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Market Assessment

Market Assessment
Market Assessment Framework Industries whether small or large function in an environment of controllable and uncontrollable variables. A small enterprise has to constantly interact with the market in which it has to operate and is also exposed to the risk of other environmental factors. Its marketing efforts must stay fine-tuned to suit the requirements of the market in general and the needs and wants of the customers in particular. They have to develop an exceptional market orientation in light of Intensified industrial activity Increased competition and Increased discerning capacity of customers. Need for Market Assessment: The marketing orientation outlook will drive an entrepreneur to seek answers to many questions relating to market segments, marketing inputs, product quality, price structure, technology of manufacture etc., before setting up the venture. This exercise will facilitate him/her to move ahead with greater degree of confidence and tackle the problems that may arise during the later stages, in a professional manner. Market Composition: Analysis of market demand, the competitive situation and trade practices are vital for a sound market assessment. The market is composed of a large variety of customers who differ in their likes and dislikes, options, preferences, education, employment, income and status. The location of customers also differ, some may be located nearer and others in distant places. Here are 30 Great Marketing Ideas to Increase Sales for Your Small Business: Factors that help a firm to decide the target segment which is of special interest: Resource availability Scale of operation and its Impact on profitability The identification of the customer groups aids in making an estimate of the market demand for the product chosen. Look for Competitive Situation: Once the market demand has been estimated, one has to look for the competitive situation prevailing in the market as a firm cannot just pursue its own policies without considering what the competitors are up to. The nature and extent of competition will place several constraints on the marketing policies of a firm and a thorough analysis of the same will help in pricing and also in identifying the gaps and opportunities that will be available for exploitation. Opportunity Evaluation: An intelligent and experienced entrepreneur would weigh an opportunity as follows: How large is the gap between demand and supply in the market and what is the nature of competition in the market for the product? Whether the product is covered under any of the promotional policies of the government, so that, either entry into business or competition in the market is facilitated. Whether there is any special product/service specific problem that he/she will face and can avail of any part of promotional policies, to soften the impact of these problems. Based on such product-market-policy, policy-product-market type of analysis, the entrepreneur will finally conclude if the opportunity is worth investing...
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Project Identification and Screening

Project Identification and Screening
The seed of a project arises merely as an idea – a need or opportunity that is weighed, scrutinized, and eventually developed into a project which is managed through the project life cycle. The most critical question one has to ask would be ‘Are we doing the right project?’ Because a problem well understood is half done. In many segments that rely on a culture of project management, the project officially begins with the official approval of the project, which is not so in the development sector, where the project life more commonly begins with a Project Identification and Screening Phase. How To Design Gorgeous Powerpoint Templates Let us cruise through the steps in Project identification and Screening: SEARCH FOR NEW IDEAS •What are the objectives? •Brainstorm to generate alternative solutions. –Emerging market trends. –SWOT analysis. –Other constraints •Shortlist candidate ideas for detailed scrutiny. MOTIVATION •Projects are a means to accomplish –Individual or family objectives –Organizational objectives –National or global objectives •Project Identification begins in response  to the specific need or the objectives OBJECTIVES To increase profits To minimize threats of losses To become more competitive To provide help after a disaster To train people in a new area To reduce pollution in Delhi To become a successful entrepreneur SWOT ANALYSIS A tool that detects the strengths, weaknesses, opportunities and threats of an organization. In particular, SWOT is a basic, straightforward model that measures what an organization can and cannot do as well as its probable opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and distinguish it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is over, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results. •Objectives •Experience •Resources • Environment pressures •Keeping these factors in mind an analysis of strengths, weaknesses , opportunities and threats is made to identify and select suitable projects. STRENGTHS •Experience and expertise •Financial position •Capital raising capability •Industrial contacts •Foreign collaborations WEAKNESSES •Newer unfamiliar technologies •Inability to raise huge investments •Lack of experience •Lack of trained personnel •Inability to forecast market trends OPPORTUNITIES •Emerging technologies •New products with new markets •New processes with better features •Special financing schemes •Government and other incentives THREATS •Competitors •Poor state of the economy •Outdated technology •Unprofessional management skills •New products and services BRAINSTORMING •A good means to generate new project ideas •Focus on uninhibited participation by a group •Listing of ideas without suppressing creativity at source •List of ideas subjected to screening and evaluation subsequently SCREENING OF IDEAS  Poor  Fair  Good  Vgood  Excellent (1)     (2)      (3)      (4)      (5)    Weight •Cost              *                                       20% •Risk                          *                           30% •Return                                 *                 40% •Hazard          *                                        10% •(score = 2×0.2+3×0.3+4×0.4+2×0.1= 3.1) CRITERIA IN SCREENING PROJECTS •Investment •Rate of return •Risk •Likely profit •Payback •Similarity to existing business •Expected life •Flexibility •Environment impact •Competition Le us look at the following example – REDUCING VEHICULAR POLLUTION IN DELHI Brain Storming IDEAS GENEATED IN BRAIN STORMING – REDUCE VEHICULAR POLLUTION IN DELHI Restrict registration of new vehicles Enforce strict emission regulations for vehicles Ban diesel run vehicles on road Introduce MRTS – Mass Rapid Transport System for the city Encourage use of car pools Grow more trees/ green belts in the city Declaring no traffic zones in the city Ban vehicles with an age of ten or more years from plying on the roads These and more ideas could be generated through a Brainstorming exercise SCREENING OF IDEAS •Criteria chosen for screening: –Effectiveness to achieve objective –Cost of the proposal –Ease of implementation –Time needed This is...
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Market Research for Product Line

Market Research for Product Line
Market Research for Product Line Management Business firms, whether involved in the manufacture of goods or delivery of services, have to understand the importance of marketing research that would give a fair idea about their territory of operations and the scope for development. Sell Right: 13 Effective Techniques to Boost your Sales Let me first clarify the obvious difference between a market research and marketing research. While market research is confined to only a market which comprises of its potential and actual buyers, a marketing research delves deep into and further beyond, covering all areas of marketing including the market. Identification of Consumer Needs: Identification of consumer needs and satisfying them is vital for the emergence of a buyers market. Although firms manufacture goods that are competitive in terms of quality and price, it is the middlemen, the linking factor between the manufacturer and the wholesaler or retailer, that have a commanding grip on distribution, affecting sales volumes. Extensive marketing research will help firms to solve such problems of middlemen and distribution, to cater to the needs of the ever expanding market. Preference of People: People’s preference always changes resulting in a sea change of market conditions. In order to anticipate and meet any such changes, a firm needs to analyze the market conditions on a day to day basis. Also improving the product design helps a firm to retain its customer base. How does a firm survive in the market without knowing the elemental changes that are happening in its immediate environment? Pricing is one of the crucial factors that determine the acceptance ratio of a product or range of products. A separate department is maintained by some top corporate firms to collect relevant information about the pricing strategies of rival companies that helps them to take the market lead, by quoting competitive prices comparatively. Such secret agendas are a need of the hour to outsmart your rivals. Sales Promotion and Advertisement Campaigns: Another component of the research planning is sales promotion and advertisement campaigns. Sales promotion is solely dependent upon the sales force and the marketing manager has to play a key role in integrating their functions to bring out their strengths. The activities of the sales personnel should be oriented towards targets and a mission without a target is like travelling without knowing the destination. When we talk about advertisements, they not only sell tangible products but also intangible things like morals, values, love etc., So, it becomes even more important for the advertisers to follow some built in standards that does not affect the ethical values of the society concerned and also they should make it a point not to make women a mere object of attraction. The market research that is a part of marketing research includes the study of the following: Market size Market potential Market share Market segments Market trends and seasonal trends Sales forecasting Consumer profile Consumer preference Competitor analysis Measuring the price elasticity of demand and much more. Such marketing research helps a firm to develop a comprehensive plan regarding effective training programmes, sales force management, research and development programmers and effective control mechanisms. It also facilitates efficient decision making and the operational tasks of marketing management, thereby contributing to customer satisfaction and efficiency of the...
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