ETM

Summary

This video offers an in-depth look at conducting market research, particularly in the context of Junior Consulting services. It covers key stages such as the documentary phase, where data is gathered from free sources like Statista and Xerfi, and tools like PESTEL and SWOT analyses to evaluate the external and internal factors influencing a project. It explains the distinction between quantitative and qualitative research, including methods like surveys, and explores techniques for analyzing customer data. The video emphasizes the importance of thorough analysis and tailored recommendations for businesses, along with practical insights on budgeting and resource allocation for market research projects.

Takeaways

• 😀 Market research is crucial for assessing the viability of a project, ensuring there is demand, identifying pricing strategies, and analyzing competition.
• 😀 The process of market research typically includes multiple phases: documentary research, quantitative surveys, qualitative interviews, and data analysis.
• 😀 The documentary phase involves gathering publicly available market data from platforms like Statista, Xerfi, and Sociét.com, and conducting PESTEL and SWOT analyses.
• 😀 PESTEL analysis helps to evaluate macro-environmental factors (political, economic, social, technological, ecological, and legal) that could affect the project.
• 😀 SWOT analysis focuses on internal strengths and weaknesses, as well as external opportunities and threats related to the business or market.
• 😀 Porter's Five Forces analysis examines the competitive forces in the market, such as supplier power, customer power, new entrants, substitutes, and intra-industry competition.
• 😀 Quantitative research uses structured surveys with closed-ended questions to gather statistically significant data, often through online or face-to-face interactions.
• 😀 Qualitative research focuses on gathering in-depth insights through open-ended questions, typically via interviews or focus groups, to understand customer motivations and preferences.
• 😀 Data analysis includes interpreting survey results, identifying trends, and providing actionable recommendations for the client based on the findings.
• 😀 The final deliverable often includes a detailed report with visual data presentations and strategic recommendations, ensuring that the insights are clear and actionable for the client.

Q & A

What is the main objective of conducting a market study?

The main objective of a market study is to assess whether a business project is viable. It checks if there is customer interest, if the pricing is reasonable, and if the product is innovative. It also helps define marketing strategies, distribution channels, and optimal locations for the business.

What are the key components of a market study?

The key components of a market study include understanding customer interest, analyzing competition, setting a fair price, identifying effective distribution methods, and determining the best location for the business or product.

What is the PESTEL analysis and why is it important?

PESTEL analysis is a framework used to analyze the macroenvironment of a market. It looks at Political, Economic, Socio-cultural, Technological, Ecological, and Legal factors that could influence the project. It is important because it helps identify external factors that could impact the viability of the business.

What is the difference between quantitative and qualitative research in a market study?

Quantitative research focuses on gathering large volumes of data using closed-ended questions, providing statistical insights that are representative of a larger population. Qualitative research, on the other hand, involves gathering in-depth feedback through open-ended questions, usually from a smaller sample, to uncover detailed insights and opinions.

Why is the documentary phase crucial in a market study?

The documentary phase is crucial because it helps gather publicly available data about the market, industry, and competitors. This phase allows researchers to perform an initial analysis of the market conditions, which helps in forming a base for further research.

What tools and databases are commonly used for gathering market data?

Common tools and databases for gathering market data include Statista, Xerfi, and Sociét.com, which provide statistical information on market trends, sectors, and competitors. Additionally, the ESCA intranet offers free access to expensive reports from these sites.

How does a SWOT analysis contribute to a market study?

SWOT analysis helps assess the internal and external factors that could impact the project. It looks at Strengths, Weaknesses, Opportunities, and Threats, offering a clearer picture of the business’s position in the market and potential risks or advantages.

What is the role of benchmarking in market research?

Benchmarking in market research involves comparing a company’s product or service to competitors. It helps identify strengths, weaknesses, and opportunities in the market by evaluating factors like pricing, location, and service offerings.

How is a market segmentation analysis conducted?

Market segmentation analysis involves dividing the market into distinct groups based on criteria like demographic, geographic, or psychographic factors. This helps businesses identify the most promising customer segments to target.

What should be included in the final report of a market study?

The final report of a market study should include an analysis of the data collected, relevant findings, visual representations like charts and graphs, and actionable recommendations based on the study. It should also identify trends, customer preferences, and strategic insights for the client.