Know Your Customer • Analyze Your Competition

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Shannon Dill
Extension Educator
University of Maryland Extension
[email protected]
410-822-1244
Marketing Research
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Know Your Customer
Analyze Your Competition
Maximize your unique selling position
Marketing Budget and Implementation Plan
Resources for Data:
www.census.gov and agricultural statistics
http://www.agmrc.org/business_development/starting_a_business/marketbusiness_assessment/articles/where_to_find_info
rmation_for_doing_marketing_and_business_studies.cfm
https://www.economy.com/freelunch/
Research sites for food trends:
http://www.epicurious.com/
http://newhope360.com/
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General:
Food shopping habits;
What are some trends in lifestyles? convenience? Emphasis on family time and homecooked meals?
What is the ethnic and racial makeup of population, what are its food preferences?
What are the trends in food safety, health and nutrition?
What are the marketing trends? Growth in organics? An emphasis on freshness?
Specific:
Who are the buyers? What are their ages, incomes and lifestyles?
What are their wants?
Size of the market, number of buyers;
Number of competitors; are they successful? What are their weaknesses?
What price can you expect?
How much of the market can you expect to hold?
What are packaging and labeling requirements?
What are the barriers to market penetration for the products you have in mind?
Agricultural Marketing Resource Center
2
Competitive Analysis: Use information you have researched about the market to complete this chart.
Factor
My Business
Strength
Weakness
Competitor 1
Competitor 2
Market Importance
Products
Price
Quality
Selection
Service
Reliability
Stability
Expertise
Reputation
Location
Appearance
Sales Method
Credit Policy
Advertising
Image
(Source: US Small Business Administration)
3
Marketing Budget Plan
Category
Research
Research hired
Web research
Research publications purchased
Communications
Promotional brochures
Radio/Television
Web design/maintenance
Networking
Memberships/Affiliations
Events
Subscriptions
Promotions
Product giveaways
Product discounts
Special offers
Advertising
Brochures (development/printing)
Logos/Labels
Packaging
Signage
Mailings/Postcards
Radio/Television
Newspapers
Public Relations
Charity events
Advertising
Employee promotions
Sponsorships
Distribution
Shipping
Transportation
Quantity
Cost
Total
Notes
Marketing Total
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