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One fine day…
Revisit where is possible market space/place for you…
Option # 1
Intropreneur Studio 20124
Option # 2
Intropreneur Studio 2012 5
Option # 3
Intropreneur Studio 2012 6
Option # 4
Intropreneur Studio 2012 7
As an entrepreneur…
Need to take calculated risk
Devise pro-active strategies before embark into the target market space
MARKET PLACE
MARKET PLACE/ PRE-BUSINESS VENTURE
SURVEYBEN 2010: Introduction to Cyberpreneurship
Lecture 3
3 Driving Forces of New Venture
Fits & GapsBusiness Plan
Resources
Opportunity Entrepreneur
Challenges for New Venture
• Financial & Managerial
Limited resources
Time Constraint
Little or No Market Share
• Muddled by strong personal biases and beliefs
Decision Making
• Not just end customer but investors, staffs, business partners
Managing stakeholders
Thus, market information is vital
BASIC DEFINITION
Any organized effort in gatheringrelevant data that subsequentlytranslated into information aboutthe market place to operatepotential business venture.
PRACTICAL DEFINITION
Systematic gathering and interpretation of
information about individuals or organizations
Using statistical and analytical methods to gain insight about the future operation or to
support decision making
FUNCTIONS
• Provides important information to identify and analyze the market need & market size
MARKET DESCRIPTION :
• What do potential customers’
• need (necessity),
• want (desire), or
• believe (trend).
• Discovering how they act to things that you will offer…
MARKET IDEAS:
• Key factors to get advantage over competitors
STRATEGIC MARKETING:
Example I:
Market Description
• Tasty
• Public
Market Ideas
• Necessity: Standard Sugar/Choc Donut
• Desire: Assortment
• Trend: Donashi by Big Apple
Strategic Marketing
• Branding
• Price
• Varieties
• Festive Seasons
• Niche Customer
Market SCOPES
Market information
Spending Power
Size
Supply &
Demand
Market segmentationSpecific Market
Population
Customer Personalities:
Competitive,
Spontaneous,
Social & Methodological
Market trends
What’s Hot ? What’s Cool ?
Example II: Idea of Selling Raincoat @ MMU Cyberjaya
• Prices – Look @ Market Price (RM 40 – 70)
• Size – Number of population
• Supply & Demand –
• Do people wear raincoat?
• Any supplier?
Market Information:
• Gender
• Classify them according to their personalities
Market Segmentation
• What Brand is the current favorite?
• What type of color?Market Trends
Market DIMENSION
• Operation
• Marketing
• Finance
Business Strategies
• Competitors Intelligence• Competitors Strategies
• Product Intelligence• Pricing
• Product Promotion
Competitors Insight
• Market Understanding
• Market Size
• Trend
• Customer Insight
• Brand Preference
• Brand Awareness
• Brand Consideration
Market Insights
CUSTOMER CHOICE PROCESS
PROVIDER
Create & Capture Value Product features
Price
Deliver & Communicate Value Availability
Advertising
Sales Force
Public Relations
Guerilla Marketing
Awareness
Perception
Preferences
Choice
Satisfaction/Loyalty
CUSTOMER
How to do survey?
Outline strategies
Data Analysis & FindingsStatistics – Mean, Mode, Median etc…
Data CollectionSurvey Literature Review
Choose MethodPrimary Secondary
Define Market Space
Examples: Questionnaires
Field work Census Survey
Focus Group survey
Online survey
Surveymonkey.com
Etc…
GUIDELINES
SpecificCover Exact Population
Measurable Statistics, #, % , Formula
AttainableWithin the scope
ReliableReal Data
TimelyUp to date
MARKET SUCCESS……
Just a thought!!
Terence Conran(founder of Conran Shop,UK)
“Market research can be not just misleading, but
disastrous for people who work on instinct.”
Online Resources
http://managementhelp.org/marketing/market-research.htm
http://sbinfocanada.about.com/cs/marketing/a/marketresearch.htm
http://www.entrepreneur.com/article/217345
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