To accompany Cateora/Graham/Bruning’s International Marketing Canadian Edition
Guide for developing your project
Summary
Successful businesses have extensive knowledge about their customers and their competitors. Acquiring accurate and specific information about your customers and competitors is a critical first step in market investigation and development of a marketing plan. Accurate market assessment and development of an effective plan is critical to the success of both new and existing businesses. The market impacts and directs all aspects of the company's activities and ultimately will lead to success or failure of the business. In developing a market plan, your primary functions are to understand the needs and desires of your customer, select or develop a product or service that will meet customer needs, develop promotional material that will make the customer aware and ensure product or service delivery.
Market Analysis
Who is your customer?
Knowledge of the customer enables you to determine the market size and what determines their buying decision. It provides information that will assist in choosing a location, determining product or services to be offered, establishing pricing and planning a selling strategy.
Key issues to consider are:
Who will buy your product? Primary and secondary target groups.
Where does the buyer live and what is their profile?
What factors influence the decision to buy?
Who is involved in the purchase decision?
How often will buyers buy?
Where do they buy, when and how much do they buy?
What are the buyer's preferences and needs?
Are customers loyal? Can long term relationships be built?
What product or service are you selling?
An important aspect of market analysis is to ensure that the product or service meets the market (customer) needs. Product or service focus must be the customer.
Issues to address are:
Specifications of all your products and or