What is a market?
The physical place?
No....
The set of all buyers and sellers?
No...
The set of all actual or potential buyers of an offering?
Bingo!
What does it mean for a person or organization to be in the Market?
you may have heard...
ready, willing, and able
access, interest, and income
In judging market potential, we must ask:
- What is the market?
- How big is it now?
- How big can or will it be?
- What is our market share?
- What are the market shares of our competitors?
- What are the different kinds of customers?
- How many of each kind of customer do we have?
- How many of each kind of customer do our competitors have?
Measurement of markets -- what do we want to know?
- units
- dollars
- share of each competitor
Geography of market
- sales by region
- sales by county size
- sales by city size
- specific locations
- stores where sales are made
Demographics of market
- sex
- age
- income
- occupation
- family characteristics
- religion
- race
- education
Size of market
Behaviors of Purchasers
- Who?
- uses
- buys
- influences
- What?
- the offering (ours or theirs)
- When?
- Month?
- Week?
- Season?
- Day?
- Where?
- Supermarkets?
- Specialty stores?
- Department stores?
- Discount stores
- Retail/Wholesale hybrids (Costco, Sam's Club)
- Non-place based retail? (Mail, WWW)
- Why?
- Reasons... ecomonic, legalistic etc.
- How?
- Impulse?
- Request?
- Brand?
- Frequency?
- Size?
- Number at once?
Methods to measure current and future demand -- forecasting.
First define the situation clearly!!!
Return to Notes list.