1.Market Need Assessment: Explain market needs in terms of the value you are creating for customers. This topic is a good reminder that all of your marketing activities should be based on meeting the underlying needs of your customers. (Mustafa)
a.Consumer need, want, and demand.
b.Identify a tangible (not a service), consumer (not an industrial) product.
c.Product description, ingredients, features, quality, benefits, and uses.
d.Fit to purchasing power and income.
e.Fit to shopping habits, and trends.
f.Fit to socio-cultural and economic attributes.
g.Identify the industry the product is in.
2.Market Attributes and Segments: Describe consumer markets on the basis of geographic, demographic, psychographic, and behaviors. Analyzing your market from this perspective can be a useful way to categorize what you know about the people that you want as customers and lead to identifying and confirming opportunities the market presents. You may find that your information is limited so just capture what you know. This can also be an area that can help identify areas needing additional research. (Mustafa)
Document what you know about each of these areas. You may want to know where they live, their age, gender, occupation, what is important to them, and why they need or want the identified product(s). If you do not have historical information, check to see if there are resources that you can use to help you understand and describe the attributes of your market. Complete what you can and return to this section as you learn more.
For example, a market may be described in these terms:
Geographic – This Chicago suburb has a population of 65,000.
Demographic – The average income of this predominately female group is $40,000 and more, most have attended college, are between the ages of 35 and 50, and have children at or out of the home.
Psychographic – They consider time as their most limited resource and security; both physical and financial, is important.
Behaviors – After checking with people they know and trust, they choose professionals and services that have been “tested” and remain loyal to service providers that offer good value, regardless of cost. The relationship they develop with the professional is critical to a successful ongoing experience.
3.Target Consumers: Who and where is the target customer? What is the target customer’s profile? Describe and list the market segments? (Ahmed)
4.Market Trends: To describe market trends, think strategically. Market trends could involve changes in demographics, changes in customer needs, a new sense of style or fashion, or other factors that may influence purchase behavior of your market. Much of this depends on what business and industry you are in. (Ahmed)
5.Market Growth: Use this topic to explain and discuss market growth. Is the market growing, is it static, or is it shrinking? What is the size of the total market? Documented market growth enhances the implied value and potential of your business. Ideally you will be able to cite experts, a market research firm, trade association, or credible journalists describing projected growth. This may be particularly important when your plan is used to communicate with those outside the marketing department or outside the organization, such as investors, board members or advisors. (Ahmed)
6.Competitive Advantages/Competition: Who are the competitors? What are their strengths & weaknesses? ( Yinzghen Pan)
7.Forecasting – Forecast of demand, sales, revenues, costs, profit margin, taxes, and net profit/loss after taxes. ( Yinzghen Pan)
8.Conclusions and Recommendations( Yinzghen Pan)
9.List of Cited References and Bibliography (at least 25, as per APA or MLA format)
10.Acknowledgements and Appreciations
11.An electronic MS Word file of the report
Market Needs Assessment
oBusiness Source Premier (EBSCO): Click on Company Profiles at the top to find MarketLine Reports. Search by company name or country.
oGales Business Insights – Handbook of Global Marketing: Though not country focused, this title provides insight into global marketing issues and trends.
oBusiness Source Premier Industry Profiles: Browse Business Source Premier by Industry Profile. Once you select an industry, browse to find a report on your country or region.
oMergent Online: Mergent Online offers company financials, descriptions, history, property, subsidiaries officers and directors.
EBSCO Business Databases Group: Special reports include: Books (Doing Business & Harvard Business School Press titles); Case Studies, Company Reports (DataMonitor); Country Forecasts and Market Reports; Industry Profiles, Product Reviews, SWOT Analysis.
APA Citation Help
APA Academic Writer: The APA’s official database offers citation help through guides, tutorials, templates, and more. Full electronic access to the Publication Manual of the American Psychological Association is provided.