Market Need Analysis Survey Presentation, Summaries of English

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Market Need

Analysis

Market Need

Analysis

Prepared by: Chesca Flores

Outline

• (^) Situational Analysis and specification of objectives
• (^) Collection of secondary information
• (^) Conduct of market survey
• (^) Characterization of the market
• (^) Demand forecasting
• (^) Uncertainties in demand forecasting
• (^) Market Planning

Situational Analysis In order to get “feel” of the relationship between the product and its market, the project analyst may informally talk to customers, competitors, middlemen, and others in the industry. Wherever possible, he may look at the experience of the company to learn about the preferences and purchasing power of customers, actions and strategies of competitors , and practices of the middlemen.

Collection of Secondary

Information

Secondary information that has been gathered in some other context and is really available. Secondary information provides the base and the starting point for the market and demand analysis. It indicates what is known and often provides leads and cues for gathering primary information required for further analysis.

Steps in a Sample Survey Typically a sample survey involves the following steps:

1. Define the target population
   2. Select the sampling scheme
      3. Develop the questionnaire
2. Recruit and train the field investigators
3. Obtain information as per the questionnaire from the sample of respondents
4. Scrutinise the information gathered
5. Analyse and interpret the information

Based on the information gathered from secondary sources and through the market survey, the market for the products/service may be described in terms of the following:

• (^) Effective demand in the past and present
  • (^) Breakdown of demand
    • (^) Price
• (^) Methods of distribution and sales promotion
• (^) Consumers
• (^) Supply and competition
• (^) Government policy

Characterization of

the market

Demand forecast are subject to error and uncertainty which arise from three principal sources:

• (^) Data about past and present market
  • (^) Methods of forecasting
    • (^) Environmental change

Uncertainties in

Demand Forecasting

Coping with Uncertainties Give the uncertainties in demand forecasting, adequate efforts, along the following lines may be made to cope with uncertainties.

• Conduct analysis with data based on uniform and standard definitions.
• In identifying trends, coefficients, and relationships, ignore the abnormal or out of the ordinary observations.
• (^) Critically evaluate the assumptions of the forecasting methods and choose a method which is appropriate to the situation.
• (^) Adjust the projections derived from quantitative analysis in the light of unquantifiable, but significant, influences.
• Monitor the environment imaginatively to identify important changes.
• (^) Consider likely alternative scenarios and their impact on market and competition.
• (^) Conduct sensitivity analysis to assess the impact on the size of demand for unfavourable and favuorable variations of the determining factors from their most likely levels.