Module 2 market research
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Transcript of Module 2 market research
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2. Market research
1. New product research
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New Product
Research
- What do customers really need?
- Adapt product to meet needs
- Competitive advantage- Product testing- Key issues- Customer satisfaction- Competing products
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Carrying out product research
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2. Market research
2. Surveys
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Questionnaires, surveys and focus groups
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Understand your market and clients
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Market research
techniques
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Accuracy Guidelines
https://www.mrs.org.uk/standards/guidelines
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2. Market research
3. Market Analysis
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What is a Market Analysis?
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Find out the characteristics that are unique to your particular market and analyze this information.
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What to Include in Your Market Analysis
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Industry description and
expectation
SizeTrendsLife Cycleprojected
development
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Target market• User Persona and Characteristics• Market size
http://makemypersona.com/
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https://commons.wikimedia.org/wiki/File:Target-market-in-marketing-plan.jpg
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Competitive analysis
• Market• Competitor strengths and weaknesses• The importance of your target market to competitors • Barriers to entry• Opportunities
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Projections
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https://commons.wikimedia.org/wiki/File:Desktop_Search_Engine_Market_Share.png?uselang=es
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Regulations
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- Administrative regulations
- Limitations on your market
https://commons.wikimedia.org/wiki/Category:Alcohol_regulation?uselang=es#/media/File:Notice_of_Suspension_(4299481421).jpg
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Get Data
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- Present customers- Internet- Government sites- https://open-data.europa.eu/en/data/
- http://data.worldbank.org/products/data-portals
- http://dataportals.org/
https://commons.wikimedia.org/wiki/File:Australian_Census_2011_demographic_map_-_Victoria_by_POA_-_BCP_field_2565_Speaks_other_language_Arabic_Persons.svg?uselang=es