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Market Analysis

By Katherine Perry,2014-03-13 08:44
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Market Analysis is a very crucial part of your venture plan. You will be using your knowledge obtain through class to help create a successful venture.

    Unit 2 Venture Plan Summative

    Market Analysis & Marketing Plan

    Market Analysis is a very crucial part of your venture plan. You will be using your knowledge obtain through class to help create a successful venture. In this section you will be expected to complete the following:

    - Primary Research You will need to create a survey and conduct the

    survey to help support your venture Part A & B

    - Secondary Research Part A & C

    - Identify your Target Market Part A & B

    - Complete a Competitive Analysis Part D

    - Identify your expected Market Share Part E

    - SWOT Analysis Part F

Part A

    1. Using data supplied by Statistics Canada (www.statscan.ca) or other sources,

    determine the following about your market segments:

    a. Population

    b. Income

    c. Education

    d. Family characteristics

NOTE: try and use the most up to date information.

2. Create and conduct a Marketing Research Survey 10 15 questions include:

     Demographics

     Psychographics Consumer buying habits

     Geographic

    3. Choose the segment(s) whose needs your product or service is most likely to meet and develop a profile of this segment. THIS IS YOUR TARGET MARKET.

Part B

    Research the types of products or services your target market customers are likely to buy and explain how this relates to your venture. This is where you use research to prove what your customers want and what your customers need.

For example: if you’re opening a restaurant your

    research might include:

    ? How often people eat out

    ? What types of foods are popular today

    ? Why people go to restaurants

    ? What your customers want in a restaurant

    ? What your customers need in a restaurant

Part C

    Conduct research to find out trends that suggest that this is the right time to

    introduce your product or service.

For example: if research shows that a major trend is that people are eating

    healthier, opening yet another fast food restaurant may not be successful.

Helpful Websites for Marketing Research

Canadian Fitness and Lifestyle Institute

    http://www.cflri.ca/cflri/pa/surveys/2001survey/2001_on.html

Retail Trends

    http://www.btmny.com/reports/research/comment/cs1200.pdf

Marketing to the Masses

    http://www.harrisinteractive.com/news/newsletters/sportainment/HI_SportTainme

    ntNews2001Vol1_iss6.pdf

Statistics Canada

    www.statcan.ca

Entrepreneur.com

    www.entreprenuer.com

Statistics Canada Business Data

    http://commerce.statcan.ca/english/commerce

Molly Maid

    http://www.mollymaid.com/news/sbi01.html

A list of links to numerous companies

    http://www.mcgrawhill.ca/school/booksites/exploring+business+for+the+21st+cen

    tury/student+resources/_chapters/web+index.php

Canada Business Magazine

    www.canadabusiness.com

Canadian Market Statistics

    http://www.trendexna.com/trendex_canada.htm

Canadian Market Research Sources

    http://www.gdsourcing.com/works/conmarket.htm

Part D

    Conduct research to find out who your competitors are. Competitors can be divided into two groups:

     Direct Competition: Businesses that offer the same products or services

     For example: Harveys is a direct competitor with McDonalds they both

    offer the same types of food for roughly the same price that is prepared quickly

     Indirect Competition: Businesses that offer similar products or services

     Subway is an indirect competitor of McDonalds-Subway offers subs not burgers and fries however their subs are prepared quickly and are in the same price range as the food at McDonalds.

From your research, you should be able to describe:

    ; The name and location of your competitors

    ; How long they have been in business

    ; The products and services they offer

    ; The prices they charge

    ;