How to promote your business, Market analysis is a very important process in the marketing process, as the 7 Figure Cycle guide to the correct sales and distribution, and we mean market analysis is a careful study to determine the appropriate marketing strategy whether related to the market segments or marketing objective.
There are three steps in analyzing market segments:
We start with a small sample of consumers in order to discover some of the characteristics that serve as the basis for division.
We go a little further to the larger samples, and here the administration must be warned that the preliminary results are not final.
We use several criteria to collect data on the basis of possible division, and it is advisable not to precipitate incidents with specific incentives on the basis of these sectors.
Characteristics of the commodity:
The marketing man tries to promote the distinctive characteristics of his goods that are lacking in competing goods.
An important strategy in applying this policy is advertising, packaging, selling, dividing the market into sectors that define, define in advance the consumer demand and then develop the product in line with this demand. This approach depends on the existence of a real difference to the unique characteristics of the commodity.
Although the policy of distinguishing goods has its own characteristics and the policy of market sectors appears to be counter-productive, both can be used at the same time.
If we rely on the existing sectors to market a particular commodity, we may reach small sectors of the market, which leads the marketing man to search for characteristics unique to his goods and become more desirable and required than competing goods.
Through this strategy, the company studies the market in order to find a sector in which the position of competitors is weak and then the company seeks to produce a commodity that can be sold in this sector easily.
Market integration is the reverse of the sectoral market. While the process of dividing the market into sectors and consumers is aimed at groups and also satisfying the needs of different consumers, the integration of the 7FigureCycle market aims to expand the market so that the commodity can compete the rest of the goods within this large market.
If the company wants to promote its goods among more than one consumer group, it must achieve coordination among those sectors.
The more homogenous market sectors, the easier coordination will be.
Market Objective Strategy:
1. A unified marketing strategy: in the sense of using the marketing mix and applying it to the whole market.
2. Different Marketing Strategy: In the sense of using a different marketing mix for each sector.
3. Focused marketing strategy: that is, directing marketing efforts on one sector.
There are some factors that influence the choice of the marketing strategy followed by the establishment: financial resources, homogeneity of cough, product life cycle, market homogeneity, competitive shopping strategies.
Reflects the company’s ability to pursue a strategy. If the financial resources are huge, the 7 Figure Cycle strategy is uniform or different, and if resources are specific, the focused strategy is better.
A uniform marketing strategy that would be more appropriate in the case of other homogenous and strategic goods would be better in the case of heterogeneous goods.
The place of the commodity within its life cycle:
Will certainly affect the strategy followed. When the commodity is in the process of providing it to the markets, it will have a [central uniformity] to create a new demand for it, but if the commodity reaches maturity and the market is saturated, it will be the best [unified] policy.
If all needs and desires are equal, dividing the market into sectors is a waste of extravagance and it would be more appropriate to follow the unified strategy.
Competitive marketing strategies:
As for competitive marketing strategies, they mean those strategies used and applied by competitors. If competition serves different sectors, it is wrong for the company to follow a unified strategy. If the competitor serves a common market, the company can benefit from the market segment.