Entrepreneurship and small business management chapter 06
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Entrepreneurship and
Small Business
Management
Chapter 6
Exploring Your Market
Ch. 6 Performance
Objectives
Explain how marketing differs from
selling.
Understand how market research
prepares you for success.
Choose your market segment and
research it.
Position your product or service
within your market.
Entrepreneurship and Small Business
Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Marketing
Identifies your customers and their
needs/wants
Develops and uses strategies for
getting your product or service to
customers
Generates interest by communicating
your competitive advantage to
customers
Drives all business decisions
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Market Research
May be conducted at various levels:
Industry
Market segment
Individual consumer
Two main types:
Primary—research conducted directly on
a subject or subjects
Secondary—research carried out
indirectly, through other existing resources
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Primary Research Methods
Personal interviews
Telephone surveys
Written surveys
Focus groups (guided group
discussion)
Observation
Tracking
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Secondary Research
Methods
Online searches
Public and proprietary database
searches
Data published by industry
associations, chambers of commerce,
and public agencies
Review of books and records
Competitor Web sites
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Customer Research
Who are your potential customers?
Where can you reach them?
What do they want and need?
How do they behave?
What is the size of your potential
market?
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Industry Research
What is the industry size in units and dollars?
What is the industry’s geographic range?
Is it a “niche” or a mass market industry?
What does industry profitability look like?
What trends are occurring in the industry?
What is the structure of the industry?
What are competitors doing in the industry?
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Customer Decision-Making
Awareness of a need or want
Information search
Evaluation of alternatives
Decision to purchase
Evaluation of purchase
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Owning Customer
Perception
Features create benefits
Feature—a fact about a product or service
Benefit—what the feature can do to meet
a customer’s needs
How needs, want, and demands differ
Meeting a need is solving a problem
Wants—needs with individual preferences
Demands—wants backed by buying power
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Choosing a Market
Segment
A market segment is a group of consumers
or businesses who have a similar response
to a particular type of product or service.
It is difficult to target very different market
segments simultaneously.
A company that concentrates on one
market segment will likely do better than a
company that tries to sell to everyone.
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Market Segmentation
Methods
Geographic—dividing according to location
Demographic—dividing according to age,
gender, income, and/or education
Psychographic—dividing by psychological
differences (such as opinions or lifestyles)
Behavioral—dividing the market based on
observed purchasing behaviors
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Product Life Cycle (PLC)
Stages
1.
2.
3.
4.
Introduction
Growth
Maturity
Decline
Where is your product/service in the
PLC?
Is your market saturated?
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
Market Positioning
Distinguish your product/service from others
offered to your market segment.
Clearly communicate your competitive
advantage.
Write a positioning statement. Sample format:
[Your business name/brand] is the [competitive
industry/category] that [provides these benefits, or
points of difference] to [audience/target market].
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Management, 1/e
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© 2012 Pearson Education, Upper Saddle River, NJ
07458.
