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Business Innovation (WABI) > Market analysis > Flashcards

Market analysis Flashcards

1
Q

Know your market

A

Technologies & processes
Products
Markets and customers
Competitors
Channels
Buying centre and buying patterns
Culture
Economic/political situation
Legal regulations (promote or blocking)

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2
Q

Market analysis, why?

A

To take underpinned target, investment, development but also change strategic decisions. Use the knowledge in your sales/marketing approach (fit to the customers & show them your added value for the future)

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3
Q

Market research steps

A
  1. Define the problem & research objectives
  2. Design the research method: fit to the objectives
  3. Collect the data
  4. Analyse and concluded (related to objectives)
  5. Present the findings in a meaningful way -> Decide!
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4
Q

2 approaches for business development

A
  1. Engineering driven (capability push)
  2. Market/Customer driven (opportunity pull)
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5
Q

Tools for market analysis

A
  1. DESTEP-analysis (macro-environment)
  2. Competition (5 forces model)
  3. SWOT analysis
  4. BCG matrix
  5. Bench marking
  6. Value chain (Porter)
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6
Q

DESTEP-analysis stands for..

A

Demography
Economic
Social-Cultural
Technological
Ecology
Political

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7
Q

Competition analysis (5 forces), why?

A
  1. No competition (might be a reason or good chance)
  2. The availability & power influences the behaviour of all market participants
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8
Q

Types of market

A

Pure competition (easy to enter, freedom to choose)
Monopolistic competition (often differentiate on product)
Oligopolistic competition (a few dominant players)
Pure monopoly (often government products, small & niche markets)

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9
Q

Types of competition

A

Brand competition: similar offerings to the same target customer
Industry competition: companies making the same offering to the same markets
Form competition: companies making the same offering but for other markets
Generic competition: different offerings competing for the euro’s (substitutes)

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10
Q

5 Forces model

A

Rivalry among existing firms
Threat of new entrants
Threat of substitute products
Determinents of buyer power
Determinents of supplier power

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11
Q

SWOT analysis

A

External analysis: identify the opportunities & threats
Internal analysis: identify the strength & weaknesses

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12
Q

Product Portfolio matrix

A

gives an overview of the offerings and developments and their future perspectives

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13
Q

To help a business consider growth opportunities by reviewing its portfolio of products to decide

A

Where to invest (in the offering and/or marketing)
To discontinue
To develop new products

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14
Q

Question marks

A

Low share, high growth markets
Requires cash to create share & develop futher

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15
Q

Star

A

High growth, high share
Needs heavy investment
(eventually become cash cows)

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16
Q

Cash cows

A

Low growth, high share
Established, succesful, invest enough to hold market
Cash generators

17
Q

Dogs

A

Low growth, low share
One organizations’s dow could be another’s cash cow
Consider spare part service, long term contracts

18
Q

Benchmarking, why?

A

To identify gaps
To learn how other see the world and apply technology
To prioritize what to develop first, focus
To improve your performance efficiently

19
Q

Types of benchmarking

A

Internal benchmarking: measure & compare key operations between teams/individuals within the organization
External benchmarking: measure and compare key operations with competitors
Apply on different levels: for product functionally but also on service, brand, etc.
Use reverse engineering: analyse, understand & learn from other products/offerings
Seek for competitive superiority, not just competitive parity.

20
Q

7 Steps of benchmarking

A
  1. Determine the level & functions to bench mark
  2. Identify the key performance variable to measure (KPI)
  3. Identify the best-in-class parties
  4. Measure performance of the best-in-class parties
  5. Measure your performance
  6. Analyse, prioritise & specify actions & (development) programs
  7. Implement & monitor
21
Q

Value chain

A

processes which enable a company to bring its products from concept to market and keep doinig business

Business Innovation (WABI) (7 decks)

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