Market assessment helps identify opportunities and gaps in a marketplace and therefore helps you to properly target your customers. Research Solutions Ltd specializes in two complementary market assessment surveys. These are market exploration and market definition.
- How many retail outlets are there and how are they distributed?
- How widely available is my product and how does this compare with my competitors?
- What type of retail outlet dominates and how can I ensure the widest possible availability?
Imagine having the data readily available to answer these and other critical planning questions. If it is important to you that your product is widely available Research Solutions may be able to assist. We have already conducted a retail census in 12 African countries and this information is available for sale. The information will allow you to answer many critical questions concerning your sales, distribution and marketing. Some of the ways our clients use the retail census information is to identify gaps and opportunities in their distribution chain, gain a clear understanding of how their distribution compares with competitors and plan sales and delivery routes.
Segmentation Research: Used to determine the demographic, psychographic and behavioral characteristics of potential buyers.
- Different segments of a population may have different needs. Challenge is for firms to meet all the unique needs in one product or service.
- Using such data, firms would be able to tailor make their marketing plans and products to resonate well with the needs of the different segments of their target market. This enhances sales across all customer segments.
- It can be done together with a different survey. For instance, the dealers satisfaction survey allowed us to segment/profile your dealers.
- Customer demographics, psychographics, behavioral characteristics and lifestyles may be used to segment the target market.
Distribution channel audits: Used to assess distributors’ and retailers’ attitudes towards a product, brand or company.
- Their attitudes towards a particular company may affect the way they stock that company’s product . This may affect the products reach to the target market.
- Distribution channel audits will help you channel brand/product/company communication messages aimed at creating a positive image among the distributors and retailers to relate well with the brand/product/company, and improve stocking.
Price Sensitivity Research: A product-marketing manager planning to alter prices has a multiplicity of factors to consider before making the change. Knowing the price sensitivity of current and potential customers is critical. Looking only at the average price paid or the number of units purchased by the average customer during a time period can lead to disastrous pricing decisions Knowing the price sensitivity by level of product usage is a prerequisite to minimizing the risks, which occur when prices are changed
All changes to pricing strategy and structure should be financially modeled, including break-even analysis, before price changes are implemented.
Customers for all products and services have some degree of price sensitivity. Given that even a small change in price can have significant impact on the profitability of the firm, the pricing trick is to understand the price sensitivity of current and potential customers
The first uncertainty to resolve is what change in price is perceptible. A one-dollar reduction in the price of a bath towel may be perceived as making the towel “on sale” while a one-dollar reduction in the price of an automobile would not be noticed. Making sure that the price change will be perceptible is the first challenge.