Before going too far from the planning process, one must be able to have a complete and thorough market research and analysis before deciding to launch a particular business. It does not only help you in getting an overview of the industry. Rather, it gives you conclusion that will guide you to draw from your research findings. However, there is no proven absolute method in conducting analysis. In this article, you will be going to know more about the nature of market research and analysis and its importance in the business industry.
5+ Market Research & Analysis Report Samples
1. Market Research & Analysis Report Sample
2. Editable Market Research & Analysis Report
3. Standard Market Research & Analysis Report
4. Professional Market Research & Analysis Report
5. General Market Research & Analysis Report
6. Formal Market Research & Analysis Report
What is Market Research?
Market research is a type of process that helps you determine the how viable a particular product or service to the customers. It allows every company to discover potential or target markets and ask for feedbacks from the costumers with regards to their interests in the product or service. This type of research can be conducted elsewhere. May it be in-house, in the company or in any other company that is specializing in the aspect of market research. This can be done in many methods such as surveys, focus groups, testing and more.
The purpose of market research is to look for a particular market that shows how it would work out to the audience who will eventually receive it. This includes gathering of information for market segmentation and product differentiation. This will help you see which of the shown features serves as a priority to most of the consumers.
Common Market Research Methods
There are a lot of ways in which you conduct a market research. Among these ways are the following:
1. Surveys – this is the most commonly used method. This is a qualitative type of research that would ask the respondents series of questions that are open-ended or close-ended.
2. Interviews – this can be conducted using one-on-one conversations with your respondents. This will help you understand more of your target customers.
3. Focus groups – this will let you bring selected group of people who will fit into the target market.
4. Observation – someone is in-charge to take down notes while having to observe an ideal user engage over the product or a same product from a market competitor.
What is Market Analysis?
Market analysis is a type of assessment that uses both quantitative and qualitative method in a market. It looks into the aspects of a market including volume, size, value, buying patterns, customer segments, competition and more. The main objective of a market analysis is to be able to know your market and to know if the market is large enough to build a business. In order to do that, you should be able to have the following: demographics, target market, market need, competition, barriers to entry, and regulation.
1. Demographics – decide on what type of approach you have to put into your market according to its size. There are two factors that you need to look into when trying to assess the size of your market. It is the number of the potential costumers and the value of your market.
2. Target market – this is the type of costumers that you are targeting for your market. This is essential especially when you have a clear segment over the different market demands.
3. Market need – this section will show you your potential investors. You have to clearly know the reason why they buy.
4. Competition – this section gives you a fair view over who you are in competition with. This will give you an avenue to provide an explanation as to the positioning of your competitors and their strengths and weaknesses.
5. Barriers to entry – this section answers what could be the possible reason why someone would prevent himself or herself from opening a shop in front of yours and what makes you think you would be successful in the market.
6. Regulation – this section will just let you provide an explanation as to the regulations that are applicable in your business.
When writing a report for your market research and analysis, you should be following the same structure that every reports business report has. You have to put a title page, summary, table of contents, introduction, methodology, findings, conclusion, recommendation, references and appendices.
How would a market research gather information?
Market research gathers information from either a primary and secondary sources. Primary sources are those data that has been collected directly, while secondary sources are those data that are from outside entity.
How do you conduct a market research in a lean way?
You may conduct market research by creating simple user personas and conducting observational research.
What are some of the points that you should include when conducting market analysis?
You must include industry description and outlook, target market, characteristics of target customers, market size, market share percentage, gross margin targets, competitive analysis and regulatory restrictions.
There are a lot of things that you need to consider when dealing with your target market. It is better to take some notes on how to conduct both the market research and analysis in order to be familiar with the process. Also, follow the report outline to make the structure look appealing to the readers. You may check some of the market research and analysis report samples in this article.
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