Market Analysis
process of assessing a specific market within an industry to understand its dynamics, trends, and competitive landscape.
Market Analysis
Customers who have the same needs that are in the same specific market
Target Market
What does SWOT stand for
Strengths, Weaknesses, Opportunities, Threats
Promotion
During this stage newer products enter the market, taking the place of existing ones. The old products are in what stage of the product life cycle?
Decline Stage
Sponsor for the Charlotte Hornets jerseys. From Greenville, NC. Famous YouTuber
Mr. Beast
Involves creating actionable strategies based on insights gained from market analysis, detailing how to reach and engage the target market.
Market Planning
Gender, heritage, religion, socioeconomic status, life stage
Demographic segmentation
Advantages, what we do well?, our assets, where do we make our money?
Strengths in SWOT
Nonpersonal presentation of ideas, goods, or services that is NOT PAID for by the company or individual that benefits from or is harmed by it.
Publicity
Products that have unique characteristics that are prized by customers who make special efforts to obtain them.
Ex: Jewelry, medical equipment, luxury cars
Specialty Products
The amount of money a company/person gets in return based off of their initial investment.
Return on Investment
1. Define Target Market 2. Gather Data 3. Analyze Data. 4. Draw Conclusions
Steps in a Market Analysis
regions, states, neighborhoods, cities
Geographic Segmentation
What do we lack?, what are our competitors doing that we are not? How can we improve?
Weakness questions in SWOT
Any paid form of nonpersonal presentations of goods and/or services. Examples would be TV commercials, online, newspaper and magazine promotions.
Advertising
Products that consumers do not actively seek.
Examples include life insurance, long-term health care, and funeral services.
Unsought Products
Sponsors who have sole rights to any merchandising or marketing activities during an event.
Sponsorship Exclusivity
CRM Software! (What does CRM stand for?)
Customer Relationship Management
Lifestyle, personality, interest, activities
Psychographic Segmentation
Finding new ways to serve customers, Looking at Economic trends, Looking at thing that competitors missed
Opportunity in SWOT
The form of promotion that determines clients needs and wants and responds through planned, personalize communication that enhances future business opportunities.
Personal Selling
A promotional activity that occurs when an organization provides money or resources to an event in exchange for affiliation.
Sponsorships
Players, Teams, Leagues in sponsorship terms are known as
Data Analysis Tool for organizing data (uses cells to organize data)
Excel Spreadsheet Software
Rate of use, benefits derived, loyalty response, occasion response.
Behavioral Segmentation
What obstacles do we face?, where are we vulnerable?, what trends are harmful to us?
Threat questions in SWOT
promotional activities other than advertising, personal selling, and publicity that STIMULATES customer purchases.
Sales Promotion
Promotional techniques that are unconventional, low cost, and focused on attracting attention.
Ex: street art, product ambassadors, and images placed on everyday objects,
Guerilla Marketing
A binding legal contract that outlines the agreement of the sponsorship.
Sponsorship Proposal