THEME:

EVIDENCE 2: MARKET PROJECTION

FIRST NAME:

KATERINE MARULANDA VERA

IDENTIFICATION PROGRAM:

TECNOLOGO DE NEGOCIOS INTERNACIONALES (1749924)

TEACHER:

JESSICA LORENA MURCIA PINEDA

SUBJECT:

INGLISH

PEREIRA, RISARALDA

16/01/2019

MARKET SHARE PROJECTION
TIPS FOR SMALL BUSINESSES
Tips are requires the ability to
assess the company’s current
business, quantify the business
that remains, and then adopt
strategic planning initiatives that
increase sales.

THE QUESTION IS the steps needed to determine the

market’s size and the company’s
current share of its market.
How does a company determine its businesses must ask themselves
current market share and project when looking to capture market
its future market share? share.
This information to quantify their
current business and determine
Market Share Projection is Similar the amount of remaining business.
to a Gap Analysis The same basic approach applies
when looking at market share
projections. However, in this case,
it’s about looking at the entire
market, rather than a given
So, how is this done?
territory.

1. Determine Market Size 2. Determine Current Business 3. Determine Current Market

Relative to Potential Business Share

the fundamental principle to
determining market size is to
calculate the potential
consumption within the market,
example, a company might
determine the size of their market
by calculating how many units all
their customers could purchase in
a given year.
it’s a question of understanding how
much customers could actually purchase
within a given year. Example, let’s
assume a small business sells parts to a
market that has three large machine
manufacturers. How many machines are
sold in the market in a given year, and
how many of the company’s parts does
each machine need?.
Once the small business has
determined all the variables, the entire
process to determining market share is
pretty simple. The problem is
accumulating the data on the size of a
given market. To help, there are several
sources of information that can be
used. Some of these include: trade
magazines, industry or market
publications, the internet itself and
getting the information directly from
customers.

the basic approach is to determine how much

How Can a Company Project its new business (units) the company can steal from
Future Market Share? its competition. small businesses must take into
consideration the growth rate of their market
when looking at market share projections.
 8 STEPS FOR THE SUCCESS OF A MARKETING PLAN

SUMMARY

Anyone marketer wants to be a marketing succes, information is the key to the success of a
Marketing Plan. The combination of these 8 steps can ensure your marketing success. which are:

1) Explore – More idea of start, it takes explore the current trends of the industry, the future
expectations, government involvement, major changes, technological advancement etc.
Thus you need to first explore your surroundings to be sure of the background of the
marketing plan.
2) Analyse your customers – I mention the importance of customer analysis in a previous
post. Instead of asking questions to others, ask questions to your own customers and you
will get the best answer NOT listening to your customers is a sure shot way to achieve
Marketing failure. I am sure you don’t want that.
3) Analyse your competitor – At the same time you need to know which features amongst
those advertised by competitors are the most prominent in customers mind. then prepare
your own angle. Both ways work. However in either case, you need to know your
customers and your competitors as well as the market scenario.
4) Analyse yourself – At this stage you need to decide what is your budget, how many man
hours can you dedicate to this campaign, whether you have the capacity to go ATL or not
or whether there is a need of price promotions. If you are the number 1, you need to think
of retention strategies, whereas if you are number 4, you need to think of customer
acquisition strategies. the marketing plan according to análisis.
5) Prepare your marketing plan – You need to scale down the entire marketing plan and the
best step over here is to hire a marketing consultant / ad agency as required. Strategy as
promotions you will be using and also what impact is the promotion expected to make in
the market. Marketing plans are made months in advance. BOTTOM LINE – Document
your marketing plan. It helps in measuring the performance.
6) Implement – Contingency plans are used when your strategy is not well received in the
market. while implementing, be in touch with the market the people involved and
anticipate any negativities as well as capitalize on any positives which develop during
implementation.
7) Follow up – Once you have the customer feedback, you can improvise in your future plan.
The result – Big bazaar repeats it again and again and satisfies its customers each time.
Thus the feedback is simply seen in the increase in number of walkins.
8) Explore other opportunities – The more varied you keep it, the better is the response
from customers. But in the end, the more the competition, the more you need to find new
opportunities in the market.

These 8 steps make sure you are covering each and every aspect of your marketing plan and
ensures marketing success. In the end, we come down to the one word which started this article –
Information, planning and implementation depends solely on the information you possess and
therein lies the key to Marketing success.