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Principles of Marketing

Preparing a Market Study

Tutorial Contents

General Format – Parts 1-3

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)
    • Why this particular market(s) was chosen
    • Who are they - complete profile (e.g., demographics, psychographics, behaviors)
    • What benefits do they seek (i.e., what points-of-pain or problems are being solved)
    • What factors can affect their purchase or use decision
    • What attitudes do they have about the products/services currently or not currently offered
    • How is the product used
  • Products and Services that appeal to the target market
    • In general terms (not particular brands) what is currently appealing to this market
    • If 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:
    • Overall market
      • Current size
      • Potential size
      • Actual penetration of current products/service within the total market
    • Individual market segments
      • Current size
      • Potential size
      • Actual penetration of current products/service within the total market
    • Usage rates
      • Frequency of product purchases
  • Growth estimates (current and future) for:
    • Overall market
    • Individual market segments


 

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