—In market analysis, you will study and understand;
1.Market Segmentation
2.Target Market.
3.Positioning and Differentiation.
4.Market Research.
5.Market Information System.
6.Competition Analysis.
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Market Segment
—A large identifiable group within a market with similar wants, purchasing power, geographical locations, buying attitudes.
—In precise, market segmentation is all about classifying of heterogeneous market into homogeneous market, in which a set of group of people/customers have a similar need and demand pattern.
Niche Marketing
—What is an attractive niche ?
—A distinct set of needs
—A premium can be charged
—Not likely to attract competition
—Gains certain economies through specialization
—Sufficient size, profit and growth potential
Local Marketing
—When the marketing mix is altered to suit the local conditions e.g., Giving a higher/ lower discount than what’s prevailing in the rest of the markets or implementing a different promotion scheme.
Individualized Marketing
—When the firm deals with each customer on a one – to – one basis
—When products are customized for the customer
Behavioral variables—Occasions – birthdays, lunch time, vacations
—Benefits – eg.travel – business, vacation, educational
—User status – non users, ex users, first time users, regular users, potential users
—Usage rate – light, medium, heavy
—Loyalty status – die hard, shifters ,switchers
—Buyer Readiness – unaware – aware – informed – interested – desire – intention to buy
—Attitude – enthusiastic, positive, indifferent, negative, hostile
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