Download - [3] Market Place Survey BEN2010 Week 3
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One fine day…
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Revisit where is possible market space/place for you…
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Option # 1
Intropreneur Studio 20124
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Option # 2
Intropreneur Studio 2012 5
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Option # 3
Intropreneur Studio 2012 6
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Option # 4
Intropreneur Studio 2012 7
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As an entrepreneur…
Need to take calculated risk
Devise pro-active strategies before embark into the target market space
MARKET PLACE
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MARKET PLACE/ PRE-BUSINESS VENTURE
SURVEYBEN 2010: Introduction to Cyberpreneurship
Lecture 3
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3 Driving Forces of New Venture
Fits & GapsBusiness Plan
Resources
Opportunity Entrepreneur
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Challenges for New Venture
• Financial & Managerial
Limited resources
Time Constraint
Little or No Market Share
• Muddled by strong personal biases and beliefs
Decision Making
• Not just end customer but investors, staffs, business partners
Managing stakeholders
Thus, market information is vital
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BASIC DEFINITION
Any organized effort in gatheringrelevant data that subsequentlytranslated into information aboutthe market place to operatepotential business venture.
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PRACTICAL DEFINITION
Systematic gathering and interpretation of
information about individuals or organizations
Using statistical and analytical methods to gain insight about the future operation or to
support decision making
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FUNCTIONS
• Provides important information to identify and analyze the market need & market size
MARKET DESCRIPTION :
• What do potential customers’
• need (necessity),
• want (desire), or
• believe (trend).
• Discovering how they act to things that you will offer…
MARKET IDEAS:
• Key factors to get advantage over competitors
STRATEGIC MARKETING:
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Example I:
Market Description
• Tasty
• Public
Market Ideas
• Necessity: Standard Sugar/Choc Donut
• Desire: Assortment
• Trend: Donashi by Big Apple
Strategic Marketing
• Branding
• Price
• Varieties
• Festive Seasons
• Niche Customer
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Market SCOPES
Market information
Spending Power
Size
Supply &
Demand
Market segmentationSpecific Market
Population
Customer Personalities:
Competitive,
Spontaneous,
Social & Methodological
Market trends
What’s Hot ? What’s Cool ?
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Example II: Idea of Selling Raincoat @ MMU Cyberjaya
• Prices – Look @ Market Price (RM 40 – 70)
• Size – Number of population
• Supply & Demand –
• Do people wear raincoat?
• Any supplier?
Market Information:
• Gender
• Classify them according to their personalities
Market Segmentation
• What Brand is the current favorite?
• What type of color?Market Trends
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Market DIMENSION
• Operation
• Marketing
• Finance
Business Strategies
• Competitors Intelligence• Competitors Strategies
• Product Intelligence• Pricing
• Product Promotion
Competitors Insight
• Market Understanding
• Market Size
• Trend
• Customer Insight
• Brand Preference
• Brand Awareness
• Brand Consideration
Market Insights
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CUSTOMER CHOICE PROCESS
PROVIDER
Create & Capture Value Product features
Price
Deliver & Communicate Value Availability
Advertising
Sales Force
Public Relations
Guerilla Marketing
Awareness
Perception
Preferences
Choice
Satisfaction/Loyalty
CUSTOMER
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How to do survey?
Outline strategies
Data Analysis & FindingsStatistics – Mean, Mode, Median etc…
Data CollectionSurvey Literature Review
Choose MethodPrimary Secondary
Define Market Space
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Examples: Questionnaires
Field work Census Survey
Focus Group survey
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Online survey
Surveymonkey.com
Etc…
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GUIDELINES
SpecificCover Exact Population
Measurable Statistics, #, % , Formula
AttainableWithin the scope
ReliableReal Data
TimelyUp to date
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MARKET SUCCESS……
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Just a thought!!
Terence Conran(founder of Conran Shop,UK)
“Market research can be not just misleading, but
disastrous for people who work on instinct.”
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Online Resources
http://managementhelp.org/marketing/market-research.htm
http://sbinfocanada.about.com/cs/marketing/a/marketresearch.htm
http://www.entrepreneur.com/article/217345