Assignment 1

Market Research Assignment: SME Banking

Objective: The objective of this market research assignment is to gain a better understanding of the SME banking landscape and identify potential opportunities for growth in the sector.

Methodology: To achieve our objective, we will use a combination of primary and secondary research methods.

Primary Research:

Surveys: Students will design the survey questionnaire and will test this surveys questionnaire among a representative sample of 5 SMEs. The survey will include questions on the types of services they use, satisfaction levels, and factors that influence their choice of bank.

Interviews: Students will conduct 2 in-depth interviews with SME owners and managers to gain insights into their banking experiences, challenges, and expectations. The interviews will focus on areas such as loan applications, creditworthiness assessments, and account management.

Secondary Research:

Desk research: We will gather and analyze data from various sources such as industry reports, academic papers, and news articles to gain a broad understanding of the SME banking sector. This will include information on market size, growth potential, key players, and regulatory environment.

Competitor analysis: We will conduct a thorough analysis of the competitive landscape to identify the strengths and weaknesses of the major players in the SME banking sector. This will involve analyzing their product offerings, marketing strategies, and customer feedback.

Expected outcomes: Based on the research, we expect to gain the following insights:

Design a survey questionnaire and test a survey questionnaire which is expected to assist in Identifying the key banking needs and preferences of SMEs, and how these differ across industries and business sizes.

Understand the challenges faced by SMEs in accessing banking services and identify potential solutions.

Evaluate the performance of existing players in the SME banking sector and identify opportunities for improvement.

Identify potential gaps in the market that could be exploited to gain a competitive advantage.

Make recommendations for improving the banking experience for SMEs, including product design, marketing, and customer service.

Deliverables: The deliverables for this market research assignment will include a detailed report summarizing the desk research findings, the questionnaire design and the outcome of the test of the questionnaire , as well as students primary recommendations for how SME banks can improve their offerings to better serve the needs of their customers.