module 2 market research

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

Market research

techniques

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Accuracy Guidelines

https://www.mrs.org.uk/standards/guidelines

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.

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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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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Regulations

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- Administrative regulations

- Limitations on your market

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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/

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