Question

Topic: Student Questions

How To Define And "range" The Market

Posted by rdamen on 10/8/2013 at 4:37 AM ET 250 Points
Hello,

I am studying commercial economics in the netherlands and i am currently working as a trainee in a company that sells case packers (machines that put the products in the boxes)

I have to define the market in terms of needs, i defined it as: The need of easy and cheap labour.

i am not sure if this is correct or not. (so please help me with this one)

after al that i need to "range the market"(i do not know if this is correct english, but it is the second step in my market analyses. "Marktafbakening") But i do not know how to range the market. Do i have to range the market as packing products. (they fill the need of cheap and easy labour) or do i need to range the market and include all machines that are used to make the labour cheaper and easier?

please help me! my internship depends on this!
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RESPONSES

  • Posted on 10/8/2013 at 6:53 AM Accepted
    Targeting a specific market does not mean that you have to exclude people that do not fit your criteria from buying from you. It can indicate how the market will perform for the day, as an entire.
    Regards
  • Posted by Jay Hamilton-Roth on 10/8/2013 at 9:34 AM Accepted
    "easy and cheap labour" isn't well-defined. What does "easy" mean? What about efficiency? Speed? Labour regulations? Scalability?

    The market is likely to be manufacturers who currently have packers (either humans or other machinery).

    And if you're unsure, ask your advisor/mentor for additional guidance on what's being requested.
  • Posted by Moriarty on 10/8/2013 at 10:27 AM Accepted
    "I have to define the market in terms of needs" - volgens mij, de bedoeling is klanten en hun belangen. Wat zijn de wensen van de klanten die u geld geeft? Waarom wilt iemand zo een machine koopen uberhaupt? Die kost recht veel geld - maar zijn de beschadingen verminderd en ze slapen niet.

    Meestal bij een gewone bedrijf is er geen verbinding tussen betalingen en je klantenlijst. Er is belangrijk een verhouding tussen uw klanten en wat zij koopt. Ruim 10% van uw klanten zorgt voor meer dan 40% van uw winst. En dat is normaal - geen grapje.

    Meer informatie over klanten ben je terecht op de Linkedin groep: "Houden van Klanten" https://www.linkedin.com/groups?gid=2777212 Ben ik ook lid van.

    Er zijn meerdere manieren van het afbakenen van uw markt. Perry Marshall hebt een website https://8020curve.com - en met drie cijfers bent u terecht met een vrij goede inschatting. Binnen een minuut. Natuurlijk moet je in bezit van die cijfers ...

    Elders is het mogelijk een maarkt onderzoek te beginnen. Maar geen vragenlijst op straat: mijn manier is wat meer precies. Voor het inschatten van uw markt is Google Adwords is een goede begin. Dit kost geld - maar is er duidelijk en snel. Meer informatie over bent u terecht bij Mieke Ouwehand in Bussum https://adwordscopywriters.nl Ook is er Google's Display Network - het andere kant van Adwords (= alleen op de zoekpagina; display is alle advertenties op online tijdschriften en zo voort). Mens hoeft niet op zoek te zijn om voor hun oog te komen.

  • Posted by Peter (henna gaijin) on 10/9/2013 at 10:05 PM Accepted
    In terms of need, you are trying to determine the number of companies that would use the machine in your target geography.

    One possible way would be to estimate the number of packers in use in your target geography, and then estimate some percentage of this as replacement and some percentage of this number as new installations. You would research using Gov't data and such the number of companies that use such a machine. Probably manufacturing companies. Maybe also farmers. Basically, determine who could use the machine and then start researching and come up with an estimate. if you have a real packet machine you are working with, chances are it was aimed at certain industries, so find that out and start researching those.

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