Best Practice Guide - Marketing Strategy - Consumer Market Analysis By Wayne Chen
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An overview of the consumer marketing analysis for your marketing strategy. Great for entry level marketer, product marketing, and senior marketing executives. Learn to develop your consumer profile.
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Best Practice Guide - Marketing Strategy - Consumer Market Analysis By Wayne Chen
- 1. ì Consumer Market Analysis A Best Prac+ce Guide For Your Marke+ng Strategy Process By: Wayne E. Chen © 2011 – Wayne Chen
- 2. Learning Objective ì Look at the consumer and their needs ì Iden+fy segments or groups ì Understand buying process ì Evaluate segments ì Develop consumer profile
- 3. Consumer Analysis ì Consumers + Needs ì How to iden+fy segments ì How to segment the market? ì Who needs us and why? ì Who buys and uses? ì What is the buying process? ì High or low involvement? © 2011 – Wayne Chen
- 4. Need Category ì What is the need? ì Who needs us? ì Why do they need us? ì Can your product be applied to other situa+ons? ì Arm & Hammer ì Uncover poten+al market © 2011 – Wayne Chen
- 5. Who Buys? ì Who is buying? ì Who is using the product? ì Buyers can be different from users ì Women buying men’s underwear and socks ì Determine Buyer & User © 2011 – Wayne Chen
- 6. The Buying Process ì How the product is brought ì Collect marke+ng research ì Observe and inves+gate ì Why should I care? ì Iden+fy cri+cal routes to reach customers ì Adop+on / Problem-‐solving process ì A.I.D.A ì AYen+on, Interest, Desire, Ac+on © 2011 – Wayne Chen
- 7. Five Step To Buying Informa+on Evaluate Awareness Purchase Evaluate Search Alterna+ves © 2011 – Wayne Chen
- 8. Awareness Buying ì Might Need Something ì Interest ì Problem ì Recogni+on ì Realizing the need over +me ì Accelera+ng the buying process with ads © 2011 – Wayne Chen
- 9. Information Search ì Product Informa+on ì Sor+ng out the ads ì Deciding what is best ì Ge]ng second-‐hand readings ì Sampling the product © 2011 – Wayne Chen
- 10. Evaluating Alternatives ì Which is the best for me? ì Price comparison ì Quality comparison ì Value comparison ì Iden+fy the influencers ì Target buying behavior ì Promo+on models © 2011 – Wayne Chen
- 11. Distribution Buying ì Where to buy? ì Store vs. Online ì Easy of purchase ì Acceptability © 2011 – Wayne Chen
- 12. Purchasing Decision ì Purchase is not always a “WIN” ì A trail period ì Time consuming purchases ì Reducing product risks ì Ads and videos ì Knowledgeable sales people ì Trial warran+es ì Printed collateral ì Posi+ve referrals ì Product comparison © 2011 – Wayne Chen
- 13. Purchase Evaluation ì Post-‐purchase Behavior. ì Good decision or Bad? ì Physical or psychology tes+ng ì Is there a beYer alterna+ve? ì Automobile evalua+on ì Poten+al and recent buyer targe+ng © 2011 – Wayne Chen
- 14. Providing Research Information ì Consumer research ì Success & Improvements ì Ques+ons ì What specific ques+ons do I need answered? ì How am I going to leverage the informa+on once I aYain it? ì Wasted efforts ac+ons © 2011 – Wayne Chen
- 15. Product Involvement Levels ì High vs. Low involvement assessment ì High level risk ì High priced products ì Benefits ì Psychological reward © 2011 – Wayne Chen
- 16. High vs. Low Matrix High Low Significant Complex Experiment Differences process Random Brand loyalty Seeking Variety Cheapest Few Anxiety Differences Random Reduc+on Baseless Beliefs Baseless loyalty Iner+a © 2011 – Wayne Chen
- 17. How To Segment ì “Who is our consumer?” ì Segmented vs. Mass ì Coca-‐Cola vs. Vitamin Water ì Segmenta+on serves: ì Profitability volume ì Efficiently reached ì Develop marke+ng programs © 2011 – Wayne Chen
- 18. Effective Segmentation ì Crea+ng aim and efficient execu+on. Yielding most sales and profits ì Risk of money and +me ì Four major variables: ì Geographic ì Demographic ì Psychographic ì Behavioral © 2011 – Wayne Chen
- 19. Geographic Segmentation ì Divides the market by ì Country ì State ì Region ì Count ì City ì Neighborhood © 2011 – Wayne Chen
- 20. Demographic Segmentation ì Demographic breakdown ì Age ì Sex ì Income ì Marital Status ì Family Life Cycle ì Educa+on or Occupa+on ì Ethnicity ì Religion ì Race © 2011 – Wayne Chen
- 21. Psychographic Segmentation ì Lifestyle ì Ac+vi+es, Interests ì Personality ì Conserva+ve, Gregarious, Risk-‐taking ì Difficult to assess and quan+fy ì Generalize psychological profiles © 2011 – Wayne Chen
- 22. Behavioral Segmentation ì Purchase behavior ì Usage ì Frequency, Benefits ì Purchase Occasion ì Gij, Vaca+on, ì Brand Loyalty ì Affilia+on ì Responsiveness ì Sales, Coupons, and Rebates © 2011 – Wayne Chen
- 23. Evaluating Marketing Segments Measurability Accessibility Sustainability Profitability Compa+bility Effec+veness Defendability © 2011 – Wayne Chen
- 24. Evaluate Segments ì Profitability ì Poten+al in market? ì Compe++on Compa+bility ì Interest & Strategy? ì Effec+veness ì Adequately service this segment? ì Defendability ì Compe+tor’s aYack? © 2011 – Wayne Chen
- 25. Evaluate Segments ì Measurability ì Iden+fy and quan+fy size ì Accessibility ì Reach segment through ads, sales force or distributors ì Substan+ality ì Shrinking, maturing or growing? © 2011 – Wayne Chen
- 26. Develop Consumer Profile ì Profile ì Female, 25-‐35YO ì College – Bachelors ì Professional or business execu+ve ì No dependents, childless ì 100K +, Large City ì European Car Owner ì Enjoys Yoga and Art © 2011 – Wayne Chen