The Customer Journey and Market Analysis

Overview

Analytical and research-based approaches to solving marketing problems.

Presented by:
Larry Vincent,
Professor of the Practice of Marketing

Presented to:
GSBA 509
September 1, 2026

Price comparison

Scrub list prices by brand tier

Brand	Top	Pant	Set
Source: brand and retailer sites, Sept 2026. List prices; both tiers discount frequently.
FIGS	$42	$52 ($64–68 select)	$90–94
Mid-market (Dickies EDS, Cherokee Revolution, WonderWink W123, Grey's Anatomy)	$17–26	$20–30	$40–55
Value (Cherokee Workwear entry)	from $12	~$15	$27–35

Performance

How big is the REAL market?

Market sizing

Market sizing

A tale of two markets

IPO Story

Massive TAM ($12 bil) +
DTC efficiency +
premium brand =
Lululemon of healthcare

Current Story

Niche premium product with limited TAM +
rising competition +
slowing growth +
margin pressure = ?

Consumer psychology

Marketing requires an understanding of four distinct dimensions of psychology.

Market Research

Customer Buying Journey

Default psychology (rational)

The Utilitarian Model

Would you ever expect this to be the process?

Hedonic model

When would you expect this to be the process?

Habitual model
(low involvement)

Translating behavior and decision-making to market sizing

Market dynamics

Market dynamics

Market dynamics

TAM

Approach
Utilizes top-down method, starting with broad industry data and narrowing down

Starting Point
Begin with overall market size for the broad need or category, then progressively narrow to specifics relevant to the product/service

SAM

Approach
Identify and size part of TAM that can realistically be served by your company’s current channels, resources, and capabilities

Starting Point
Assess the total market (TAM) and then apply filters (geographic, regulatory, technological constraints, etc.)

SOM

Approach
Narrowing down SAM based on factors like penetration, competitive positioning, and behavioral metrics such as intent to purchase

Starting Point
Utilize market intelligence, such as survey research to estimate achievable share of SAM

MedFit

Breakout

• Review “Market Forecast” tab of the Google sheet provided in the chat
• Study the individual calculations
• Use the study questions at the bottom of the sheet to guide your team’s analysis of it