Market Insights and how to gather data
Market is a group of customers buying products from sellers.
Potential Market refers to all people in population with interest in the product or service.
Available Market refers to all people with interest, plus means (money) that can really afford the purchase
Qualified Available Market: people that are legally allowed to purchase the product or service (consider alchool or firearm products)
Served Market refers to the segments targeted by company
An Industry is a group of sellers making “similar” products/services (example: white goods)
A category is a subset of an industry (example: dishwasher)
For a Market Research we need to gather data and we can distinguish two different research’s type
- Primary Research:it’s the research homemade and it can consist of:
- Surveys
- Commissioned Reports (can get you the exact data required, but it would be a slow and costly process)
- B2C: Retail Salespeople
- B2B: Company Salespeople
2. Secondary Research: it’s the research made by others and it can consist of:
- Government Data (The US government gather multiple data, with SIC and NAICS Codes, from the Census Bureau, the bureau of labor and statistics, the bureau of economic analysis, as well as local information from Chambers of Commerce)
- Analyst Reports (B2C Analyst: Arbitron, Dun & Bradstreet, Nielsen; B2B Analyst: Forrester, Gartner, IDC)
- Business and Trade Publications
- Other Sources
