Question

A local business leader is considering starting a business in your area and has hired you to conduct a market analysis and deliver a formal report of your findings. Consider a market segment with which you are familiar. Write a brief report to be delivered to your sponsor in which you describe the status of competition within this market and recommend a course of action for the start-up.

Answer 1

Answer: A large part of my report would depend on what business this business leader wants to start.

Market segmentation include:

> Geographic segmentation

> Demographic segmentation

> Firmographic segmentation

> Behavioural segmentation

> Pyschographic segmentation

Step-by-step explanation:

Market segmentation can be defined as the process of sectioning a market of potential customers into groups (segments), based on certain criteria. The groups created are comprised of potiential consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

Geographic segmentation - Selecting people based on their geographic location.

Demographic segmentation - Selecting people based on things like gender, age etcetera

Firmographic segmentation - Selecting people based on where they work, what they do, size of their organization.

Behavouroal segmentation - Selecting people based on things like previous purchases, how they use products.

Psychographic segmentation - Selecting people based on their lifestyle and opinions.

Since its a start up I would use a a geographic segmentation. For example, if it's a cold region then introducing a cafe that sells different warm beverages isn't a bad idea. Introducing a store that sells different coats and jackets would be good too.

I would note the dissatisfaction residents have with already existing brands and capitalize on that.

If there are no issues to be found with the competition then I would advise the start up to out price them (offer goods at lower prices) at first to break into the market. Customers also like feeling like a decision is their idea so I would advise them to incorporate that.

Answer 2

Answer: please read the explanation for answe.

Explanation: A Local business for this situation could be of another Health Care Service that will give a coordinated support of the shopper's entryway step, be it Doctors for physical wellbeing checkup, Ambulance administrations, private nursing administration to deal with elderlies and different patients or conveyance of Medicines. This administration will work on the web and can be effectively gotten to through Android or iOS portable applications.

A Market fragment, to which this business will have the option to provide food for the most part, is the older gathering for example over 50-60. Along these lines, study could be led among these elderlies of the zone. A database of such individuals can be accumulated from the neighborhood civil office and a way to entryway overview could be directed to know individuals' point of view/acknowledgment level of such an assistance.

Rivals in the section are the neighborhood prescription shops who home-conveys medications, the nearby nursing homes that give specialist administration or rescue vehicle administration or nursing administrations that gives attendants to such old individuals. It ought to be gotten that however the idea of incorporating these perspectives is novel, exclusively these administrations do exists and represents a genuine danger as far as their long periods of presence and experience.