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Marketing Research 101
- 1. Market Research 101 Capital Area District Library Elizabeth Kudwa, Business Librarian
- 18. EXAMPLE Retail Bakery Market Profile
- 19. Market Profile Definition NAICS Code 311811 Retail Bakeries Retailing bread and other bakery products not for immediate consumption made on the premises from flour, not prepared dough. Size Michigan market size: $122 M* 312 establishments Ingham County market size: $881,000* 11 establishments [Based on 2002 Economic Census data . Visit http://factfinder.census.gov , click on “Economic Census” and select the data set by sector…in this case “Manufacturing”] *Total value of shipments
Editor's Notes
- You especially want to do MR prior to introducing something new… but smart companies do MR all the time. Study latest consumer trends Check up on competition’s activity Research new markets for new products or services You should be working to continually learn about your customers, competition and market(s)
- But it’s not just about convincing lenders… YOU need to understand your customers and your market. Helps you maximize your sales efforts.
- Developed by company called Knowledge inForm. Combines 4 of Michael Porter’s 5 Forces and the traditional 4 Ps to show the inter-relationships b/w those concepts and to suggest starting points for research projects. Michael Porter’s 5 Forces are Rivalry (competitors), Threat of Substitutes, Buyer Power (customers), Supplier Power (vendors), and Barriers to Entry/Threat of Entry (industry). You can spin both wheels to combine different concepts and then formulate research questions around those concepts. If you cannot objectively answer your research question, then you should conduct research in those areas before developing your strategy(ies) or market analysis.
- Customer Segmentation 6 Steps to segmentation: Determine market boundaries – what is business’ focus? What are fundamental needs in market? Determine segment variables – typical customer? What are their characteristics? Collect & analyze segment data – ID specific customers w/same wants and needs Draw a profile of each segment – using variable info to form a picture of buying behavior Target segments by looking for the best opportunities that come from matching your resources with those opportunities. Design your marketing plan that best highlights your product features and creates an appealing image. Different ways to segment customers: Customergraphics: B-2-C VS B-2-B Demographics: Age, Education, Gender, Education, Income, etc… Psychographics: Hobbies, lifestyles, opinions, values/beliefs, etc… Geographics: zip code, city, state, country Productgraphics: brand loyalty, product/service benefits and/or usage
- Figure out the strategic direction of your competitors…what are they doing? Can you determine what their goals are? Establish the market as seen by your competitors…how they choose to market a product will give you insight into how they see the market. Visit your competition – online, in-store/in-person, telephone calls
- General Business File ASAP & Business & Company Resource Center are both available through the Michigan eLibrary (www.mel.org) On the MeL home page, click on “Business & Jobs” in the menu on the left side of your screen for access to selected business websites and business databases.
- One of the 1 st things I do when I’m researching a market is look up the NAICS code.
- Economic census done every 5 years. Caution! This data is dated. Remember this is ONE point of data and is ONLY a starting place. It SHOULD NOT be the only data you examine to give you a feel for how big your market is. 2007 EC data release schedule…we won’t start seeing any 2007 data until next month. And even then, data that is meaningful to you probably won’t appear until late spring/early summer. State level data probably won’t be released until early 2010.
- CAGR is …the rate at which something would have grown if it grew at a steady rate. You can think of CAGR as a way to smooth out the growth/ returns. Your CAGR would be the ratio of your ending value to beginning value ($19,500 / $10,000 = 1.95) raised to the power of 1/3 (since 1/# of years = 1/3), then subtracting 1 from the resulting number: 1.95 raised to 1/3 power = 1.2493. (This could be written as 1.95^0.3333). 1.2493 - 1 = 0.2493 Another way of writing 0.2493 is 24.93%. (Future value divided by Present value)1/n - 1 Thus, your CAGR for your three-year investment is equal to 24.93%, representing the smoothed annualized gain you earned over your investment time horizon. Value of Shipments is…the received or receivable net selling values, f.o.b. plant (exclusive of freight and taxes), of all products shipped, both primary and secondary, as well as all miscellaneous receipts, such as receipts for contract work performed for others, installation and repair, sales of scrap, and sales of products bought and sold without further processing. Included are all items made by or for the establishments from material owned by it, whether sold, transferred to other plants of the same company, or shipped on consignment. The net selling value of products made in one plant on a contract basis from materials owned by another was reported by the plant providing the materials.
- So at this point, we only have an historical growth estimate for this industry nationwide. We need some additional data…
- 2006-2007 Michigan GDP -1.2% 2003-2007 Michigan Economic & Workforce Indicators report says the overall Michigan economy has been shrinking since 2003. Michigan GDO dropped 3% between 2003-2007