Follow by Email

Showing posts with label Planning. Show all posts
Showing posts with label Planning. Show all posts

Friday, November 1, 2013

The Changing Kiranawala! - India

80 Lakh Kirana outlets have been a number constantly quoted in various studies as the first consumer choice for shopping across India. They have distinct advantages that are obvious now; convenience, extension of credit, home delivery & leveraging personal relationships. But threats from outside & inside have ensured that they have evolved rapidly over the last 5 to 10 years.   
         
                                      

Wednesday, October 23, 2013

Market Research Tools: Concept Testing Advertisng, Brands, Products, Pricing, Positioning

Concept testing research evaluates advertising concepts, ad theme concepts and appeals, new product concepts, pricing, brand concepts, brand names, and positioning strategy concepts.

The concept testing market research design approach for your company will develop precise and specific concept statements for development, testing, screening and segmentation.

                        Online Marketing Research

Saturday, October 19, 2013

Market Research Tools: Online Discussion Forums

Online marketing research forums -- or bulletin board focus groups -- add important "time extension" to traditional depth interviews. Online Discussion Forums are virtual discussions conducted via exclusive online portals custom built for the marketing research project.

These highly involved qualitative marketing research discussions unfold over extended time frames. Forums, sometimes referred to as "qualitative bulletin boards" or "bulletin board focus groups (BBFG), deliver an outstanding qualitative method: forums have the interactive advantages of focus groups or face-to-face IDIs with the efficiencies and response validity of online interviewing technology.
focus group on steroids

Friday, October 18, 2013

Market Research Tools: Online Research Communities

Market research online communities (MROC) make "social networking" usable for reliable marketing research. Using our specially designed research focused platforms -- a special Facebook-like community portal -- we create one to three month qualitative dialogs with your target audience.

Thursday, October 17, 2013

Online Marketing Surveys

market research methodology. Online marketing research is deployed after carefully considering research design factors. Our clients include B2B and consumer marketers, advertising agencies, and venture capital firms.

Wednesday, October 16, 2013

Market Research - Where to Find the Market Information Good data sources

According to the American Marketing Association, market research is conducted to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; and improve understanding of marketing as a process. Essentially, this information helps you to identify your target customer, assess your competition, and decide on a marketing plan.

Market Research Overview

Tuesday, October 15, 2013

Guide to Market Research and Analysis

Successful businesses have extensive knowledge about their customers and their competitors. Getting 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.

Saturday, October 12, 2013

How to Find New Markets

New markets can mean markets in a new location or country. However, on a more practical level, a new market is simply a set of customers who have not purchased from you before. This means that a new market could be customers in a different part of town, socio-economic group, country or industry.

Monday, October 7, 2013

Guide to Market Research and Analysis

Successful businesses have extensive knowledge about their customers and their competitors. Getting 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 help you choose a location, determine the product or services to offer, establish pricing, and plan a selling strategy.
Key issues to consider are:
  • Who will buy your product? Primary and secondary target groups.
  • Where do the buyers 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 buyers' 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 say 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 (i.e. quality, price, service, payment terms, location, reputation, finances, etc.)?
  • How do you compare to your competitors and how will they react to your entry into the market?
  • What factors 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 goal 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 the delivery of your product or service to avoid possible under pricing and operating losses. If the market will not support a price level sufficient to cover cost, you will have 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 (i.e. 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 customers 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. (i.e. 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?
  • Are you going to use professional marketing services?
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 so 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:
  • Canada Business service centre in your region
  • Statistics Canada 1-800-263-1136
  • Canada Post - 1-800-267-1177
  • 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, i.e. 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 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. It will allow you to identify more specifically what you want him/her to do for you, particularly when there will be costs associated with his/her services.

Basic Methods for Quality Market Research

While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you’re willing to spend will determine which techniques you choose for your business.                      
                                            

Friday, October 4, 2013

How to Survey your Market – Thinking outside the Online Survey Tools Box

I am always going on about how much small businesses need to do market research, even those who are just starting up.   Market Research will tell you everything you need to know about your customers, such as how they buy your products, and what needs they have that can be fulfilled by your products.
Many soloist and small businesses rush out into the market with their new product idea without first answering these questions, and then wonder why nobody buys their product.
One of the main reasons that research is skipped is due to lack of funds to hire a research agency, however there are a number of tools and resources available to help you run your own research studies right here on this site.

Wednesday, July 10, 2013

Types of Social Media Fans - Which type of You Are ?

Types of Social Media Fans - Which type of You Are ?


Social Media a great tool for Market Research

Market research can be a costly and time-intensive process. However, many businesses have begun to turn to social media as a cost-effective and in-depth tool for gaining insights into their customers, market, brand appearance and other important market research aspects. The keys to utilizing social media for market research are to understand the benefits and creating a proper research plan. These six tips offer easy to implement ways to utilize social media in your market research methods for improved, measurable results.

Sunday, July 7, 2013

A Simple Rule to Eliminate Useless Meetings

Ask your team to identify their biggest productivity killer and inevitably two issues will rise to the top of the list: managing their inboxes and their meeting schedules. I'll tackle the former in a future post. For now, I'd like to focus on increasing the value of meetings by sharing a practice our team has implemented to great effect.
Bear in mind: Just because the material has been sent doesn't mean it will be read. Taking a page out of Jeff Bezo's book, we begin each meeting by providing attendees roughly 5-10 minutes to read through the deck. If people have already read it, this gives them an opportunity to refresh their memory, identify areas they'd like to go deeper on, or just catch up on email.
If the idea of kicking off a meeting with up to 10 minutes of silence strikes you as odd, you're not alone. The first time I read about this practice it immediately conjured up images of a library or study hall, two of the last forums I would equate with meeting productivity. However, after the first few times you try it, not only won't it be awkward -- it will be welcome. This is particularly true when meetings end early with participants agreeing it was time well spent.