Transition to Management - PowerPoint PPT Presentation

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Transition to Management

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Title: Transition to Management Author: LUCCT Last modified by: lelc Created Date: 7/15/2005 4:49:07 AM Document presentation format: On-screen Show (4:3) – PowerPoint PPT presentation

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Title: Transition to Management


1
3-1
2
Introduction
  • Market analysis
  • Breaks the industry into segments and specifies
    a segment or target market that the firm will
    tackle

3
Market Analysis
  • Firms target market
  • Its customers
  • Its competitors
  • How it will compete in the marketplace
  • Its potential sales and market share

4
Market Analysis
  • Helps define the nature of the business
  • Affirms that a company has a well thought out
    target market
  • Understands its customer and can generate sales

5
Market Segmentation
  • Markets can be segmented by
  • Geography
  • Demographic variables
  • Psychographic variables
  • Behavioral variables
  • Product type

6
Market Segmentation and Target Market Selection
  • Market segmentation
  • Homogeneity of needs and wants within the segment
  • Heterogeneity of needs and wants among the
    segments
  • Small differences within segments
  • Distinct
  • Size
  • Profitable

7
Selecting a Target Market
  • Once a firm segments its market, it selects a
    segment within the market to target
  • Focus on a single market

8
Target Market Size and Trends
  • Estimate size of similar businesses
  • Examine industry trends

9
Buyer Behavior
  • Decision making
  • Who makes the decision to purchase?
  • Individuals
  • Groups

10
Involvement
  • High involvement
  • Medium involvement
  • Low involvement

11
Competitor Analysis
  • Detailed analysis of a firms competition
  • Understand positions of major competitors and the
    opportunities that are available to gain a
    competitive advantage in one or more areas

12
Direct, Indirect, and Future Competitors
  • Direct competitors
  • Businesses that offer a product similar to yours
  • Indirect competitors
  • Businesses that offer close substitutes to your
    product
  • Future competitors
  • Businesses that could move into direct or
    indirect competitor roles

13
Competitive Intelligence
  • The process of gathering information about your
    competitors

14
Competitive Analysis Grid
  • Competitive analysis grid
  • A tool for organizing and presenting information
    you collect about your competitors

15
Estimate of Annual Sales and Market Share
  • Four ways to estimate initial sales
  • Contact premier trade associations in your
    industry
  • Find a comparable firm
  • Conduct Internet searches
  • Use a multiplication method to try to arrive at
    a reasonable number
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