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Chapter 4_MGT422_SP11 (2)

Industry discuss stage industry structures structures

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Unformatted text preview: an industry that is declining becoming obsolete (e.g., VCRs, Is Walkmans)? Walkmans)? Discuss what implications the lifecycle stage has for the business Discuss the competition and how the firm will fair relative to Discuss competition competitors (competitor analysis)—competitor analysis grid competitors How many firms are vying for the same target customers as your firm? Does your firm possess any distinctive resources or capabilities allowing Does you to ward off competitors? you Intellectual property (e.g., patents on your technology) Advantageous access to raw materials (e.g., can get supplies at a lower cost) Part 6: Description of the Target Market Part Describe exactly who the firm will target—Concept Describe who Concept Statement, Concept Test, Usability Test Statement, Use primary research (e.g., surveys, focus groups, interviews) to find out About how many customers you are likely to capture About how Try to determine how likely people will be to purchase your products Discuss what their profile looks like (e.g., age, household income, education Discuss their level, gender, employment status, etc.) level, Discuss their preferences for a product like yours and how you address them Discuss their Discuss the price that they perceive is appropriate for your product Discuss price Use secondary research (e.g., databases, articles, competitors’ websites, Use US Census data, trade association documents, etc.) find: US What competitors’ customers “look like” What customers are willing to pay for competitors’ products About how many units are sold in a year If the firm has secured a contract with an important customer, discuss Finding Industry, Competitive, & Customer Data Finding Research Databases in the Roesch Library (http://library.udayton.edu/) like: like: Hoovers (general industry information) Standard & Poor’s NetAdvantage (industry and company information) Mintel Reports (research reports on industry and market information) Business Source Complete (scholarly and popular press articles about industries, and Business consumers) consumers) Industry Trade Association websites (can often find industry trade association Industry names in Hoovers database) names Competitors’ websites, annual reports, SEC filings, etc. When on a firm’s website, look for a link that says something like “investor When...
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