Market Research and Analysis
07 August 2024
Purpose and Scope of Market Research
Market research can be conducted and used for many purposes such as exploratory business analysis, new technology or product analysis, current market conditions, or whether a particular product should sell for higher or lower prices or quantities. Obtaining valid market research usually takes an intense amount of effort.
Research Planning
It requires piecing together information from multiple sources such as patents, scientific and non-scientific literature, annual reports, government statistics as well as many, many other sources. It may also include crating surveys and questionnaires, interviews, product testing, data analysis and report writing. If you are planning to conduct some market research or are trying to find a company that will help you in this area, it is critical to plan it appropriately to ensure that the market research will meet your needs.
Key Considerations for Market Research
When you are thinking about the market research that you require, it will be helpful to consider the following questions:
1. What is the research objective?
2. What decisions would you like to make based upon the market research collected?
3. What type of accuracy and research method would you prefer?
4. What is your timeline and what resources do you have available?
Components of a Market Research Report
It is helpful to write down the answers to these questions in order to determine how much time and effort may be required, and also what company may best fit your project’s needs. Depending upon the research objective, a market research report can include sections and/or topics:
1. A detailed patent analysis organized by technology, constituent or component, topic, claims, company, inventor, year, technology approaches or technology map.
2. Description of various types of products and technologies that have been commercialized to date.
3. The current market status of products, trends and forecasts for growth over the next five years.
4. Discussion of the impact of demographic, economic and other factors that will drive future demand of a certain product or technology.
5. Identification of promising new technologies and products that are in the development and testing stages.
6. Information about the leading manufacturers of certain technologies and products.
7. Observations and predictions for the future for certain products and/or technologies.
8. A review of the market shares for certain products or technologies including the top companies within the industry today.
Presentation of Findings
In addition, to the following topics and sections of a particular market research report, many executives and business owners find that a PowerPoint presentation that summarizes their market research is advantageous for themselves, their staff, and their investors to adequately provide the highlights of the market research in s succinct manner.
Free ebooks
Looking to enhance your business skills and improve your chances of success? Download our FREE eBooks and gain valuable insights into key aspects of entrepreneurship and grant proposal writing.
01. Create a Winning Grant Proposal
This Free eBook provides advice to assist you in compiling essential aspects of your grant proposal.
02. Your Value Proposition
Discover how to craft a compelling value proposition that resonates with your target audience and sets your business apart from the competition.
03. Commercialization Planning for New Products
This Free Ebook includes information on effectively conducting market research, performing a preliminary market assessment, and budget and financial considerations
- You can unsubscribe at any time and your information is kept 100% confidential and never sold.
Questions? Let's TaIk.
We’ll help you determine if SEMSCIO is the right fit for you and answer any of your questions.