis

• Here are a few questions that you can ask your

team when you’re building your SWOT analysis.
These questions can help explain each section and
spark creative thinking.
 STRENGTHS
• Strengths are internal, positive attributes of your company.
These are things that are within your control.
• What business processes are successful?
• What assets do you have in your team, such as knowledge,
education, network, skills, and reputation?
• What physical assets do you have, such as customers,
equipment, technology, cash, and patents?
• What competitive advantages do you have over your
competition?
 WEAKNESSES
• Weaknesses are negative factors that detract from your
strengths. These are things that you might need to improve on to
be competitive.
• Are there things that your business needs to be competitive?
• What business processes need improvement?
• Are there tangible assets that your company needs, such as
money or equipment?
• Are there gaps on your team?
• Is your location ideal for your success?
 OPPORTUNITIES

• Opportunities are external factors in your business environment

that are likely to contribute to your success.
• Is your market growing and are there trends that will encourage
people to buy more of what you are selling?
• Are there upcoming events that your company may be able to
take advantage of to grow the business?
• Are there upcoming changes to regulations that might impact
your company positively?
• If your business is up and running, do customers think highly of
you?
 THREATS
• Threats are external factors that you have no control over. You
may want to consider putting in place contingency plans for
dealing them if they occur.
• Do you have potential competitors who may enter your market?
• Will suppliers always be able to supply the raw materials you
need at the prices you need?
• Could future developments in technology change how you do
business?
• Is consumer behavior changing in a way that could negatively
impact your business?
• Are there market trends that could become a threat?
Thank you!