Your data may even help you to decide whether or not you should focus on this potential market. Where to get the Information Your local college and public libraries are excellent resources for national and regional demographic and business-directory information. Census Bureau, triennial. Provides information on population, education, employment, income, housing and retail sales.
American Marketplace: Demographics and Spending Patterns. New Strategist Publications. Listings of characteristics of U. ESRI , annual. These volumes identify dozens of local potential-customer characteristics. Statistics on regional consumer interests. Industry and Trade Outlook , U. Department of Commerce, annual forecasts growth rates and reports on production in the past year for industries. Current Industrial Reports U.
Census Bureau. CIRs provide information on production, shipping, inventories, consumption, and the number of manufacturing firms for over products. Economic Censuses. Census Bureau, every fifth year. The Economic Censuses report sales figures and trends. County Business Patterns U. Local industry statistics. Encyclopedia of Associations Gale Research, annual.
Lists U. The staff should be able to provide you with information on regional growth trends and competitors. Now list the sources you are going to use to get the market research information that you need.
Key Questions to Answer Your research should help you decide whether or not it will be profitable for you to enter into the new target market. Refer to your customer profile as you do your analysis to help you stay focused on your customers and their needs. Try to determine if your new target market is growing, stable or declining. You may be able to compete successfully for a good market share now, but if the market trend shows declining demand for your products or services, then the future may not be promising.
It is better to enter into a market that shows healthy growth trends. For example: The owner of the Pedal Power bicycle shop believed that he could compete successfully in the targeted area since none of the bicycle shops in the areas offered mail order service.
He estimated that with his purchasing incentives, such as the earned credit plan, and his low prices, his mail order catalog could capture at least 10 percent of the market share in this area. Capturing this market share would increase his annual sales by 40 percent. What are the trends for your market? Can I compete successfully in this new market? Decide whether the market is large enough to make it worth your while. Analyze all your trend data carefully before you answer this very important question.
Is the market already saturated with competitors or is there room for one more? What is the relative strength of your competition? Do you already compete with them in other markets? Also, supplement this information with your own experience and knowledge. If you are successful in your current markets, then you probably already know a great deal about what it takes to sell your product.
You should be able to identify some unique features and benefits of your products or services and the way you promote them. Remember, features are the special characteristics of your product or service, but it is the benefits that sell a customer on your product or service. The customer wants benefits; they satisfy his needs. For instance, you may sell an air-conditioner that is efficient, is computer-controlled, has few moving parts, and is economical. The customer, however, buys it because it saves money on his electric bill, is easy to use, is quiet, and affordable — all benefits to him.
Think about your prospective competitors. How are they likely to react if you enter the market? Are your product or service benefits strong enough to compete against theirs? What will my market share be? Try to estimate the market share you hope to gain and the amount of time it will take you to gain it. Most business owners overestimate their expected market share so start conservatively. You may want to conduct some limited-scale test marketing in the area you are targeting.
Promote your service. Test the waters. Find out what the response will be and base your estimate on that trial. What is your market share projection? Can I make a decent profit? Consider pricing and profitability. Can you sell your products at a competitive price and still make a profit in this new market? But how can your costs be higher for this new market? Your promotional costs will be greater. Your distribution costs could be higher. Your labor costs may increase, etc.
Estimate the numbers for the following abbreviated profit and loss statement also known as an income statement to get started on your analysis. Enter the terms you wish to search for. Menu Search Enter the terms you wish to search for. You are here www. Canadian Agricultural Partnership - Application Form. If your company wants to extend its reach in the market, market development should then be applied.
The problem with plan A is that it rarely succeeds without any hiccups and it usually takes a combination of elements from previously made plans and new ideas for a company to truly succeed.
That is why a contingency plan is needed for companies in relation to market development. A contingency plan may become an additional cost for companies, but it also provides them with a safety net. One suggestion that companies can use regarding a contingency market development plan is to create a study for another market. If sales are not as high as projected for the original plan, companies can always switch to the contingency. However, take note that a contingency plan should only take effect when drastic measures need to be taken i.
Market Development Program for Recycling eiera. This type of research covers a large scope as the process includes gathering and interpreting data about a potential product or service as well as the factors that revolve around it such as customer preferences, target markets, competitors, government policies, and technological advancements. Market research does not only involve customers, but it also covers the internal and external business environment. Market research is required if a company wants to achieve long-term sustainability.
Companies need to evolve and adapt to an ever-changing business environment. Technology has heavily contributed to business development as products and services become more automated and dynamic. Gadgets smartphones, laptops, tablets, desktop computers, etc. Market research has also contributed to advancements in health and education.
Various vaccines and medical advancements have been developed over the past few years for diseases targeted at various age groups, especially infants and senior citizens. Education has also seen drastic improvements, thanks to highly intensive market research. Reading materials previously printed on paper have now mostly moved to paperless mediums as encyclopedias, manuals, novels, and press releases can already be accessed anytime and anywhere online.
Product and Market Development Program Sample princeedwardisland.
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