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Berkley Center for Entrepreneurial Studies

YOUR MARKET ANALYSIS


AND MARKETING PLAN
Presented by: Cynthia Franklin
Senior Associate Director, Berkley Center
What’s the Difference?
Market Analysis Marketing Plan
Describes Targets (Who & Why) Describes Tactics (How)

 Customers  Product Positioning


 Competition  Price
 Competitive Advantage  Placement
 Critical Success Factors  Promotion
 Critical Risks  Sales Process
 Potential Sales/Market
 Partnerships
Share

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Why Segment the Market?
 All firms have limited resources. They can’t be all
things to all people. They must decide where to
focus their limited time, money and human capital so
that they yield the greatest return.
 That means identifying “right-sized” pieces of the
market to go after.

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What Makes a Market Segment
Promising?
 Measurable: possible to determine size
 Significant: large enough to be profitable
 Recognizable: distinct enough so that you can
identify its members
 Compatible: with your venture’s mission, strengths,
ability

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Ways to Target the Market
 Geographic
 local, regional, national, international
 Demographic
 B2C: gender, age, income, education, ethnicity
 B2B: revenues, # employees, industry

 Psychographic
 values, lifestyles, hobbies
 Behavioral
 benefits sought, usage rate
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Tips for Identifying Market Segments

 Secondary Research
 Databases & Reports
 Newspapers & Magazines

 Trade publications and Trade shows

 Ask
 Industry players
 Potential customers

 Suppliers

 Observe
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Make Sure Your Product Is Compelling
 What problem will you solve? What need/desire does
your product address?
 How will your product make their lives better, easier,
happier?
 Know what your customers are currently doing:
 Going to the competition
 Using another solution
 Nothing
 Know how satisfied they are with existing options.
 How hard will it be to get them to change what they’re
currently doing?

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Who Is My Competition?
Competition = everybody who’s after the same
consumer dollar you are.
 Direct Competitors

 Indirect Competitors

 Possible New Entrants

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How Stiff Is the Competition?
 Analyze your competition.
 Look for marketplace gaps you can fill.
 Develop a competitive matrix.

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Your Competitive Landscape

Honda Honda Toyota Toyota Your


Civic Civic LX Prius Corolla Product
XLE
Mpg 37 28 44 32 ?
5-Yr Fuel $6,500 $8,500 $5,500 $7,500 ?
Cost
Tax $525 0 N/A 0 ?
Rebate
Price $23,270 $18,430 $24,170 $19,330 ?

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Creating a Competitive Advantage
Having a Sustainable Competitive Advantage
allows you to distinguish your product from the
competition’s. It’s what gives you a significant edge.
The basis of your SCA must not be able to be
duplicated or imitated and is not substitutable.

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Creating a Competitive Advantage
 Tangible Items
 Intellectual property rights
 Exclusive license

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Creating a Competitive Advantage
 Intangible Items
 Superior Product/Brand
 Quality
 Selection
 Availability

 Operational Excellence
 Innovation Leadership

 Intimate Customer Relationships/Experiences

 Cost Advantage

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Your Critical Success Factors
CSF = What absolutely must happen in order for
you to be successful. In other words, “If I don’t do X,
then my venture will fail.”

 Identify five or fewer CSFs.


 CSFs will be driven by your industry, business model,
target markets, etc.

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Critical Risks
 Investors aren’t looking for risk-free businesses;
there is no such thing.
 What they are looking for is evidence that you
know where potential trouble lies and that you’ve
thought of contingency plans.
 Be forthright in your assessment of risk.

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Examples of Common Critical Risks
 Competitor response to your entry into the market.
 Sales projections below expectations.
 Unable to find suppliers.
 Inability to find a distributor.
 Inability to get shelf space.

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The Marketing Plan
Your Go-to-Market Strategy

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Your Product
 Core Product: Primary
Communicated benefit
 Tangible Product:
Augmented
Features
Tangible  Augmented Product:
Enhances purchase
Core
exp.
Product
 Communicated
Product: Branding
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Pricing
 How much can you charge?
 Will your products be bundled?
 Will you be offering discounts, leasing, financing,
coupons, etc.?
 Avoid competing on price—for most, it’s not a
winning strategy. Customers who shop based on
price tend not to be loyal.

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Placement: Getting It to the Customer

 Direct to your customer


 Online

 Own physical location


 Indirect to your customer
 Through retailers
 Through wholesalers

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Promotion: Getting Their Attention
 Common Tools
 Advertising (print, broadcast, online)
 Direct mail
 Email/website

 Social networking

 Trade shows/events

 Cold calling/telemarketing

 Face-to-face

 Public relations

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Choosing Your Marketing Mix
Factors to consider
 Choose media your target segments use most.

 Take into account how complex your sale is (big ticket,


new technology, multiple decision makers).
 Use media appropriate for your product.

 Target your message so that your customer receives it

when they’re most receptive.


 Use an assortment of tactics to send a unified message.

 Be focused.

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What Happens When Customers
Raise Their Hands?
 What systems do I need in place to handle customer
inquiries and process orders?
 Fulfillment

 Shipping

 Brochures/Sales literature
 Website

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Partners
 Seek out partners for all phases of the Go-To-
Market Strategy.
 Collaborate with potential “competitors”.

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