EXCEL Business Consulting
Market Plan Weakness
One of the most critical flaws when you “know all about” your technology, is that often you over look what you don’t know about your business. Market plans based on assumptions and secondary research do not give you enough information about your customers Consumers perceptions may differ from the reality, and are as important to understand.
Determining Your Market?
Your Business Plan should be based on market research to avoid pitfalls, including:
Too small or to broad a target market Lack of real product/service advantage Not knowing which features / benefits drive consumption Bad timing Not ...view middle of the document...
Get it right the first time. Tailor your product development to what consumers want Have your target customers “buy in” to product development by keeping them updated on how their input has shaped new features / benefits developed
Who to ask …
Are these technology based questions; and if so who in the company should you be talking to?
– Engineers, engineering consultants, operators, purchasing agents???
Are these business based questions; present costs, purchase practices etc; who in the company should you be talking to?
– CEO, CFO, Purchasing agent???
Internal / External Influencers
The client may rely on internal or external advisors to inform them: Staff External consultants Engineers Other professionals (research organization & institute staff) Ask how they stay aware of new trends, and who helps them in their evaluation of new technologies.
Other areas that are analyzed through secondary research
Suppliers Distributors Competitors Other Stakeholders
Based on the results of your market survey you need to assess your firm’s internal ability to:
Can you address the wants of your surveyed market and still be profitable Develop future technology versions Exploit competitors’ weaknesses by addressing them directly
Questions To Ask…
Survey example Let’s go through the Water Treatment Manufacturer survey? THE REMAINING SLIDES REFER TO HOW TO USE THE RESULTS OF A FEASABILITY STUDY… WE WILL COVER THEM IF TIME PERMITS
Marketing Plans Objectives
Communicate marketing philosophies Provide direction Serve as motivators Clarify thinking Provide a basis for control
Plan segmentation, targeting, positioning
The purpose of segmentation; group customers with similar needs, wants, behavior or attitudes. Targeting: The selection of specific segments for marketing. Can be to one segment, multiple segments or the entire market Positioning; using marketing to create a competitively distinctive place (positions) for the brand or product in the mind of the targeted customer
Direction, Objectives, and Marketing Support
Goals: Long-term performance targets. Objectives: Shorter-term targets that support the achievement of...