Who Are They? Markets, Audience & Analysis Notes

What is marketing?

“The management process responsible for identifying, anticipating and satisfying customer requirements, opportunities, profitably & success”. 

Chartered Institute of Marketing 2010

Marketing Roles

1. Identify customer needs to develop new products
2. Develop pricing strategies
3. Promote products to a target market
4. Identify distribution networks
5. Add value to your product through customer benefits
6. Monitor the performance of the products

The 4 P's

- PRODUCT - A product is seen as an item that satisfies what a consumer needs or wants. It is a tangible good or an intangible service.

- PRICE - The price is the amount a customer pays for the product or the overall cost of a product.

- PROMOTION - represents all of the methods of communication that a marketer may use to provide information to different parties about the product.

- PLACE- refers to providing the product at a place or in a context which is convenient for consumers to access.

Percentages

- 87% of design businesses employ less than 10 people
- 16% of design companies are in the North of England
- Only 23% of design companies are in London
- 57% of design companies say they collaborate with other companies or practitioners on client briefs
- 28% of designers are free-lance.

Income patterns in the visual arts

Arts Council 2005

These graphs are fairly self explanatory. They reveal findings about the way artists spend their creative time and also what their income levels are. They may be disheartening statistics but they are there to enable artists to understand the limitations of eth sector they are entering and that portfolio careers are the norm.

Portfolio careers are those in which people have to run two, three or more different jobs in order to earn a living.

What is a creative entrepreneur?

- Only 16% of adults in Brazil are entrepreneurs. 

- Only 6% of the people in India are entrepreneurs

- United Kingdom the figure is only 5%. 

What kind of creative are you?

Ideas and Opportunities

“Great minds discuss ideas.
Average minds discuss events.
Small minds discuss people” 

Eleanor Roosevelt 

What is an 'Idea'?

- Can occur at anytime
- Can occur to anybody
- Can happen anywhere
- Can be inspired by anything
- Is generally random
- Seldom materialises
- Rarely succeeds

“In the realm of ideas everything

depends on enthusiasm…

in the real world all rests

on perseverance”   

J.W. Von Goethe

“Everyone is a genius at least once a year.

Success comes from having brighter

ideas closer together.” 

Fred Bates

What is an Opportunity?

•The People are Right
•The Place is Right
•The conditions are Right
•The Time is Right

RIGHT PLACE, RIGHT TIME. 

The Wrong Time

Leonardo da Vinci had many ideas and inventions but they had no commercial application or need that would enable them to succeed.

Why did they fail?

- Politicians could not see any benefit
- Economics were fragmented
- Society had no need
- Technology too primitive

What Went Wrong?

- Politicians could not see any benefit 

- Economics were fragmented
- Society had no need
- Technology too primitive

PEST 

Where do opportunities come from?

- Trends
- Technical developments
- Political change
- Economic boom and slump
- Human need
- Problems
- Research

So you think you have spotted an opportunity?

•Skills 

–Technical
–Practical
–Conceptual
–Professional 

•Aptitudes 

–Teamwork
–Collaboration
–Communication
–Project Management
–People Management 

•Predisposition

- Risk / Cautious
- Evolution / Revolution
- Manager / Opportunist   

How do I know if this is a good opportunity or not?  

•Look at your competitors 

– How many are there?
– How well are they doing
– What do they do well?
– What could you improve upon?

Will anyone “buy it”?

This is not down to a matter of chance.

How many customers are there – are there enough. How many competitors are there. This known as Supply and Demand.

Where are you customers and who are your competitors. Can you choose a location that would give you a competitive edge in relation to a target market.

Is anybody else doing this thing differently from you and if so, is their way better or worse than yours?

Assessing the competition
- What are their Strengths?
- What are their Weaknesses?
- What Opportunities have they taken?
- What Threats do they face?

SWOT

Stakeholders

Stakeholders can be organised in these three brackets.


The internal environment

- in a business / practice 

- This may just be you. Or may be 10 people who work together

The Micro environment 

- These are the stakeholders who are just on the periphery of your ‘world’
- They are affected by your success or failure

The Macro environment 

- These are stakeholders or factors which are beyond your control
- They are not directly affected by your success or failure but by the cumulative effect of many successes and faillures
- You may be significantly affected by these factors beyond your control


Marketing Basics

- PEST ANALYSIS

What are the chances of success?

 
- SWOT ANALYSIS

How good is the opportunity? 

- PUSH & PULL


- SUPPLY & DEMAND

What do I have what do they need?