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Market research for small business
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Market research for small business

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A session providing practical guidance for pre start and existing small businesses on ba market research for their business.

A session providing practical guidance for pre start and existing small businesses on ba market research for their business.

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    Market research for small business Market research for small business Presentation Transcript

    • Market research for business owners June 2013 Status: for discussionDocument: 830JZ v
    • © ANGLE plc 2008 • How large is the market? • Is the market growing or shrinking? • Are there any barriers to entering the market? • Who are my competitors? • What goods / services are they offering and are they better than mine? • Who are my customers? • What do they want? • Where do they want to buy?
    • © ANGLE plc 2008 • Most owner managers decide to react to market demand rather than forecasting and planning • Simple common sense tells us the more we know about our customers and our markets there is more chance of maximising opportunities and minimising risks
    • © ANGLE plc 2008 What do we want to find out Wider world Industry Competition Customers
    • © ANGLE plc 2008 Customers (potential customers) • Who are they? • What are they prepared to pay? • What do they like about your product? • What do they dislike? • How frequently will they buy Page 5 Angle Tip When carrying out potential customer research its important to first identify who your potential customers might be. Don’t waste your time asking people their views on products or services that they will not buy.
    • © ANGLE plc 2008 Page 6 Segmenting consumer markets Consumer Segmentation Behavioural Psychographic Profile Benefits Sought Purchase Occasion Purchase Behaviour Usage Perceptions And Beliefs Lifestyle Personality Demo graphic Socio economic Geo graphic
    • © ANGLE plc 2008 Page 7 Segmenting organisational markets Organisational Segmentation Microsegmentation Macrosegmentation Choice Criteria Decision Making Unit structure Decision Making process Purchasing Organisation Company Innovation Company size Industry Geo graphic
    • © ANGLE plc 2008 Competition Angle Tip Knowing what your competition are doing, particularly in terms of how much they charge and what products or services they offer is vital information for any business. You cannot compete without first knowing who and what you are competing against
    • © ANGLE plc 2008 Identifying competition • Who offers the same products or services and delivers them in exactly the same way as you propose to do? (direct competition) • Who offers similar products or services as you but delivers them in a different way? (indirect competition) • Who offers slightly different products or services as you but delivers them in the same way? (indirect competition) Page 9
    • © ANGLE plc 2008
    • © ANGLE plc 2008 Market / Industry Data • Size and nature of market − Geographics − Barriers to entry − Economies of scale − Switching costs − Capital requirement − Expected retaliation − Brand recognition − Growing or shrinking − Seasonality • Target market share − Industry life cycle
    • © ANGLE plc 2008 Wider world − You’re doing business in a wider world so factors such as −Political −Economic −Social −Technological −Legal −Environmental Could all play a big part in your success Page 12
    • © ANGLE plc 2008 How? −Primary: Basically gathering your own data, i.e. focus group interviews −Secondary: Using published information, i.e public libraries, chambers of commerce, government agencies.
    • © ANGLE plc 2008 Primary research • Questionnaires − Postal Probably the best known kind of survey is that which involves sending self-completion questionnaires through the post. This generally involves a large-scale mailing covering a wide geographical area.
    • © ANGLE plc 2008 Page 15
    • © ANGLE plc 2008 − Online The Internet survey provides a fast and cheap alternative to postal surveys, telephone surveys and face-to-face clipboard questionnaires Using the Internet, the survey can be conducted in one of three main ways: − email questionnaire - the questions are sent as part of the email itself. − A questionnaire sent with an email as an attachment − A web-based questionnaire. Example 1 Example 2 − Face to Face Face-to-face survey involves direct contact between the researcher and the respondent. This contact can arise through approaches made by the researcher in the street Page 16
    • © ANGLE plc 2008 • Focus groups A focus group is a form of qualitative research in which a group of people are asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, advertisement, idea, or packaging. Questions are asked in an interactive group setting where participants are free to talk with other group members. http://www.youtube.com/watch?v=p8A4yqN4_9A Page 17
    • © ANGLE plc 2008 Steps in the research process 1. Decide exactly the question to be answered by the research 2. Decide what type of research to use 3. Test and refine your research 4. Conduct your research 5. Analyse the results 6. Use it Page 18
    • © ANGLE plc 2008 Secondary research − Using published information, i.e public libraries, chambers of commerce, government agencies. − Particularly good − University databases via athens − Mintel − Keynote − FAME
    • © ANGLE plc 2008 • Market research is a key element in the business start up process • It is mainly concerned with information about markets and the reaction of these to product, price and promotion decisions • Can be gathered by secondary or primary sources Summary