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Guide to Market Research and Analysis
Canada Business Service Centres - CBSCs
Last Verified: 2004-11-08

Document No. 4013
Summary

Successful businesses have extensive knowledge about their customers and
their competitors. Acquiring accurate and specific information about your
customers and competitors is a critical first step in market investigation
and development of a marketing plan. Accurate market assessment and
development of an effective plan is critical to the success of both new and
existing businesses. The market impacts and directs all aspects of the
company's activities and ultimately will lead to success or failure of the
business. In developing a market plan, your primary functions are to
understand the needs and desires of your customer, select or develop a
product or service that will meet customer needs, develop promotional
material that will make the customer aware and ensure product or service
delivery.
Market Analysis

Who is your customer?

Knowledge of the customer enables you to determine the market size and what
determines their buying decision. It provides information that will assist
in choosing a location, determining product or services to be offered,
establishing pricing and planning a selling strategy.


Key issues to consider are:
. Who will buy your product? Primary and secondary target groups.
. Where does the buyer live and what is their profile?
. What factors influence the decision to buy?
. Who is involved in the purchase decision?
. How often will buyers buy?
. Where do they buy, when and how much do they buy?
. What are the buyer's preferences and needs?
. Are customers loyal? Can long term relationships be built?

What product or service are you selling?

An important aspect of market analysis is to ensure that the product or
service meets the market (customer) needs. Product or service focus must be
the customer.


Issues to address are:
. Specifications of all your products and or services and key features
relative to what prospective buyers in your target market are saying
they need.
. Comparison with competitors and how customers perceive your product
relative to others available.
. What are the current trends, what stage of maturity is the product
life cycle at?
. What regulations apply to your product or service?
. What packaging is required?

Who is your competition?

Are there competitors that exist now and what new competitors are likely to
enter the market? How will your product or service compare and what is the
probable reaction of your competitors once you enter the market?


Issues to consider are:
. Who are your major competitors?
. What share of the market do they have?
. What are their strengths and weaknesses (e.g. quality, price, service,
payment terms, location, reputation, etc.)?
. How do you compare to your competitors and how will they react to your
entry into the market?
. What factors are there that could increase or reduce your competition?

What is your target market?

Accurate identification and analysis of the target market enables you to
develop an effective overall marketing strategy. The information will
assist in determining business size (output requirements), distribution
channels, pricing, promotion strategy and other marketing decisions.


Target market issues include:
. What is the overall market size? Number of potential customers and
physical boundaries?
. Which segment of the market is the most attractive in terms of future
growth potential, ease of entry, competition, profit potential and
overall risk?
. How do products generally get to the customer?
. What is the current dollar value or quantity of product/service being
sold into each segment of the market?
. What social, technical, environmental or economic changes are taking
place within the market and how will they impact sales?

What are your distribution channels?

There may be many options for moving your product to the customer such as
direct retail, wholesale, consignment, broker etc. The method of
distribution has important implications affecting your pricing structure,
advertising message, cash flow, etc. You will want to choose the
distribution method best suited for your product and where you want to be
positioned in the marketplace.


Key issues are:
. What methods of distribution are best suited for your product?
. What methods of distribution do your competitors use?
. What are the costs relative to market coverage?
. Does your level of available capital or production capacities restrict
your choice of distribution methods?
. Are there ownership opportunities in the supply chain?

Pricing

The objective is to maximize profits while remaining competitive in the
marketplace. Pricing can be based on either the cost price or market price
(What will the market pay?). Regardless of the pricing method used, it is
critical to know all of your costs involved in delivery of your product or
service to avoid possible underpricing and operating losses. If the market
will not support a price level sufficient to cover cost, it will be
necessary to investigate whether costs can be lowered or alternatively, it
may be necessary to abandon your plans to proceed.


Issues to consider are:
. What control do you have over the product price (e.g. exclusive
product, no competition, high market demand, etc.)?
. What are competitor prices and how do they price their products?
. What price and sales volume are needed to achieve profit objectives?
. Can you sell your product at different prices into different markets?
. Can you maintain your prices over time and what do you expect to
happen to competitors prices?
. Are your prices quantity sensitive?

Promotion and Selling

Promotion of your product or service and development of a promotion
strategy is part of the market analysis. It is important to analyze what
are the best methods of making your customer aware and what message will
motivate them to buy. From the promotion strategy the advertising budget
and overall sales plan are then developed.


Items to consider are:
. What media of advertising and sales do your competitors use?
. What media of advertising is best suited to reach your customer?
Primary and secondary media. (e.g. Primary - newspaper and radio;
Secondary - flyers and trade shows).
. What sales tools and training will be required for staff?
. What image are you attempting to build through your promotion?
. Packaging?

Note: While customer service, in store display and merchandising are not
part of the market analysis, they are an important part of the business
image and promotion package. Ongoing attention should be given to these
areas to assure maximum promotional benefit is achieved and that the
desired image is portrayed.


Primary/Secondary Data Sources

Primary data is the information you will obtain through your own efforts or
by hiring someone and can include observation, surveying, and
experimentation.


Secondary data consists of information which has been gathered by someone
else and is relevant to the venture you want to establish. Examples of
sources and types include:
. Local, Municipal, Provincial, and Federal Government Departments and
Agencies
. Business and Industry Associations / Trade Publications / Periodicals
. Business and Industry Trade Shows and Exhibitions
. Local Public, Business, and Educational Institution Libraries
. Business and Popular Press
. Business Professional Services, e.g. Accountants, Lawyers,
Consultants, Insurance Brokers, Financial Institutions
. Business and Educational Seminars / Courses, etc.
. Other Business People / Known Acquaintances / Competition / Internet

When researching your business idea, it is important to do as thorough a
search for information as is possible. It is also recommended to do as much
of it as you can on your own. This will help you to know the market for
your idea better, and can help to keep the costs down at the start. Once
this initial research has been completed, you may then feel the need to
contract professional services to collect additional information for you,
or to verify the information you have collected so far. The information you
have gathered yourself can form an important base of information from which
a consultant can work from, and as well, will allow you to identify more
specifically what you want them to do for you, particularly when there will
be costs associated with their services.


Source: U.S Small Business Administration

Prepared by:

Saskatchewan Industry and Resources, Business and Co-operative Services