11 Market analysis and strategy
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1 99 11 Market analysis and strategy OBJECTIVES A central aspect of any business plan is the marketing strategy. To develop a marketing strategy (see Chart 11.1), the market and potential customers must be analysed. Marketing differs from selling in as much as marketing has a customer rather than product focus (see Chart 11.2). This means that customer needs should be analysed with a view to segmenting the market on this basis. From this flows the targeting of particular segments with a segment-specific marketing mix. This positions products in the market, based on an understanding of buyer needs, attitudes and behaviour. The market analysis and strategy are an important part of the marketing plan within the business plan. The marketing plan includes qualitative aspects (covered in this chapter) and the quantification and forecast of demand and sales (covered in Chapter 12). This chapter covers the most important aspects of market analysis and strategy, which should be sufficient for smaller businesses. Readers who require further information about marketing are advised to consult specialist marketing textbooks. Chart 11.1 Marketing strategy process Market/customer analysis Market segmentation Market targeting Marketing mix Market positioning Chart 11.2 Selling versus marketing concept STARTING POINT FOCUS MEANS ENDS THE SELLING CONCEPT Production Products Selling and promotion Profit through sales volume THE MARKETING CONCEPT Target market Customer needs Integrated marketing Profit through customer satisfaction Source: Kotler, P., Marketing Management, Prentice-Hall, 1997 UNDERSTANDING MARKETS AND CUSTOMERS To help them understand the market and buyer behaviour, marketers should answer the following questions:
2 MARKET ANALYSIS AND STRATEGY What market need does the business address? What products serve that need? Who buys the products? Why do customers buy? Who makes the buying decision? Where do customers buy? The focus of understanding markets is the understanding of customers and buyer behaviour. Philip Kotler, professor of international marketing at Kellogg School of Management, devised a model of buyer behaviour (see Chart 11.3) in consumer markets emphasising the stimuli-response mechanism where buyers react to marketing and environmental stimuli. Depending on the personal characteristics of the buyer, the stimuli will result in a particular buying decision. Chart 11.3 Model of buyer behaviour in consumer markets Marketing stimuli Other stimuli Buyer s characteristics Buyer s decision process Buyer s decisions Product Price Place Promotion Economic Technological Political Cultural Cultural Social Personal Psychological Problem recognition Information search Evolution Decision Post-purchase behaviour Product choice Brand choice Retailer choice Purchase timing Purchase amount Source: Kotler, P., Marketing Management, Prentice-Hall, 1997 The value of the model of buyer behaviour is that it provides an explanation for the demand of a business s products, not just as a function of price, but also as a result of a host of other factors that are specific to individual consumers or groups of consumers. Demand for a product can be stimulated only by addressing all factors that finally result in a buying decision. For example, the price of a cup of coffee may be almost irrelevant in explaining why an individual goes to one coffee shop rather than another. Factors such as feeling relaxed or being able to watch the world go by can be far more important and would influence shop design. When selling to businesses or government, the personal characteristics of a buyer are not entirely irrelevant, but rational factors outweigh personal factors. In business-to-business markets, environmental (demand, pest) and organisational factors are far more important. However, an understanding of customer needs is more easily achieved by establishing a relationship with the decision-makers. Market segmentation A market segment is defined as a sufficiently large group of buyers with a differentiated set of needs and preferences that can be targeted with a differentiated marketing mix (see below). Fine-tuning the marketing mix to address the segment needs will lead to increased sales. However, adjusting the marketing mix for particular segments results in increased costs. To be of value, therefore, the benefits of segmentation must outweigh the costs. A benefit of market segmentation could be a higher market share in the targeted segment
3 Understanding markets and customers 101 or the ability to charge a higher price. For example, when analysing the tariff-plan preferences of mobile phone users, market research revealed that customers are prepared to pay a substantial premium in terms of the average per-minute price to have their preferred tariff plan. By offering a range of tariff plans aimed at segments with different preferences, a mobile phone company will not only win more customers but also reap a higher average revenue per minute. For segmentation to work in practice, a segment must be identifiable and quantifiable, and it must be possible to address the segment effectively. Some buyers may be happy to pay a higher price for certain attributes. An example is air travel, where business travellers who attach value to flexibility are prepared to pay much more than they would for a nonflexible ticket. But discriminating between buyers can be problematic, inasmuch as a business traveller may buy a cheap, non-flexible return ticket and simply not use the return portion. Segments must be measurable, in terms not just of potential market size but also of actual buying behaviour. It must be possible to attach segment flags to sales records in order to track segments. Simple information, such as gender, can be recorded at the point of sale, but factors used in psychographic segmentation schemes are difficult to record and it may be impossible to validate the success of the chosen segment scheme in a feedback loop. Primary market research is the most appropriate tool to identify market segments. Typically, a market research questionnaire includes the demographics, questions relating to product attributes and their relative importance, brand preferences, usage patterns and willingness to buy, as well as attitudinal and lifestyle questions. Segmentation methods It is important to bear in mind that segmentation is not simply the act of dividing the market into categories, for example a breakdown of buyers by age. If age does not explain differences in buyer behaviour, it is not a useful variable for the purposes of market segmentation. There are several segmentation methods, each with advantages and drawbacks: Geographic segmentation is increasingly used with geo-marketing databases. Detailed information about the type of household in particular postcodes is available to marketers. Often geography is a proxy for a host of other variables (income, ethnicity, household size) because households with common attributes tend to cluster in certain areas. Demographic segmentation includes segmentation based on life-stage analysis, age, gender, income and social class. In saturated consumer markets, such traditional measures are often bad at explaining buyer behaviour because demographics do not necessarily explain needs. Psychographic segmentation is based on lifestyle, personal values and attitudes. It is better at identifying clients needs or preferences than, for example, social class, but measurement and tracking are problematic. Behavioural segmentation is based on customers knowledge of the product, point of purchase, purchase pattern and frequency, intensity of use, benefits and trade-offs, loyalty and other buyer behaviour factors.
4 MARKET ANALYSIS AND STRATEGY Segmentation can be simple, using one variable (for example, business versus consumer market, male versus female), or based on preferences. Segments based on demographics are readily identifiable and quantifiable, but as mentioned previously, they may not be sufficient to explain differences in buyer behaviour. Multivariate analysis uses more than one variable in the development of market segmentation and examines several elements simultaneously, for example age and gender. Multivariate segmentation can be imposed or evolved: Prescribed multivariate segmentation is based on identifiable attributes among existing and potential buyers. Life cycle stage analysis is a common form of prescribed multivariate segmentation. It is based on the mix of age, marital status and whether or not there are children in the household. Customers are placed into segments based on their life stage, on the basis that, at particular stages in life, people have similar needs that can be addressed. Evolved multivariate segmentation uses market research data in conjunction with cluster analysis to indicate the appropriate grouping of buyers based on common attitudes, behaviour and demographics. Once these groupings are established, it becomes possible to give meaningful labels to the clusters, such as young aspirational urbanite or work hard, play hard. Such segmentation is generally better at explaining buyer behaviour, but measurement and tracking are notoriously problematic. In business markets, segmentation is very different. Typical segmentation schemes are based on the size of the buying organisation or the industry sector, or a combination of both. Segmentation can also involve organisational functions or applications. For example, a wireless messaging service provider may segment the market by application, such as dispatch, , logistics and field sales. The basic messaging product will be adapted better to meet the functional needs of these segments. A business plan becomes significantly more realistic and plausible if it matches the business s offer to segments and demonstrates a clear link between identified segment needs and the marketing mix targeting the segment. Making a demand forecast based on market segments (see Chapter 12) is also likely to increase the accuracy of the forecast. Market targeting In considering which segments to target, the attractiveness of the segment and the resources available to target it must be analysed. In general, if a segment can be served profitably it represents a potential target. A business can concentrate on one segment or target several or all segments (see also Chapter 10). Even if all segments are addressed, this does not imply lack of market segmentation. Elements of the marketing mix can be adjusted to address particular segments. An important aspect of market targeting is marketing communication. If a product is positioned to serve the needs of a segment, it may not be possible to serve simultaneously other segments with different needs. For example, if a product is positioned as a safe
5 Understanding markets and customers 103 family-oriented product, this would be part of the brand value. Trying to promote the product to adventurous single people as well may dilute the brand value in the family market, while not generating many sales in the adventurous single person segment. It is therefore important to have a consistent segmentation strategy. The segments targeted have operational implications, notably logistics, customer service, advertising and distribution. You must ensure consistency in your business plan. For example, if a product is aimed at the age group, who by and large do not read newspapers but do watch a lot of tv, the media budget should not include newspaper advertising. A key variable in any business plan is market share. Target marketing could explain convincingly why you hope to achieve a high share in certain segments but obtain hardly any sales in other segments. This level of detail in your forecasts shows that you have done your homework. DEVELOPING THE MARKETING MIX The marketing mix is a tool to position products in the target market. The marketing mix is defined by the four Ps: product, price, promotion, place (see Chart 11.4). Sometimes packaging is added as a fifth element, otherwise it is part of the product. All elements of the marketing mix together constitute the offer. Chart 11.4 The marketing mix PRODUCT PRICE PROMOTION PLACE Design Features Quality Quantity Variations Packaging Brand Service List price Discounts Credit terms Repeat purchase Payment method Advertising Direct marketing Sales promotion Coupons Bundling Joint promotion Loyalty programmes Public relations Geography Channels Retailers Opening times Order taking Fulfilment Delivery The offer is more than the product. It is a value proposition that satisfies customer needs. The attributes of the offer are defined by the marketing mix. The elements of the marketing mix should be adjusted so that the resulting value proposition is consistent. For example, skin-care products differ hugely in terms of pricing. The high price is not so much a function of the raw material and manufacturing cost, but mostly related to advertising, branding and retail channels. It does not make sense to sell an expensive face cream in a supermarket, so the manufacturer will restrict distribution to pharmacies and upmarket cosmetics stores. PRODUCT POSITIONING AND THE VALUE PROPOSITION To occupy a distinctive place in the market, businesses seek to differentiate their offer from
6 MARKET ANALYSIS AND STRATEGY that of competitors. This is achieved by positioning the product in such a way that customers readily perceive it as different. Any element of the marketing mix can be used to achieve a differentiated positioning. Differences must be meaningful in the context of the market; they must satisfy the following criteria: The difference must be of additional benefit to the customer. A sufficiently large demand must exist for the benefit. The difference must be readily perceived. It must be easy to communicate the difference and the benefits associated with it. The difference must be an improvement compared with existing offers. The incremental cost of producing the difference must be lower than the incremental revenue. In this context, the value of price, promotion and place should not be underestimated. Differentiation can be achieved for products that would otherwise only be commodities. For some products differentiated positioning is everything but the product: Mobile phone companies are selling essentially the same service to all customers. However, tariffs, distribution, bundling and options differ depending on the segment the particular offer is aimed at. Some manufacturers sell exactly the same physical product under two different brands with different packaging, distribution and pricing. To show differences in positioning between competitors, a positional matrix (two dimensions) or a positional diagram (multiple dimensions) can be used. The objective is to compare how competitors are positioned relative to significant product dimensions. For example, cars may be positioned in a safety versus engine-power matrix (see Chart 11.5). This type of map is particularly useful if it is overlaid with a market segment analysis. This may show that there are a significant number of people who want safe cars with a small engine, but the segment is not served adequately by an existing offer.
7 Product positioning and the value proposition 105 Chart 11.5 Product positioning map Big engine Car B Car A size of market segment Car C Lower safety Higher safety Car F Car D Car E Car G Car H Car I Small engine A positional diagram is often used to build a brand perception map (see Chart 11.6). This can be used to show how a brand or product appeals to a differentiated set of needs. If segmentation is needs-based, the product should score highly against the needs you are targeting. To create the diagram you must carry out a market research survey with a sufficiently large sample. For each criterion, respondents are asked how important it is in making the purchasing decision. Then they are asked to score each brand against the criteria. A scale of 1 5 is often used. However, because there can be a tendency to pick the middle number, a scale of 1 6 may yield a more differentiated result. Chart 11.6 Brand perception map IMPORTANCE 1 Innovative Expensive Reliable Appeals to young people Easy to use Value for money Good for families 0 Brand Brand A B Brand C Importance
8 MARKET ANALYSIS AND STRATEGY Your marketing plan should state clearly what makes your product different from others and how it addresses identified customer needs. This is summarised in the value proposition. For example, a value proposition for a car could be a reliable, safe car which families can afford. The concept of the value proposition includes tangible and intangible benefits that should be addressed consistently in all four aspects of the marketing mix. For example, if one element of the value proposition is convenience, the convenience of using the product must be matched by the convenience of getting hold of the product in the first place, and the product design should make the product easy to use without consulting a lengthy manual. THE MARKETING PLAN The marketing analysis and resulting marketing strategy form part of the marketing plan. The marketing plan therefore contains a detailed description of the marketing mix and guidelines for the implementation of the business s marketing programmes. There should be a sufficient amount of detail to anchor the business plan in the real world: The product positioning against competitors should be explained. The target market segments should be identified and sized. Product specifications should be included and features should be described in terms of customer needs and benefits. If distribution involves wholesalers and retailers they should be named, and, if possible, there should be confirmation from key wholesalers and retailers that they are willing to carry the product. Retail and wholesale margins and incentives should be detailed. The advertising and promotions budget must be broken down into programmes, and possibly a rudimentary media plan should be included. Customer service, guarantees, order fulfilment and after-sales service must be addressed. The quantitative aspects of the marketing plan the demand and marketing forecast are discussed in the next chapter.
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