Format of Marketing Research(1).Doc

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A Guide for Researching Markets
This tutorial provides information and guidelines that professionals and students should consider when presented with the task of researching a market. What follows is NOT a marketing plan. Rather what follows is a market study, a component within the larger marketing plan. (For more information on developing a marketing plan see our marketing plan tutorial.) Thus, the information provided should not focus so much on what is being planned but on what has been learned about the market. However, you can allude to what you plan to do in order to set the stage for why you are collecting certain types of data. For example, you can say "Product X is planned to target a specific segment of the XYZ market, consequently, we have investigated certain aspects of this market." Those interested in following these guidelines should not limit themselves to what is shown. Feel free to include more if it is appropriate.

The guidelines apply to almost all products and services. Additionally, these guidelines can be adjusted in order to be used as a study of a company as a whole and not just products/services. Please note this is an ever evolving set of guidelines so you may want to check back on a regular basis for any updates.

This tutorial includes the following topics:
1. How to Do a Market Study
2. General Format - Parts 1-3
3. General Format - Parts 4-5
4. Competitive Analysis Guidelines
5. Presenting the Market Study
6. Other Points
How to Do a Market Study
Article Index

Page 2 of 6

General Format
1. Objective of the Research
one paragraph explanation of why the research is being done, what you hope to learn and for what purpose the information may be used 2. Description of the Market
General Description - one paragraph
Target Market(s)
oWhy this particular market(s) was chosen
oWho are they - complete profile (e.g., demographics, psychographics, behaviors) oWhat benefits do they seek (i.e., what points-of-pain or problems are being solved) oWhat factors can affect their purchase or use decision

oWhat attitudes do they have about the products/services currently or not currently offered oHow is the product used
Products and Services that appeal to the target market
oIn general terms (not particular brands) what is currently appealing to this market oIf there are no current providers, what types of products/services may appeal to this market (i.e., what is used now to solve the problem). 3. Market Metrics

Size estimates (current and future) for:
oOverall market
Current size
Potential size
Actual penetration of current products/service within the total market oIndividual market segments
Current size
Potential size
Actual penetration of current products/service within the total market oUsage rates
Frequency of product purchases
Growth estimates (current and future) for:
oOverall market
oIndividual market segments
o
General Format
4. Competitive Analysis
Summary of Current Competitors
oListing by market share ranking (by each target market if possible) •Current Competitors - full analysis of top competitors including: oProducts & Services (e.g., description, uniqueness, pricing, etc.) oMarket share

oCurrent customers
oPositioning and promotion strategies
oPartnerships/Alliances/Distributors
oRecent news
oSWOT Analysis - Strengths, Weaknesses, Opportunities & Threats It is extremely important to focus attention on the SWOT section of this report. While most other information in this report can be gleaned from company and secondary materials, much of what appears in the SWOT section is based on the researcher’s own perceptions of the competitor based on the information collected. Consequently, this is often one of the hardest areas of the report to write. oAnd other information as shown in the examples in the next section •Potential...
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