Untitled Notes

Identifying Target Audiences and Market Trends
- Importance of determining who the potential customers are.
- Understanding prevailing market trends to adapt products and strategies.
Competitive Intelligence Through Online Research
- Gathering insights on competitor activities and market positioning via digital tools.
Analyzing Competitors’ Websites and Online Presence
- Examining the digital footprints of competitors to assess strengths and weaknesses.

Definition: A market is any place or venue where buyers and sellers can exchange goods and services.
- Types of Markets:
- Physical Market: Retail outlets where transactions occur face-to-face.
- Virtual Market: Online platforms, like e-commerce sites or online brokerages, that facilitate transactions without physical presence.
Market in Marketing: In marketing, the term market refers specifically to a group of consumers or organizations that:
- Are interested in the product.
- Have the resources to purchase the product.
- Are permitted by law and other regulations to acquire the product.

Definition: Market research is the process of evaluating the viability of a new service or product through direct research conducted with potential customers.
Purpose:
- Helps define the target market.
- Gathers opinions and other feedback from consumers regarding their interest in a product or service.
Consumer Behavior and Economic Trends:
- Market research examines consumer behavior and trends in the economy to assist businesses in developing and refining their business ideas and strategies.
- Aids in understanding the target market through data gathering and analysis.

Market research is utilized to determine the viability of a new product or service.
- Results can lead to revisions in product design and strategies for market introduction.
- Helps in identifying market segmentation and informs product differentiation, which tailors advertising strategies.

Definition: A customer segment is a grouping of customers that share certain characteristics.
- Methods of Segmentation:
- Based on geographical variables
- Demographic variables
- Buyer-behavior variables

Identifying Profitability:
- Identify the most and least profitable customers
Improve Marketing Focus:
- Better target marketing efforts.
Price Product Differently:
- Adjust pricing strategies based on customer segments.
Develop Better Products:
- Create products or service features tailored to specific customer needs.

80/20 Rule:
- Indicates that 80% of results come from 20% of efforts.
- Useful in focusing resources on the most productive areas.

Definition: Product differentiation distinguishes one company's products or services from the competition.
Importance:
- Successful product differentiation leads to brand loyalty and increased sales.
- A differentiation strategy identifies and communicates the unique qualities of a product or company while highlighting contrasts with competitors.

Definition: Competitive intelligence refers to the practice of collecting and analyzing data on competitors, providing insights to stakeholders about competitive dynamics.
Importance of Competitive Intelligence:
- Learn what your customers want.
- Assess competitors' strengths and weaknesses.
- Understand buyer motivations.
- Uncover market trends.
- Anticipate threats to market positioning.
- Build a sustained competitive advantage over time.
- Prioritize business decisions based on gathered insights.
- Strengthen overall business strategies.

Definition: Web scraping is a powerful internet research tool used for various purposes, including competitor analysis, data mining, content aggregation, and market research.
Capabilities:
- Extract web resources such as photos, text, links, or any data as required.

Keyword Targeting: Discover what keywords competitors are focusing on.
Talent Acquisition: Analyze job postings to see who competitors are trying to hire.
Price Monitoring: Track competitor pricing strategies over time.
Brand Reputation: Assess competitors' brand reputation through online sentiment analysis.