Market Segmentation variables:

1. Demographic
2. Social Class
3. Psychographic Segmentation
4. Income Segmentation
5. Customer buying behavior

Target Market sources/strategies to use:

1. Aggregate or Undifferentiated Market
2. Differentiated or Multiple Market
3. Single or Concentrated Strategy

Information of your Target Market

1. MUST know their Age, Gender, Income, Social Class, Religious beliefs/Culture

Buyer behavior

1. Brand Loyalist
2. Customer Readiness
3. Customer attitude about the product

Additional characteristics are: income/ability to buy, interest, access/place of market

Competitor Analysis

1. You must identify your competitors product competitive advantage, company image, product differentiation (what separates them from the others), qualities of their products, their employees/staffs

Calculating Market Share

Market share to put it simply is the proportion of total sales of the organization in the total market.

Below are methods you can use:

FORECASTING DEMANDS: Top-down approach, Bottoms-up approach

nia Community College Syst X Business Plan - Marketing - Part 1 X Course Hero 327/assignments/6236764 2 Market Analysis H. Market Segmentation Variables 1. Pick a minimum of two variables used to segment your target market. Discuss in detail. 2. Sources to use for researching target market Target Market selection 1. Information About Your Target Market - Narrow your target market to a manageable size. 2. Distinguishing characteristics - What are the critical needs of your potential customers? Are those needs being met? What are the demographics of the group and where are they located? Are there any seasonal or cyclical purchasing trends that may impact your business? J. Buyer Behavior 1. Customer buying habits (seasonality, quantity, average expenditure) Y J Competitor Analysis Estimate of Market Share and/or Annual Sales 1. Size of the primary target market - In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group? 2. Calculating Market Share Table 1 Market Share Calculations How do you calculate the market share? Part 1 Calculating Market Share 1 Determine the period you want to examine for each company you are investigating 2 Calculate the company's total revenue (also called total sales) 3 Find the total market sales 4. Divide the target company's total revenue by the entire industry's total market sales Unit Sales Unit Market Share (96) = Total Market Unit Sales O