Name __________________________________________ Period _________________
ENTREPRENEURSHIP – CHAPTER 6 OUTLINE
MARKET ANALYSIS
DOING MARKET RESEARCH
I.
DEFINING AREAS OF ANALYSIS
A.
B.
C.
D.
II.
INDUSTRY
Industry -
III.
IV.
TARGET MARKET AND CUSTOMER
A.
market –
B.
The particular group a business is interested in, its _______________, will be
the focus of its efforts.
MARKET SEGMENTATION
A.
Market segments are
B.
Consumer markets are usually segmented.
1.
Geographics –
2.
Demographics –
3.
C.
V.
Psychographics –
industrial market -
TARGET MARKETING
The target market is
A.
B.
C.
D.
The market should be
The segment should be large
The segment should be
The market segment should be
VI.
CONDUCTING MARKET RESEARCH
market research -
VII.
DEFINE THE RESEARCH QUESTION
A.
B.
Focus research.
Find data to support customer acceptance of your product or service.
VIII. TYPES OF MARKET RESEARCH
Research designs are ways to structure your research.
A.
B.
C.
IX.
Exploratory research
Descriptive research
Historical research
THE RESEARCH PROCESS
To successfully research an industry and market, it’s important to have a
___________.
X.
STEP 1: LOOK AT YOUR INFORMATION NEEDS
A.
B.
XI.
STEP 2: START WITH SECONDARY RESOURCES
A.
B.
XII.
secondary data Examples of secondary sources
1.
2.
3.
4.
5.
STEP 3: COLLECT PRIMARY DATA
A.
Primary data
B.
Gather data through
XIII. STEP 4: ORGANIZE YOUR DATA
Set up charts and record the results from the primary and secondary data.
XIV. STEP 5: ANALYZE YOUR DATA
A.
B.
C.
INDUSTRY AND MARKET ANALYSIS
I.
LOOKING AT THE INDUSTRY
A.
B.
II.
TRENDS AND PATTERNS OF CHANGE
To determine a business strategy, one must understand
III.
YOUR COMPANY AND THE INDUSTRY
sales potential -
IV.
THE NATURE OF YOUR PRODUCT
What one sells influences how much can be sold.
V.
INDUSTRY TRENDS
Identifying trends can help a business predict
VI.
SOURCES OF SUPPLY
Suppliers can affect
VII.
DEMOGRAPHICS
Demographics can indicate if an industry is
VIII. BARRIERS TO ENTRY
A.
Barriers to entry
B.
New businesses face many obstacles.
1.
Economies of Scale.
2.
Brand Loyalty.
3.
4.
Proprietary Technology.
IX.
X.
THE COMPETITION
A.
Market share
B.
A niche
C.
Conduct a thorough analysis of the competition.
1.
2.
3.
LOOKING AT THE TARGET CUSTOMER
A.
B.
XI.
WHAT DO WE WANT TO KNOW ABOUT THE CUSTOMER?
A customer profile –
A.
B.
C.
D.
XII.
WHAT DO MY CUSTOMERS NEED?
A customer needs analysis