This seeking market research information presentation will focus on some key components. Our research is a core process within this information literacy and competitive intelligence and the components that we’re going to focus on today are market size, market segmentation, and market shape. According to the data analysis of Branding and Marketing Agency in Kuwait , each of these components deals with a specific facet of the market you’re looking at market size is the measurement of the total volume of a given market.
What you’re looking at is how big is this world that you’re trying to get involved with. What we’ll take a look at here is a couple of quick examples. Again, key components of market research reports are that they will try and predict what’s going to happen. That’s why they’re often so expensive.
Another example here is the total sales and forecasting of the breakfast cereal market. You must be up-to-date about how big this market is, if you were a company, trying to start a new breakfast cereal product. This is what you would look at to try and determine, at least at a major macro level, how much of this market you might try and capture, and we’ll get into some other facets of this in just a minute.
Market segmentation is the division of a market into different unbiased groups of customers, or products that customers would potentially buy. Within this, there are these five key points: a market segment is measurable. You can look at them and acquire some data to identify them, yes this is a segment of the market. It is accessible by communication and distribution.
What that means is it’s not babies are not the market segment, parents who have babies are the market segment because you can reach them with advertising and marketing tactics, a market segment will have a different response to a marketing mix would try and sell a car to an 18 to 24-year-old very differently than you would try to sell a car to a 35 to 42-year-old with teenage kids. Each of those markets is in a position that would respond differently to how you’re trying to reach out to the market segment is durable, it means that it lasts it recurs over and over, there is a substance there that you can continue to try and sell a product or service to this segment, or that it’s something that will continue to grow as a giant by knowing it’s substantial enough to be profitable. It’s not so small, it’s so narrow that you’re going to create a market segment that makes no money. There’s no purpose there. Again, the size of it is important and you can target your product or service target a specific type of customer. It will buy your product or service and potentially make a profit.
Here’s the industry level market segment, we’re looking at household service cleaners and then the actual subcategories within this. All-Purpose cleaners toilet tub specialized cleaners, etc. What you’re seeing here are the few niche segments that people would be spending their money on, and how you would market these products to different types of consumers, is why you look at them as segments.