- Lack of information on market analysis, competitors / competing products when periodically reviewing the company’s strategy as well as development orientation.
- Choosing a new business field is very subjective, not based much on the database of analysis and evaluation.
- New products / services did not meet expectations.
- Approach to sectors / business units / product groups has reached the saturation stage of the market.
- Approach for M&A (M&A) to support solving the growth problem
1. Market analysis to support businesses for:
Potential levels, market trends, market segments.
The level of market competition.
Advantages and disadvantages of competitors / main products in the same segment
Effective touch points for customers.
How to penetrate the market, choose the suitable distribution channel.
2. Forms of market research:
- Analysis is based on direct income data obtained from customers, experts, suppliers, competitors, …
- How data is collected:
+ Interviews : face-to-face or remote meeting (phone, skype, …)
+ Survey: via email or online
+ Focus group (group survey): discuss with customer groups or experts to receive feedback directly
- Synthesize, analyze based on indirect data sources (available)
- Main data sources:
+ Information and reports of companies / market research units: IMS, BMI, Nielsen, Kantar, Euromonitor, …
+ Topical reports and analysis in newspapers / magazines
+ Information, reports from associations / unions
+ Reports and statistics from state / government agencies and organizations
+ Information and reports of companies and competitors: quarterly and annual reports of companies on the stock exchange