Untitled document.pdf - SHOPIFY B2B MARKET SENSING REPORT Le-Yon Hue 12910030 Darcy Emery 11685082 Tom Irons 98137096 Situation analysis Shopify is an

Untitled document.pdf - SHOPIFY B2B MARKET SENSING REPORT...

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SHOPIFY B2B MARKET SENSING REPORT Le-Yon Hue 12910030 Darcy Emery 11685082 Tom Irons 98137096
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Situation analysis Shopify is an e-commerce software platform which allows its customers (brands/individuals) to create their own websites for personal or business use (Wikipedia, 2018). Founded in 2004, shopify has become the leader in e-commerce software solution. In this report, we will be focusing on market sensing for Shopify. The term market sensing is a type of research technique that involves collecting qualitative data through a series of interviews, focus groups and in depth questionnaires designed to help management teams understand the external market in a more effective, efficient and emotive style. (jdr group, 2018) Essential elements for market sensing There are four main components in market sensing which are essential elements this report is going to be covering. As seen on the diagram below. (Shaun, 2018) 2
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Understanding the elements of market sensing. Defining the market 1) Market segmentation: Market segmentation is the concept of of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics (Investopedia, 2003) 2) Determining segments of interests: In order to effectively select a target market which is worth investing in, Shopify will need to determine segments of interests. This means selecting the best segments of sub groups of consumers that best fit the business goals and value offered. Monitoring the competition: 1) Competitor analysis: Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. 2) Improving monitor performance: For Shopify to effectively measure competition, it will need to improve its monitor performance by creating different analysis method in the report to showcase the strength and weaknesses of its competitors. Assessing customer value: 1) Value assessment methods: This is an important method of marketing sensing as Shopify will need to assess the value it is actually providing to its customers base. As companies should sell value not features. 2) Customer value management: After coming up with value assessment methods, Shopify will need to create customer value management. This is needed in order to ensure that investment for providing customer more value will provide a positive ROI in the future. Gaining customer feedback: 1) Customer satisfaction measurement: This is the most crucial part of marketing sensing conducted for Shopify as it gathers all the work done from earlier stages to measure how satisfied the customer is emotionally with the business. 2) Net promoter score: Net Promoter or Net Promoter Score is a management tool that can be used to gauge the loyalty of a firm's customer relationships. It serves as an alternative to traditional customer satisfaction research and claims to be correlated with revenue growth.
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