WHAT IS A MARKET? Market of associated products : all the products whose consumption is strongly bound to the main products consumption
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1 WHAT IS A MARKET? THE CONCEPT OF MARKET *Market : any place or process that brings together buyers and sellers with a view to agreeing a price Defining a market o In BtoC or BtoB contexts x BtoC : straight relation between business and consumers x BtoB : relation between professionals => delay in payment o Different kinds of market x local markets x national markets x physical or electronic markets => it can be both and choice depends on the target Generic market : all the product satisfying a given need and expectations Main market : all the products that are similar with a given product and directly rival Market of substitute products : all the products that are different from a given product yet satisfying the same needs and motivations, within the same context of consumption Market of associated products : all the products whose consumption is strongly bound to the main products consumption o Competitive structure Open market low barriers of entry ex : real estate / restaurants Fragmented market several small providers who capte all consumers ex : clothes market Closed market high barriers of entry ex : automobile Concentrated market some big actors and lots of consumers ex : pharmaceutical industry *Industry : a collection of firms offering goods and services that are close substitutes of each other!! Warming!! Nowadays, Industry = direct competitors *Industry structure : number and size of firms in an industry FROM AN OFFER PERSPECTIVE TO A DEMAND PERSPECTIVE >> Offer perspective Demand perspective *Offer perspective : all the product strictly bound and considered substitutable by the
2 consumer = Approach by the product *Demand perspective : the number of individuals interested in consuming or already consuming a given product category = Approach by the consumption Several ranks : 1 *Potential market : set of consumers and potential consumers who profess a sufficient level of interest in a market offer 2 *Available market : set of consumers who have interest, income and access to a particular offer 3 *Qualified available market : individuals and organisations in a particular market who are interested in a product, can afford it, and who are not prevented from purchasing by any access barrier or legal restriction 4 *Target market : segment of the qualified available market that the firm has decided to serve 5 *Penetrated market : set of consumers who are buying the company s product Market potential : x *total market potential : maximum sales that might be available to all firms in an industry during a given period, under a given level of industry marketing offer x *common ways to estimate : multiply the potential number of buyers by average quantity each purchases, times the price Key indicators : o *market size : size of the main market : volume = number of product sold / sales = money for that product o *market growth : potential tendency of the market based on the product o *market share : percentage that a company represents on the market (sales in value or sales in volume) o *relative market share : percentage of sales in value or in volume on a selective group or an unique competitor PORTER S FIVE FORCES 6 th force : Legal or politics power
3 BOSTON CONSULTING GROUP MATRIX Market share Low HIGH Market growth x Star = Objective / leader of the market / high number of market share / go back to question mark or go to cash cow x The product is not successful => take off / modify / let it die x Cash cow Goal : keep the consumers Why? Help to place products and know where the company should place these products Zoom sur : Why let a product die? x Branding product : creation of the brand image which attracts consumers x Called product : product which attract customers Low Product life cycle : Growth > Product maturity > Product declining ANSOFF MATRIX *Ansoff Matrix shows prospectives of what a brand can do on market Market penetration : ex : clothes brand Product development : 2 investments = R&D and marketing Market development : ex : Disney / Apple Diversification : Distinguish the product from the others or in the range
4 MCKINSEY MATRIX Boundle of criterias / indicators to assess the market attractiveness *Market penetration : the % of potential buyers that have bought a given product at least once during a given period of time > low market penetration : substantial growth potential for all firms > high market penetration : public is fairly saturated with a particular type of product that is usually provided by many manufacturers Actions a company can do according to its place on the matrix THE SWOT ANALYSIS State how well a company is doing on a given market Warming! A strength can be a weakness >> Make a hierarchy in each category
5 Exemple : Innocent Strenghts Brand image / Packaging = Plaisirgourmandise (petit) + take away / Recette / Pricing Opportunities Largeur de gamme : compote buvable, jus de legumes, na / Profondeur de gamme : changer les recettes avec des éditions limitées / Concept store bar à smoothie / diversification des points de vente : boulangerie, distributeur / Diversification des quantités vendues Weaknesses Price = discrimination + competition / Too young packaging and size (cf. families) / Point de distribution Threats Lose of purchasing power / Competition in the same concept, in the price / lose of trend ACTORS IN THE MICROENVIRONMENT CREATE OPPORTUNITIES AND THREATS o the company : BtoB o suppliers Threat => failure of a supplier Opportunity => EDI (= partage avec les fournisseurs) / having a better offer / partner on the research for development o marketing intermediaries : social media, market study agency, agency of communication Threat => mistake on advertising Opportunity => having a brand new image o Customers Opportunity => make test allowing customers to be involved in the process / Co-creation o Competitors Opportunity => inspiration of the competitors the second mouder allowing the company not to take riskies o Publics Threat => limit the market through laws or rules Opportunity => open a new market / subventions / *lobbying : an actor or groupment of actors who join their forces to develop market ACTORS IN THE MACROENVIRONMENT CREATE OPPORTUNITIES AND THREATS o Demographic forces Threat => decrease of the population Opportunity => silver economy o Economic forces Threat => recession >> decrease of consumption Opportunity => new tendency o Natural forces Threat => decrease proportion of consumption
6 Opportunity => blue economy o Technological forces o Political forces Threat => bigger than at the micro level o Cultural forces : Threat or Opportunity => evolution of the culture
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