Market Analysis A Best Prac+ce Guide For Your Marke+ng Strategy Process By: Wayne E. Chen © 2011 – Wayne Chen
Best Practice Guide - Marketing Strategy - Market Analysis By Wayne Chen
Dec 05, 2014
An overview of the marketing analysis for your marketing strategy. Great for entry level marketer, product marketing, and senior marketing executives. Learn to develop your marketing analysis plan.
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ì Market Analysis A Best Prac+ce Guide For Your Marke+ng Strategy Process
By: Wayne E. Chen
© 2011 – Wayne Chen
Learning Objective
ì Market trends and size
ì Product Life Cycle (PLC)
ì Product marke+ng & adap+on
ì Compe+tor Factors
Market Analysis
ì A broader view of poten+al consumers to include market sizes and trends
ì Review of the compe++ve and regulatory environment
ì Worth the trouble of targeted marke+ng effort
Three Evaluation Questions
ì Where is the product in its product life cycle?
ì What are the key compe++ve factors in the industry?
ì What is the relevant market?
Relevant Market
ì Relevant Market ì Not Total Sales
ì All Car Sales ì $10 Billion
ì US Sales ì $5 Billion (50%)
ì Product Differen+a+on ì $250 Million
ì 50% OCONUS
$10 Billion Market (Total)
$5 Billion Market (Relevant)
Marketing Effort
ì Is it large enough to jus+fy your marke+ng effort? ì No – “Makable” product ì Yes – Only “Marketable”
products make money
Sales
Bing
Yahoo
Alibaba
Research & Investigate
ì Market Research ì How to research ì Availability?
ì Inves+ga+on ì How to inves+gate ì Segment
Product State
ì How has the market grown over +me?
ì Projected sales growth for new or exis+ng customers?
ì Shrinking sales ì Cost to compe+tors and
market share fight
Product Life Cycle (PLC)
ì Characterized by the stage that they are at in their PLC
ì Sales growth and awareness buying sales
ì Adop+on impacts product marke+ng
ì Each product develops its own unique PLC as it matures
Product Introduction Stage
ì What is it? ì Needs awareness and
educa+on ì Trial period ì High Ad Costs ì Adapts to feedback ì Dynamic pricing decision
Product Growth Stage
ì Where can I get it? ì Educa+on ì Intensify compe++on ì Compare features
ì Select high distribu+on channels relevant to the buyer
ì Tipping point boost sales and reduce costs
Product Maturity Stage
ì Why this over? ì Brand loyalty ì Small differences
ì Price and stability ì Standard and expected
features ì High ad costs to
differen+ate
ì All channel marke+ng
ì Mass market strategy
Product Decline Stage
ì How much will this cost? ì Compe+tors and
products are the same ì Key focus is on price ì Trade rela+ons
ì No necessarily death ì Reinvigorated ì Death could be profitable –
limited supply
Competitive Factors
ì Five Industry Factors ì Quality ì Price ì Adver+sing ì R&D ì Service
ì Fast food ì Intense ad and promo+on
ads
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