GMM Lecture 3

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Market Strategy A

Objectives include market research, market segmentation (BSB), and focus groups (skill development)

Market research

Research into the target country and market is very important. Target information required should be market potential, competitor information and assets. 

The market research process is as follows (it can be quite a cyclical process, as if there is any information missing then you may need to go back to any one of the steps and start again):

1. Identify the research problem – what, when, why, where, who
2. Develop the methodology – qualitative, quantitative, secondary sources. Cost, timing and experience are necessary to evaluate each type
3. Collect data
   • Buy the data, from places like AC Nielson and McKinsey
   • Published sources, such as Financial Times, IMF, WHO.
   • You can immerse yourself in the market, getting first hand information
   • Visit non-direct competitors to gather data.
4. Analyse data
   • Analyse production patterns as an indicator of consumption patterns
   • Income elasticity - examine the relationship between income and demand for the product
   • Market estimation by analogy – time series displacement
   • Comparative analysis
5. Present findings
   • Clear, aimed at the reader, using main points.

Market Segmentation