a$)$

Map a market research study using the outline provided.

b$)$

Identify the areas of research needed to conduct market research study.

c$)$

Provide an outline of the research process and activities that you would have to follow to complete your situational market analysis.

d$)$

Identify your research sources and methods that you would use.

e$)$

Identify the design instrum

Guidelines: Target Market$($s$)$

o

Why this particular market$($s$)$ was chosen

o

Who are they $-$ complete profile $($e$.$g$.,$ demographics, psychographics, behaviours$)$

o

What benefits do they seek $($i$.$e$.,$ what points$-$of$-$pain or problems are being solved$)$

o

What factors can affect their purchase or use decision

o

What attitudes do they have about the products$/$services currently or not currently offered

o

How is the product used

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Products and Services that appeal to the target market

o

In general terms $($not particular brands$)$ what is currently appealing to this market

o

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$).$

Market Metrics

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Size estimates $($current and future$)$ for:

o

Overall market

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Current size

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Potential size

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Actual penetration of current products$/$service within the total market

o

Individual market segments

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Current size

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Potential size

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Actual penetration of current products$/$service within the total market

o

Usage rates

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Frequency of product purchases

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Growth estimates $($current and future$)$ for:

o

Overall market

o

Individual market segments

Competitive Analysis

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Summary of Current Competitors

o

Listing by market share ranking $($by each target market if possible$)$

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Current Competitors $-$ full analysis of top competitors including:

o

Products & Services $($e$.$g$.,$ description, uniqueness, pricing, etc.$)$

o

Market share

o

Current customers

o

Positioning and promotion strategies

o

Partnerships$/$Alliances$/$Distributors

o

Recent news

o

SWOT Analysis $-$ Strengths, Weaknesses, Opportunities & Threats.

Other information as shown in the examples in the next section

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Potential Competitors

o

Explanation $($though not as detailed as Current Competitors$)$ on who they are or maybe and why they are seen as potential competitors

Additional

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Extraneous Variables

o

Discuss factors that may affect this market $($e$.$g$.,$ technological, social, governmental, competitive, etc.$)$

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Market Trends

o

What is expected to happen