Market Research and Analysis

Industry
a collection of businesses with a common line of products or services

Carrying Capacity
the ability of industry to support new growth

Uncertaninty
is the degree of stability or instability in an industry

Complexity
the number and diversity of contacts with which a buisness must deal

Stage of life cycle
1 birth
2 growth
3 maturatity
4 decline
Market
A group of people or companies who have a demand for a product or service and are willing and able to buy it

Target Market
a specific group of customers who a business wishes to reach

Market Segmentation
the process of grouping a market into smaller subgroups defined by specific characteristics

Market Segments
subgroups of buyers with similar characteristics segmented by geographics demographics psychographics and buying characteristics

Geographics
the study of market based on where customers live including region state country city and or area

Psychographics
the study of consumers based on social and psychological characteristics including personality values opinions beliefs motivations attitudes and lifestyle elements

Industrial Markets
customers who buy goods or services for business use

Target Market
1 measureable
2 large enough to be profitable
3 reachable
4 responsive

Market Research
the collection and analysis of information aimed at understanding the behavior of consumers in a certain market

Exploratory Research
The initial collect and analysis of information used when very little is known about a subject ; it forms a foundation for later research

Focus Group
a group of people whose opinions are studied to determine the opinions that can be expected from a larger population

Descriptive Research
the collection of information to determine the status of something such as in developing a customer profile

Historical Research
the study of the past to explain present circumstances and predict future trends

Secondary data
information that has already been collected by someone else
ex.govermant data

Primary data
information collected for the first time is current and relates directly to the collectors study
ex.surveys and questionaires

Blue Ocean Strategy

A Blue Ocean Strategy is a buisness idea that is so far out there that there isnt any competetion for it because its never been done and is new and innovative something that combines two things to draw from both crowds an example of this is Cirqu du Solei which combines the circus concept along with theatre which then brings both crowds so if you want to see entertainment that can be creative and intellectual it is perfect along with no one else can pull it off like they can so there is no competietion to worry about. The opposite of this blue ocean is a Red Ocean which is an ocean of all the same types of buisnesses which just undercut each other and try to win customers with prices and nothing new and innovative as though they are just trapped in the harbor and can only come up with simple ideas and attack other companies resulting in red in the water people that can achieve a blue ocean are thinking outside of the harbor using big ideas and are very creative. A Red Ocean company could be Coca-Cola and Pepsi which are practically the same drink and just undercut each other.

The Six Principals of the Blue Ocean Strategy are
1:Reconstruct Market Boundries
which is just doing things that aren't typical for that brand of product or buisness
2:Focus On The Big Picture Not The Numbers
Always focus on making your idea more innovative and less about how much money you can make from it and dont get lost in statistics
3:Reach Beyond Existing Demand
Think about future customers and not just about now
4:Get the Strategic Sequence Right
Think about the things that make a product work and its not just about creating something new and not being able to sell it but think about how much you can make it for who will buy it things like  this.
5:Overcome Key Orginizational Hurdels
Make good excutive desicions and dont over use resources when you dont have them make sure everyone is in a comfortable situation to some extent and be orginized
6:Build Execution into Strategy
You need to create trust in the company you have and have trust with all participants because a blue ocean strategy has a fair sized risk and everyone needs to know they might not acheive the full potential of a blue ocean strategy