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Module 2: Market analysis (Definition and function of markets (exchange of…
Module 2: Market analysis
Definition and function of markets
exchange of goods, information and/or services)
place where supply and demand meet
pricing
can be delimited
materially
(product, service, information)/
geographically
/
in time
generate transaction costs (initiation, negociations, settlement)
Management's objective must generate: a sufficient demand, a sufficient appeal that generate willingness to pay, appropriate delivery and handling costs in the relevant markets
A
transaction
is achieved if one partner (buyer) places a higher value on a piece of information, a product or a service than the other partner (seller) => both partners want to influence the price in their favor
the more conventions and infrastructures there are, the lower the costs
Market types
C-Markets (consumer market, community market)
I-Markets (institutional market)=> committes make decisions
OR
C (consumer/end costumer markets), B (business/business-client-markets) and G (government/state markets)
Players
Primary players
: vendors, intermediaries and buyers
influence on their behaviour (customer, co-decision-maker, co-customers, community, buyers/market
share of wallet
: share of total expenditures a customer spends with a particular company
word of mouth
: a satisfied customer recommends the company to others via words of mouth
cross selling:
the sale of new kind of products to existing customers
Intermediaries
necessary to overcome distance in complex markets
brokers, architects, classic retailers and wholesalers
Motives, needs and benefits
2 approaches
Benefit approaches (static) "neoclassic"
Behavioral models (dynamic) "behavioristic"
Theory of planned behavior
Stated/revealed preferences
Market research
qualitative (observation, group interview, analysis text/document)
4 market sizes
market capacity
(theoretical maximum size)
market potential
(equivalent of demand for a good/service at a specific price)
market volume
(sum of all turnovers of all suppliers on the market)
market share
(KPI that puts a company's own production/sales volume in proportion to the toal market)
quantitative (data analysis, survey, Big Data)
Trends
Types of trends
Hype
Fashion-phenomeon
Medium-term trend
Long-term trend
Trend
= Direction of development or flow
Megatrends
are large, global, socio-ecconomic or structural processes that we, as individuals, cannot influence or change and that we have to deal with in the future
Trend resarch
trend scanning, semiotics, trend monitoring, trend scouting, future laboratories, scenario planning, Delphi method
SWOT analysis
(figures)