Reference no: EM13840934

Collecting and Analyzing Marketing Information

EXHIBIT the Expanded 5W Model for Customer Analysis

Who Are Our Current and Potential Customers?

1. What are the demographic, geographic, and psychographic characteristics of our customers?

2. Who actually purchases our products?

3. How do these purchasers differ from the users of our products?

4. Who are the major influencers of the purchase decision?

5. Who is financially responsible for making the purchase?

What Do Customers Do with Our Products?

1. In what quantities and in what combinations are our products purchased?

2. How do heavy users of our products differ from light users?

3. Do purchasers use complementary products during the consumption of our products?

If so, what is the nature of the demand for these products, and how does it affect the demand for our products?

4. What do our customers do with our products after consumption?

5. Are our customers recycling our products or packaging?

Where Do Customers Purchase Our Products?

1. From what types of vendors are our products purchased?

2. Does e-commerce have an effect on the purchase of our products?

3. Are our customers increasing their purchasing from nonstore outlets?

When Do Customers Purchase Our Products?

1. Are the purchase and consumption of our products seasonal?

2. To what extent do promotional events affect the purchase and consumption of our products?

3. Do the purchase and consumption of our products vary based on changes in physical/social surroundings, time perceptions, or the

purchase task? Why (and How) Do Customers Select Our Producas?

1. What are the basic features provided by our products and our competitors' products? How do our products compare to those of

competitors?

2. What are the customer needs fulfilled by our products and our competitors' products? How well do our products meet these needs?

How well do our competitors' products meet these needs?

3. Are the needs of our customers expected to change in the future? If so,how?

4. What methods of payment do our customers use when making a purchase? Is the availability of credit or financing an issue with our

customers?

5. Are our customers prone to developing close long-term relationships with or do they buy in a transactional fashion (primarily based

on price)?
6. How can we develop, maintain, or enhance the relationships we have with Why Do Potential Customers Not Purchase Our Products?

1. What are the basic needs of noncustomers that our products do not meet?

2. What are the features, benefits, or advantages of competing products that cause noncustomers to choose them over our products?

3. Are there issues related to distribution, promotion, or pricing that prevent noncustomers from pur chasing our products?

4. What is the potential for converting noncustomers into customers of our products?

 

 

Part 2: Discovering Market Opportunities
EXHIBIT Trends in the U.S. Sociocultural Environment
Demographic Trends Aging of the American population
Increasing population diversity, especially in the number of Hispanic Americans
Increasing number of single-member/individual households
Increasing number of single-parent families
Decline in the teen population (as a percentage of the total population)
Population growth in Sun Belt states
Increasing immigration (legal and illegal)
Increasing number of wealthy Americans
Lifestyle Trends
Many Americans are postponing retirement
Clothing has become more casual, especially at work
Growing participation in body modification (e.g., tattoos, piercings)
Americans have less time for leisure activities
Vacationing at home (a "staycation") is more common
Less shopping in malls, more shopping from home
Continuing focus on health, nutrition, and exercise
Increasing importance of leisure time versus work time
Time spent watching television and reading newspapers has declined
Growing popularity of fuel efficient hybrid vehicles
Value Trends
Growing disconnect with government
Greater focus on ethics and social responsibility
Increased interest in giving back to the community
Shorter attention spans and less tolerance for waiting
More value-oriented consumption (good quality, good price)
Importance of maintaining close, personal relationships with others
Increasing concerns about the natural environment Less tolerance of smoking in public places
More tolerance of individual lifestyle choices Growing skepticism about business