LIFESTYLE BUSINESS ACCELERATOR 90 Day Program | Week 4 Market & Research Wrap Up
MARKET ANALYSIS OVERVIEW ADDRESSABLE MARKET DEFINITION & SIZE TARGET MARKET DEFINITION & SIZE
WHY IS THIS THE TARGET MARKET? (Largest opportunity, lowest hanging fruit, domain expertise, etc)
TOOLS: US CENSUSE, SBA, BLS, REAL ESTATE AGENTS, BUSINESS DECISIONS
B2B INTRODUCTION TO MARKET ANALYSIS
Business-to-
business (B2B) refers to a situation where one business makes a commercial transaction with another. This typically occurs when: A business is sourcing materials for their production process (e.g. a food manufacturer purchasing salt).
B2C
Business-to-
consumer (B2C) is an Internet and electronic commerce (e-commerce) model that denotes a financial transaction or online sale between a business and consumer. B2C involves a service or product exchange from a business to a consumer, whereby merchants sell products to consumers.
TOTAL ADDRESSABLE MARKET (TAM)
MARKET DEFINITIONS TAM SAM
TM
Also called total available market, is a term that is typically used to reference the revenue opportunity available for a product or service. TAM helps to prioritize business opportunities by serving as a quick metric of the underlying potential of a given opportunity. SERVICEABLE AVAILABLE MARKET (SAM) Serviceable addressable market (SAM) (or served available market) is the part of the total addressable market (TAM) that can actually be reached.
TARGET MARKET Target Market a particular group of consumers at which a product or service is aimed.
TARGET MARKET
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MARKET SEGMENTATION
Market segmentation is a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries that have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.
NEEDS, INTEREST, PRIORITIES
B2C TYPES OF SEGMENTATION Geographic segmentation
Psychographic segmentation
Demographic segmentation
Occasional segmentation
Behavioral segmentation
Segmentation by benefits
Cultural segmentation
B2B TYPES OF SEGMENTATION Company Size (Revenue & Employees)
Geographic Location
Niches and Markets
Restaurants
Franchised Chains
Pizza Stores
Independent Stores
Food Service Firm Commercial Pizza Sauce Market
Frozen Pizza Manufacturers Packaged Ingred. Super Markets Existing Private Labels
Source: www.marketingstudyguide.com
No Private Labels
MARKET RESEARCH CONT.
MARKET SIZE & POTENTIAL
MARKET TRENDS & GROWTH
TOOLS FOR MARKET RESEARCH
Real Estate Agents for physical location data
Trade Associations
HOMEWORK
1
2
3
Write Product & Service Description
Write Industry, Market, & Competitive Analysis Sections
Complete Act of Service for someone in class
These 4 sections are due 6/14/16 before class to accountability partner.