Welcome to my “Market research insight.”
Do not be confused with a marketing study.
Market research - consistent actions to collect information about markets or consumers. It is a very important component in developing a business strategy. It is necessary to distinguish market research from marketing research, since marketing research refers to the marketing process, while market research only applies to markets .https://www.blogger.com
Market research - consistent actions to collect information about markets or consumers. It is a very important component in developing a business strategy. It is necessary to distinguish market research from marketing research, since marketing research refers to the marketing process, while market research only applies to markets .https://www.blogger.com
The study of the markets has been going on since the mid-1920s when the advertising boom began on radio programs in the US. Advertisers began to understand the importance of demography when choosing the radio programs sponsored by them.
Market research for business planning
Market research should provide answers to the questions that consumers want, what they need, what they trust. The research may also include the study of consumer behavior, behavior at various stages of the purchasing process, etc.
When starting a new business, especially important:
Market Information
The main market information is the prices of the suppliers of the market under study, the situation of demand and supply. Such information should be obtained from independent sources, in various formats.
Segmentation of the market
Segmentation of the market is the division of the market into subgroups, united by one or several essential features. The following segmentations are often used: geographic, sex, demographic, etc.
Market Trends
It is necessary to take into account trends in the growth or decline of the market under study in a certain period of time. It is quite difficult to estimate the size of the market at the start of a new business since historical statistics and expert data of insiders are needed. In this case, you can try to get derived figures from the number of potential consumers, dividing them into segments.
Stages of market analysis
The universal sequence of any market analysis: (Source: How to make a qualitative market analysis? Review of best practices
Define the objectives of market research
Draw up a market analysis plan
Determine the timing and budget of the market analysis
Select market research methods
Carry out the necessary market research
Prepare analysis of collected information on the market
Prepare market overview
Make a presentation on the analysis of the market
Market research for business planning
Market research should provide answers to the questions that consumers want, what they need, what they trust. The research may also include the study of consumer behavior, behavior at various stages of the purchasing process, etc.
When starting a new business, especially important:
Market Information
The main market information is the prices of the suppliers of the market under study, the situation of demand and supply. Such information should be obtained from independent sources, in various formats.
Segmentation of the market
Segmentation of the market is the division of the market into subgroups, united by one or several essential features. The following segmentations are often used: geographic, sex, demographic, etc.
Market Trends
It is necessary to take into account trends in the growth or decline of the market under study in a certain period of time. It is quite difficult to estimate the size of the market at the start of a new business since historical statistics and expert data of insiders are needed. In this case, you can try to get derived figures from the number of potential consumers, dividing them into segments.
Stages of market analysis
The universal sequence of any market analysis: (Source: How to make a qualitative market analysis? Review of best practices
Define the objectives of market research
Draw up a market analysis plan
Determine the timing and budget of the market analysis
Select market research methods
Carry out the necessary market research
Prepare analysis of collected information on the market
Prepare market overview
Make a presentation on the analysis of the market
The study of sales markets provides information on the state and prospects for the development of markets, which as a result helps to make a decision about the feasibility of launching a new business or bringing a new product to the market, entering a new market, adjusting the business strategy and marketing policy.
The system of chambers of commerce and industry of Russia carries out the analysis of commodity markets at the request of entrepreneurs both at the stage of developing a business idea or business plan and with further work on marketing policy.
Market research may include:
• Description of the main trends;
• Characteristics of demand for goods and services being studied;
• Identify the dynamics of market development;
• Evaluation of capacity and other characteristics of the market;
• Study of complementary goods and substitutes;
• Studying the price situation in the market under study;
• Studying the level of competition
• Studying the market power of consumers
• Studying of USPs and their perceptions by consumers
• Etc
Regulations
Cost and order of payment
• The cost is determined individually, based on the requirements of the Customer
• Payment in the form of cash and non-cash payment
Procedure
1. Receiving a request from the Customer
2. Harmonization of conditions and execution of the contract (determination of the main objectives and planned results in accordance with the requirements of the Customer, the procedure and conditions of work, the timing of the order, payment and report on the work performed)
3. Confirmation of prepayment
4. Implementation of the analysis in accordance with the requirements of the Customer
5. Providing the Customer with the Analytical Report
6. Signing by the parties of the act on the provision of services
7. Implementation of post-payment
8. Transfer of accounting documents
Reason for refusal
• Lack of reliable information on request
• No prepayment
Contact information for performers
The Chamber of Commerce and Industry in your city does not render this service
The system of chambers of commerce and industry of Russia carries out the analysis of commodity markets at the request of entrepreneurs both at the stage of developing a business idea or business plan and with further work on marketing policy.
Market research may include:
• Description of the main trends;
• Characteristics of demand for goods and services being studied;
• Identify the dynamics of market development;
• Evaluation of capacity and other characteristics of the market;
• Study of complementary goods and substitutes;
• Studying the price situation in the market under study;
• Studying the level of competition
• Studying the market power of consumers
• Studying of USPs and their perceptions by consumers
• Etc
Regulations
Cost and order of payment
• The cost is determined individually, based on the requirements of the Customer
• Payment in the form of cash and non-cash payment
Procedure
1. Receiving a request from the Customer
2. Harmonization of conditions and execution of the contract (determination of the main objectives and planned results in accordance with the requirements of the Customer, the procedure and conditions of work, the timing of the order, payment and report on the work performed)
3. Confirmation of prepayment
4. Implementation of the analysis in accordance with the requirements of the Customer
5. Providing the Customer with the Analytical Report
6. Signing by the parties of the act on the provision of services
7. Implementation of post-payment
8. Transfer of accounting documents
Reason for refusal
• Lack of reliable information on request
• No prepayment
Contact information for performers
The Chamber of Commerce and Industry in your city does not render this service
Market research
The goal of including some market research in the business plan is to help the entrepreneur and the potential lender or investor (reviewer) understand the market better, and also to strengthen his confidence in the plan.
In addition, the preliminary market research included in the business plan can help formulate a marketing strategy and become the first step to marketing, as it will facilitate contacts with respondents who have positively perceived the product or service.
To determine what kind of research is most effective, it is necessary to conduct an express cost-benefit analysis. There is no need to conduct an in-depth study of the business plan. Remember, for what is the purpose of such a study - to obtain the first information "cutoff" and not necessarily to provide statistically significant samples or other "elegant" methods. For some markets, a secondary study - in the form of a literature study - can be as good as a primary study.
One bookstore owner studied the market in the following way: he went to the largest company store just before dinner and counted the number of copies of some of the most notable books. Then he came to the same store a few hours later, after an hour of "rush", to see which books were sold. So he learned what he should fill the shelves of his own store. A few years later he sold his business network of 17 stores, with very good profits.
The entrepreneur should not be upset because of the limited opportunities for market research. Most companies preparing business plans with the intention to submit them for consideration by a potential investor are "in the same boat". They are also constrained by the means and must rely on studies conducted in the most economical way.
Market research of markets
WHAT IS MARKETING RESEARCH?
Entrepreneurs are constantly looking for information on their CLIENTS, COMPETITORS, and the market environment in which they work. Market research - basically is the COLLECTION of such data.
However, ANY information collection cannot be called a market research. Market research is a SYSTEMATIC and OBJECTIVE approach to collecting marketing information - which, when processed, analyzed and interpreted, helps to identify PROBLEMS and OPPORTUNITIES that will help to adopt a more OBJECTIVE SOLUTION with the LOWEST RISK.
The key to this definition is that information is collected, processed, and analyzed in a SYSTEMATIC and OBJECTIVE way. A marketing research determines how information is obtained and evaluated, as well as what information is actually collected.
At first glance, marketing information is very difficult to obtain.
The goal of including some market research in the business plan is to help the entrepreneur and the potential lender or investor (reviewer) understand the market better, and also to strengthen his confidence in the plan.
In addition, the preliminary market research included in the business plan can help formulate a marketing strategy and become the first step to marketing, as it will facilitate contacts with respondents who have positively perceived the product or service.
To determine what kind of research is most effective, it is necessary to conduct an express cost-benefit analysis. There is no need to conduct an in-depth study of the business plan. Remember, for what is the purpose of such a study - to obtain the first information "cutoff" and not necessarily to provide statistically significant samples or other "elegant" methods. For some markets, a secondary study - in the form of a literature study - can be as good as a primary study.
One bookstore owner studied the market in the following way: he went to the largest company store just before dinner and counted the number of copies of some of the most notable books. Then he came to the same store a few hours later, after an hour of "rush", to see which books were sold. So he learned what he should fill the shelves of his own store. A few years later he sold his business network of 17 stores, with very good profits.
The entrepreneur should not be upset because of the limited opportunities for market research. Most companies preparing business plans with the intention to submit them for consideration by a potential investor are "in the same boat". They are also constrained by the means and must rely on studies conducted in the most economical way.
Market research of markets
WHAT IS MARKETING RESEARCH?
Entrepreneurs are constantly looking for information on their CLIENTS, COMPETITORS, and the market environment in which they work. Market research - basically is the COLLECTION of such data.
However, ANY information collection cannot be called a market research. Market research is a SYSTEMATIC and OBJECTIVE approach to collecting marketing information - which, when processed, analyzed and interpreted, helps to identify PROBLEMS and OPPORTUNITIES that will help to adopt a more OBJECTIVE SOLUTION with the LOWEST RISK.
The key to this definition is that information is collected, processed, and analyzed in a SYSTEMATIC and OBJECTIVE way. A marketing research determines how information is obtained and evaluated, as well as what information is actually collected.
At first glance, marketing information is very difficult to obtain.
For example, the owner of a video product store can ask customers if they will rent more cassettes - if the price drops by seven rubles. Using such feedback, the owner can decide to reduce prices, increase the number of leased tapes, and generally earn more money.
Unfortunately, the interviewed people may not reflect the opinions of a TYPICAL customer. Even if the owner is lucky, and he talked with TYPICAL representatives, he cannot be sure that the client is telling the TRUTH, and that he will actually rent more cassettes. This type of information gathering is characterized by a lack of objectivity and typicality, in order to be defined as the present MARKET RESEARCH. As a result, the owner can actually lose money.
HOW WE USE THE MARKETING RESEARCH
Market research can be used to meet almost all the information needs of small businesses. Every stage of the business - from developing a business plan to designing an effective advertising program - can benefit from the use of a carefully executed study. Here is an example of how market research can guide and help small businesses.
DEVELOPMENT OF BUSINESS PLAN
When you sit down at the table with a blank sheet of paper and think about the possibility of organizing your own business, you should ask yourself the following questions:
"What am I going to sell?"
- Will people buy what I sell?
- What price to set?
"Where should I sit?"
- What are the competitors and how many of them?
Such questions should form the basis of ANY effective business plan, and market research will help to answer them.
For example, you decided to turn your passion for fishing into a means of earning. You open your store of fishing equipment. You know that there is a NEED for this business, and you want to take advantage of the opportunity.
One of your first steps is to find out how many such stores are already in your area - in order to assess the level of competition. A quick review of the Yellow Pages will provide you with the necessary information. Congratulations! You have just completed the first market research project. As COMPLICATION questions, market research will be more difficult. For example, although you can partially determine the demand for fishing gear, after speaking with your neighbors and friends on fishing, such a survey will not give you information about what the MEDIATOR thinks about this.
The best way is to conduct a scientific review of the REPRESENTATION of all local consumers. Much of the basic information needed to develop a business plan can be collected by using the MARKET RESEARCH.
NEW PRODUCT OR OFFER
Many special offers, for example - a 10% discount, are the result of a market research. The study will help you decide what the client needs, and will give the opportunity to offer the product or service that will be immediately purchased. Market research can be used to determine the results of a program of sales, discount programs, or even the introduction of a new product on the market - BEFORE carrying out the costs of implementing such a program.
PRICE
Price is a CRITICAL marketing element for any business, large or small, and market research can provide accurate data for a price decision.
ADVERTISING
Many small business owners are very worried about advertising their business. Based on the current cost of advertising, their concern is justified.
The most frequently asked question: how effective is my advertising. The answer can be determined with the help of many types of formal and informal research methods.
For example, a dedicated phone number that is published only in ads on the Yellow Pages can partially solve the problem. By placing a caller ID on this line, you can count the number of incoming calls. By the end of the month, you will accurately determine how many requests were caused by the announcement on the Yellow Pages, after which you can determine the effectiveness of this announcement.
This is just one of the possible ways to research the market, available for small businesses.
WHAT DOES THE MARKET STUDY DO?
All market research is divided into two main categories: SECONDARY and PRIMARY.
SECONDARY research involves researching literature, reviewing articles and analyzing all available data. While the secondary research is LIMITED by the information that is at hand, it is much cheaper than the initial research and can be carried out by any small business. There are two general types of primary research.
QUALITATIVE research is used to develop new ideas and to more fully consider this subject or problem. First of all, quantitative research implies surveys based on representative selections.
Unfortunately, the interviewed people may not reflect the opinions of a TYPICAL customer. Even if the owner is lucky, and he talked with TYPICAL representatives, he cannot be sure that the client is telling the TRUTH, and that he will actually rent more cassettes. This type of information gathering is characterized by a lack of objectivity and typicality, in order to be defined as the present MARKET RESEARCH. As a result, the owner can actually lose money.
HOW WE USE THE MARKETING RESEARCH
Market research can be used to meet almost all the information needs of small businesses. Every stage of the business - from developing a business plan to designing an effective advertising program - can benefit from the use of a carefully executed study. Here is an example of how market research can guide and help small businesses.
DEVELOPMENT OF BUSINESS PLAN
When you sit down at the table with a blank sheet of paper and think about the possibility of organizing your own business, you should ask yourself the following questions:
"What am I going to sell?"
- Will people buy what I sell?
- What price to set?
"Where should I sit?"
- What are the competitors and how many of them?
Such questions should form the basis of ANY effective business plan, and market research will help to answer them.
For example, you decided to turn your passion for fishing into a means of earning. You open your store of fishing equipment. You know that there is a NEED for this business, and you want to take advantage of the opportunity.
One of your first steps is to find out how many such stores are already in your area - in order to assess the level of competition. A quick review of the Yellow Pages will provide you with the necessary information. Congratulations! You have just completed the first market research project. As COMPLICATION questions, market research will be more difficult. For example, although you can partially determine the demand for fishing gear, after speaking with your neighbors and friends on fishing, such a survey will not give you information about what the MEDIATOR thinks about this.
The best way is to conduct a scientific review of the REPRESENTATION of all local consumers. Much of the basic information needed to develop a business plan can be collected by using the MARKET RESEARCH.
NEW PRODUCT OR OFFER
Many special offers, for example - a 10% discount, are the result of a market research. The study will help you decide what the client needs, and will give the opportunity to offer the product or service that will be immediately purchased. Market research can be used to determine the results of a program of sales, discount programs, or even the introduction of a new product on the market - BEFORE carrying out the costs of implementing such a program.
PRICE
Price is a CRITICAL marketing element for any business, large or small, and market research can provide accurate data for a price decision.
ADVERTISING
Many small business owners are very worried about advertising their business. Based on the current cost of advertising, their concern is justified.
The most frequently asked question: how effective is my advertising. The answer can be determined with the help of many types of formal and informal research methods.
For example, a dedicated phone number that is published only in ads on the Yellow Pages can partially solve the problem. By placing a caller ID on this line, you can count the number of incoming calls. By the end of the month, you will accurately determine how many requests were caused by the announcement on the Yellow Pages, after which you can determine the effectiveness of this announcement.
This is just one of the possible ways to research the market, available for small businesses.
WHAT DOES THE MARKET STUDY DO?
All market research is divided into two main categories: SECONDARY and PRIMARY.
SECONDARY research involves researching literature, reviewing articles and analyzing all available data. While the secondary research is LIMITED by the information that is at hand, it is much cheaper than the initial research and can be carried out by any small business. There are two general types of primary research.
QUALITATIVE research is used to develop new ideas and to more fully consider this subject or problem. First of all, quantitative research implies surveys based on representative selections.
No comments:
Post a Comment