Business Development

 Market Research Homework

Market research plays a major role in the success of any business. Without the facts uncovered by market research, making informed decisions about the viability of the business enterprise is impossible.  Many businesses fail because there is not enough attention paid to who and where the market is.

Market research is used to  identify a market, and the strength and size of that market, and should be used to develop company's business strategy. 

In order to implement a successful marketing strategy it is important to have a thorough understanding of the drivers within an industry and how companies within the industry operate.

Market research is a proven approach that can provide you with the following types of information including

  • Knowledge of market potential.

  • A thorough understanding of your competition.  

  • Information about market segmentation.  

  • Information about changing end-user demands for products. Identification of new markets.

Market research supports feasibility studies and strategic planning by defining existing markets, industry size, and competitor strengths and weaknesses. In the past, the majority of firms have used simple sales forecasts as their source of information when developing marketing plans. Today, effective market planning must be based on information about competitors, market segmentation and competing technology.

Competitive Analysis

Competitive analysis is an integral part of understanding the industry in which a company competes and the dynamics of the marketplace. However, it is not uncommon to make costly mistakes when analyzing the competitive environment. Consider the following potential mistakes.

  1. Concentrating on larger competitors while paying little attention to smaller competitors.
  2. Ignoring the potential for competition from new entrants.
  3. Focusing on local/regional competition at the expense of international competitors.
  4. Assuming that competitors will continue to act the same way they have in the past.
  5. Misinterpreting signals that indicate changes in competitor strategy.

A thorough competitor analysis includes several key components. Some of the key components of a competitor analysis include the following.

  • Market share
  • Effectiveness of sales distribution
  • Structure of sales and marketing
  • Breadth of product line
  • Advertising and promotion effectiveness
  • Facility condition and locations
  • Facility capacity and utilization
  • Relative product quality
  • R&D advantages
  • General image
  • Patents and copyrights
  • Union relations
  • Technological position
  • Financial position, e.g. sales and income

All this information can be used to develop a thoroughly detailed business plan.

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