MARKETING PRINCIPLES AND TECHNIQUES BY: JOSE. RODRIGUEZ CONTENT Market analysis Benefits of market analysis Market analysis techniques Product and SWOT analysis Findings of market anaysis Questionarie References • A market analysis is the practice of completing extensive study on a certain market. MARKET ANALYSIS • Market analysis is commonly used by businesses to assess if a new product will do well in a market or if it needs to be tweaked before being introduced to customers. BENEFITS OF MARKET ANALYSIS Market analysis is beneficial for marketers because it may guide future company choices and marketing strategies A company that wants to introduce a new product to its present market, for example, may use a market analysis to determine what actions it must take to guarantee the product is suitable and appealing to the market's customers. Marketing analysis is particularly important for organizations that seek to enter a new market since it may demonstrate how well their business might succeed based on data from rivals MARKET ANALYSIS TECHNIQUES The marketing analysis techniques which were used on my research are: Product analysis SWOT analysis Product analysis involves examining product features, costs, availability, quality, appearance and other aspects. WHAT IS PRODUCT & SWOT ANALYSIS 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. Opportunities and threats are external—things that are going on outside your company, in the larger market. FINDINGS OF MARKET ANALYSIS • In this case I have made a questionary and asked some people a series of questions related to the coffee shop 1. How old are you? 60 50 40 30 20 10 0 15 - 18 15 - 18 50% 18 - 25 18 - 25 10% 25 - 30 25 - 30 30% 30 - 40 30 – 40 0% 40 and above 40 and above 10% As per the chart, 50% of the respondents are between 15 to 18 years old, 10% are between 18 to 25%, no one of the respondents is in between 30 – 40 years old and 10% of the respondents is 40 years old and above. After all, knowing the 50% of the respondent are teens, we could make the cafe with more modern decorations as it would bring their attention towards our café. 2. Choose your gender 60 50 40 30 20 10 0 Male Female Male 50% Female 50% As is seen in the graph, 50% of the respondents are male, and 50% are females which is good as we want the café to have the perfect ambient for everyone. 3. How often do you go out? 45 40 35 30 25 20 15 10 5 0 Never Never 0% A few times a mont A few times a month 40% 2 - 5 Times a week 2-5 times a week 10% Once a week Once a week 20% Every working day Every working day 30% Other Other 0% Here we asked our respondents, “ How often do you eat out ? “ which resulted in 40% of the respondents going out a few times a month, 10% 2-5 times a week, 20% once a week and 30% every working day. With this information we can see how often people usually go out from their homes, so we can know how often they could possibly visit our coffee shop. 4. What is your go to order of coffee? 35 30 25 20 15 10 5 0 Flat white Flat white 10% Americano American o 20% Latte Cappuccino Other None latte cappuccino Other None 20% 30% 205 0% As we can see in this chart, we asked them what would their go to order of coffee be and gave them some options so we can see what people prefer more, and it resulted in 10% of our respondents chose Flat white, 20% chose Americano, 20% Latte, 30% cappuccino and 20% chose other, which means they would choose other drinks which were not in the survey. 60 5. How much money on average would your coffee be, at these cafes ? 50 40 30 20 10 0 3.00 AED or less 3.00 AED 10% 5.00 AED 5.00 AED 50% 7.00 - 10.00 AED or more 7.00 – 10.00 AED 40% In this question we asked them about the average price for their coffee so we can see the prices and let our coffee have better prices. As per the graph, 10% of the respondents chose that the average price should be between 3.00AED or less, 50% chose 5.00AED and 40% chose in between 7.00 to 10.00AED. 6. Does your usual order contain any items that aren’t coffee? 45 40 35 30 25 20 15 10 5 0 Always Always 10% Occasionally Rarely Occasionally 40% Rarely 30% I only buy coffee I only buy coffee 10% Other other 10% I Don't order coffee I don’t order coffee 0% Here we asked our respondents if they buy any other items that aren’t coffee so we can see their answers and check if we should add more products so people can add to their usual orders. In this case we see that 10% of the respondents answered always, which means their order always contains other items which aren’t coffee, 40% said occasionally, 30% said rarely, 10% said that they only buy coffee and 10% chose other. 7. With your coffee orders, what are you most likely to buy alongside it? 45 40 35 30 25 20 15 10 5 0 Bakery items Bakery items 40% Breakfast items Breakfast items 20% Lunch Items Lunch items 0% Snacks / Sweets Snacks / sweets 20% No Items No items 20% Other Other 0% As per the graph, we can see that 40% of the respondents prefer to get bakery related items along side their coffee, 20% chose breakfast items, 20% selected snacks and sweets and 20% of the respondents chose that they don’t get any other items alongside their coffee. We can use this information to help ColoCoffee to understand more about our consumers preferences. 8. Would you say your friends and family support the larger brands or independent cafes the most? 35 30 25 20 15 10 5 0 Larger Stores Large stores 30% Independent Cafes Independent cafes 0% I am Unsure I am unsure 10% None none 30% Both both 30% Here we can see that 30% of the respondents chose larger stores, 10% weren’t sure whether they support larger brands or independent cafes, 30% chose to support neither of them and 30% chose to support both. 9. How loyal on a scale of 1 to 5 ( 1 being the lowest 5 the highest ) how loyal are you to your coffee shop? 6 5 4 3 2 1 0 1 1 30% 2 2 30% 3 3 20% 4 4 20% 0 5 0% As per the graph, we can see that 60% chose 1 & 2 which means that they wouldn’t be that loyal to their coffee shop and 40% of the respondents chose 3 & 4 which means they would be loyal but not that much to their coffee shop. 10. would you consider changing coffee shops ? 45 40 35 30 25 20 15 10 5 0 I will try it. 40% I will try I’ll think about it. 30% I’ll think about it I am unlikely to change. 10% I am unlikely to change I would like to change. Other 10% I would like to change 0% other None of the above 10% None of the above As per the chart, we can see that 40% of the respondents are more likely to change coffee shops as they choose that they said that they will try, 30% said that they will think about it, 10% chose that they are unlikely to change, 10% of the respondents would like to change and 10% chose none of the above which means they wouldn’t choose any of the other options. This can help us determine how likely are our customers to change coffee shops and see how loyal they are to their shop. CONCLUSION • In conclusion, Here we can see that marketing analysis is essential for effective management in business; the more data obtained from people, businesses, and information in general helps to have a broader understanding of the market, allowing you to predict market movements or what would be beneficial to your business. REFERENCES corporatefinanceinstitute, 2021. corporatefinanceinstitute. [Online] Available at: https://corporatefinanceinstitute.com/resources/knowledge/strategy/industryanalysis-methods/ [Accessed 28 Feb 2022]. discuss.io, 2020. discuss.io. [Online] Available at: https://www.discuss.io/market-analysis-benefits-company/ [Accessed 28 Feb 2022]. THANK YOU !!!
