1. Customer analysis
- Identify Customer segments
- Decide which segment to target - Geographic (country, state, region, city); Demographic (age, sex, occupation); Psychographic (lifestyle interests, motives for buying); Behavoural (usage level, reason for purchase, brand loyalty)
- Evaluate Marketing segments - measurability, accessibility, substantiality, profitability, viability, compatibility with competition, effectiveness, dependability
- Review competitive and regulatory environment - competition
- Establish relevance of market - Is it large and accessible enough to justify marketing effort?
- Establish product life cycle
- Establish Competitive factors - Quality, price, advertising, R&D, service
- Establish core competencies - What do you do well? What makes you distinctive? Design creates competitive advantage by differentiation.
- Use SWAT, matrixes and perceptual mapping to establish position.
- How can my product/service reach the customer? - Choice of distribution channel influences the price charged and profit margins made.
- The four P's
- Product: How is my product/service similar or different to the competition?
- Place: Where to sell? How distribute?
- Promotion: How to promote? How raise awareness, remind and persuade? Advertising, direct selling, PR, publicity
- Price: What should it be? Depends on costs, demand, competition, profit margin, perceived value to customer, materials, manufacturing and processes.
- Costs, break even point, payback period of investment made, cashflow forecasts
- Are the goals reasonable?
For Major Project
We are not developing the full marketing, this shows the basics on the begining of the project. We are not starting with the marketing plan and design for it ('top down') but start with the design (generating innovative ideas) and after prepare marketing plan ('bottom up').
1. Customer analysis
- Target audience: Olympic turists
- Segments to target - Geographic: country; Psychographic: lifestyle interests (Olympics, sports, games)
- Competitive and regulatory environment - competition: no direct competition within wall for underground; secondary competition within digital walls used for advertisement or art projects
- Relevance of market - Size of the market - all tube companies worldwide as possible customers
- Product life cycle - 1. Olympics support, entertainment, moving London tube to the modern 'age', helping solving psychological problems in underground spaces; 2. after Olympics new target audiences (turists in general, commuters), including interactive advertisement, new games... in cycles
- Competitive factors - Quality: high (helping with psychology better, better responce from users); Price: high for installation but will generate revenue - will pay itself back; Advertising: PR, promoting London tube as innovative, open to new media etc., advertisement on the wall to generate revenue; R&D: improving innovation; Service: quick, on time, quality
- Core competencies - TFL has great graphic design for map and lines. Improving - adding interaction, real time visual update on information, automatisation.
- How can my product/service reach the customer? - Placed on the tube platform directly; choosing good price manufacturer of the screens
- Product: similar: digital wall already used before; different: specific use for tube platform, providing relevant content, targetting correct audience
- Promotion: direct selling, PR, publicity
- Price: Depends on costs, demand, competition, profit margin, perceived value to customer, materials, manufacturing and processes - we might provide rough calculation for the wall at the end of the major project
- Costs, break even point, payback period of investment made, cashflow forecasts - this would come in play in case of success of our prototype and further development
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