INSEEC - BBA 1A - Market Study
Laurent Dorey – [email protected] -> INSEEC B1A - Market Study
Market Surveys
Laurent Dorey
January 23rd, 2020
INSEEC - BBA 1A - Market Study
Laurent Dorey – [email protected] -> INSEEC B1A - Market Study
Market Surveys
Program of the Module:
BBA 1A - 2 - 31012020 - Managing Marketing Information
BBA 1A - 1 - 23012020 - Market Surveys
BBA 1A - 3 - 03022020 - Information Monitoring
BBA 1A - 5 - 11022020 - Global Marketing Studies
BBA 1A - 4 - 04022020 - Contextualization of Market Studies
BBA 1A - 6 - 12032020 - International Marketing Plan
BBA-1A
INSEEC - BBA 1A - Market Study
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Market Surveys
Program:
Study of the Offer
Steps of a Market Study
What is a Market Survey?
Conclusions of the Market Survey
Study of the Demand
Workshop - Practical Case
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INSEEC - BBA 1A - Market Study
Laurent Dorey – [email protected] -> INSEEC B1A - Market Study
Market Surveys
Definitions:
« A market study is an exploration work to measure, analyze and understand the actual
functioning of a market » (Wikipédia)
« The preparation, collection, analysis and exploitation of data and information relating
to a marketing situation » (Kotler & Dubois)
« A set of figures on the importance, structure and evolution of sales of a product. All
factors likely to influence sales of a product » (Mercator)
INSEEC - BBA 1A - Market Study
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Market Surveys
What is a Market Survey?
From the formulation of a need/opportunity:
Measure, analyze and understand the supply situation for a given product
Measure, analyze and understand the demand situation for a given product
Segment the market
Analyze, interpret and use the results
Identify opportunities and threats for launching a product/service
Prepare the marketing mix for the launch of a product/service
Prepare a business plan for the launch of a product/service
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Market Surveys
Steps of a Market Study:
1. Definition of the mission and activities of the company
2. Definition of the objectives of the company
3. Evaluation of the methodology, the cost and the timing of the operation:
Study context
Purpose of the study
Information to collect
Costs
Schedule
4. Execution of the market study:
The study of the size, offers, competition and evolution of the market
The study of demand, consumer behavior and evolutions
Segmentation of the market according to the different types of targets
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Market Surveys
Steps of a Market Study:
5. Results analysis:
Validation of the study: Reliability, prudence, common sense and synthesis
Determination of the SWOT matrix: Strength/Weaknesses and Threats/Opportu-
nities
Definition of 4Ps
6. Definition of the launching strategy and action plan
7. Forecast and business plan
8. Implementation and monitoring/control/adaptation
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Market Surveys
The Different Types of Methodologies:
1. Documentary Studies or Secondary Data Studies
Types:
Internal sources: sales network, recently hired staff
Nearby public: Distributors, customers, suppliers, service providers
External sources:
• Studies: Panels or store check
• Professional press, sometimes mainstream press
• Exhibitions and congress
• Professional organizations
• Missions abroad
• Patent monitoring
• Internet search
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Market Surveys
The Different Types of Methodologies:
1. Documentary Studies or Secondary Data Studies
External sources (continued):
• Public organizations
• Financial information of companies
• Declarations, in private or in the press, of competing companies
• Bibliographic search...
Needs:
• Evaluation of the market supply
• Demand assessment
• Evaluation of barriers to entry: Standards, taxes,
legal restrictions ...
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Market Surveys
The Different Types of Methodologies:
2. Qualitative studies
Definition :
"It is a phase of research allowing the comprehension of the behaviors of the individuals,
their motivations, their needs and their conscious and unconscious desires: It is to
apprehend in depth all the questions addressed in the problematic of the study".
“Understand"
Needs:
Exploratory studies
Market potential assessments
Studies of consumption habits
Position/image studies
Feasibility study launch new product/service
Product/Concept/Service Tests
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Market Surveys
The Different Types of Methodologies:
2. Qualitative studies
Needs (continued):
• Research/validation of brand names, packaging and prices
• Pre-tests and post-tests
• Spot studies
Investigative techniques:
• Focus groups
• Projective methods: photos, tests
• Interviews
Non-directive or free interviews
Semi-structured interviews
• Product tests
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Market Surveys
The Different Types of Methodologies:
2. Qualitative studies
Investigative techniques (continued):
• IHVs (In Home Visits)
• Observational studies and control markets
Analysis:
• Content analysis:
Transcripts
Choice of themes and units of analysis
Verbatim Analysis
Results interpretation
• Report and actions/recommendations
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Market Surveys
The Different Types of Methodologies:
3. Quantitative studies
Definition:
"It is a question of making counts with a given population, by questioning the
individuals who compose it. These individuals form a set called sample, sample that
the researcher will try to make as representative as possible of the population”. "
Measure "
Needs:
Usage and attitude surveys
Market potential assessment
Notoriety, image and positioning studies
Product/Concept/Service Test
Pre-tests and advertising post-tests
Definition of psychological prices
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Market Surveys
The Different Types of Methodologies:
3. Quantitative studies
Needs (continued):
Distribution/geomarketing/household and displacement studies
POS testing
Barometers
Panels
Collection method:
Ground: Face to face, at home ...
Phone
Mail post
Via Internet
Mystery shoppers
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Market Surveys
The Different Types of Methodologies:
3. Quantitative studies
Classification of quantitative surveys:
• In BtoC:
Public inquiries
Prescriber/opinion leader surveys
• In BtoB:
Industrial surveys
Distributor/Reseller Inquiries
Targeted surveys
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Market Surveys
Study of the Offer:
Measure a market:
The size of the market: By volume
The size of the market: In value
Market Shares: Sale of a brand (or product)/global sales
Evolutions
Market types:
• Market mass VS niche
• Open Market Vs Closed Market
• Fragmented market Vs concentrated market• Market Life Cycle: Launch, Development, Matu-
rity, Decline
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Market Surveys
Study of the Offer:
Factors influencing supply:
The political and institutional situation
Standards, norms, tariff and non-tariff barriers in the sector
The economic, social and cultural situation
Seasonality
The trends
The weather
The effects of the offer:
• Substitution effects
• Creative innovation of new market
• Competition and marketing
• Price elasticity
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Market Surveys
Study of the Offer:
Market segments:
Customer segments
Product segments
Criteria for analyzing the sale of a product:
Geographical criteria: by zone, by country
Buyers Criteria: e.g. Professional vs. Family
Criteria related to product characteristics: e.g. AOC
Criteria related to the nature of the purchase: e.g. TVs Renewal Purchase or 1st
Purchase
Competitor criteria: by brands, by producers
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Market Surveys
Study of the Offer:
Competitive space:
Competition products
Intersegment competition
Generic competition (indirect competition)
Types of competition:
External competition
Internal competition and cannibalisation
Description of competitors:
Identification of competitors
Positioning of competitors
Potential competitor analysis
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Market Surveys
Study of the Offer:
Description of competitors (continued):
Competitor Strategy
Estimation of the degree of reactivity
Analysis of prices and their evolution
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Market Surveys
Study of the Demand:
Purchasing/consumption habits:
Frequency of purchase/consumption
Places and moments of purchase/consumption
Purchasing/consumption requirements
Universe of purchase/consumption
Notoriety:
Top of mind
Spontaneous
Assisted
False awareness
Last purchase vs Intention to purchase
Inertia, transfer of brands and attractiveness of brands
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Market Surveys
Study of the Demand:
Satisfaction
Procurement process and/or choice:
Purchasing/consumption criteria
Weight in the purchase decision
Brakes and motivation to buy
The image of the brands
Brand positioning and competitiveness
Potential of the product to launch
Psychological price
Communication and its influence on buying/consuming
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Market Surveys
Study of the Demand:
Principle of the polls
Sampling:
Sample size
Sampling procedures
• Random methodology
• Quota methodology
• Methodology of itineraries
• Arbitrary methodologies
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Market Surveys
Study of the Demand:
The questionnaire:
Problem definition, questions to ask
Defining the order of questions to ask
Definition of measurement scales (numerical, qualitative, text ...)
Choice between closed questions, semi closed questions and open questions
Choice between single response, multiple response, or ordered questions
Length of the questionnaire
General rules:
• Only ask questions that are relevant to the study
• The questionnaire must be logical
• The questions must be precise
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Market Surveys
Study of the Demand:
The questionnaire:
General rules (continued):
Questions must be simple and understandable
The respondent must be able to answer questions
Avoid taboo or personal topics
One idea per question
Methodologies
Post mailing
Internet
Face to face
Telephone
By observation
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Market Surveys
Study of the Demand:
The questionnaire:
Possible errors
Sampling error
Administration errors
The pretest
Field brief (training)
The unfolding
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Market Surveys
Study of the Demand:
The questionnaire:
Controls:
Supervisors
Physical backcheck
Telephone backcheck
Logic control
The input
The input mask
The input quality
Control
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Market Surveys
Conclusions of the Market Study:
SWOT matrix:
Strength vs Weaknesses
Threats vs Opportunities
Project level decision-making: Yes vs No
If yes:
Definition of 4Ps
Segmentation
Definition of the optimal launch strategy
Forecasting and development of the business plan and the action plan
Application for funding and financing
Implementation and execution
Assessment and refittings
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Market Surveys
International Market Study:
Reasons to go abroad:
Internal reasons
External reasons
Internal diagnosis and potential for export:
Organization and HR
Products and services
Potentials
Proof of the export project
Choice of countries:
Market potential:
• Demographic trends
• General economic situation
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Market Surveys
International Market Study:
Choice of countries:
Market potential (continued):
• Size and trend of the market for the products under consideration
• Analysis of cultural factors likely to positively or negatively influence deve-
lopment in this market
• Analysis of existing competition
• Analysis of the distribution
The regulatory environment:
• Barriers to entry and any restrictions
• Price regulation
• Possible restrictions on capital movements
and repatriation of profits
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Market Surveys
International Market Study:
Choice of countries:
The regulatory environment (continued):
• Aid and subsidies
• Social legislation
• Regulation of advertising
Political risks
Social troubles
Risks of expropriation and nationalization
General instability
Risk of regulatory change
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Market Surveys
International Market Study:
Choosing the implantation formula:
Light implantation:
• Transfer of license or franchise
• Export:
Distributors
Agents
Direct export
Heavy implantation formula:
• 100% Subsidiaries
• Joint Venture
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Market Surveys
International Market Study:
Data sources:
International Organizations: United Nations, World Bank, IMF, OECD ...
Public bodies of the country studied: Embassies, Ministries, Official Statistical
Institutes, Chamber of Commerce ...
Specialized organizations in the country of origin: CEPEX, FAMEX, economic
services of French Embassies abroad ...
Website specialized in international market research: Euromonitor ...
Experts specialized in international development
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Market Surveys
International Market Study:
Export market study:
Presentation of the country
The economic and social environment
The regulatory environment
Competition
Requirement
Constraints
The export strategy:
Product: "Think global, act local" ????
• The range and intrinsic characteristics of the products
• The packaging
• The name
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Market Surveys
International Market Study:
The export strategy (continued):
Price:
• Transfer price
• Final consumer price
• Tax system
Distribution
Communication:
• Choice of media
• Trade fairs
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Market Surveys
International Market Study:
The action plan
Service/Export direction?
The business plan and expected results
Search for financing and financing
Prospecting
The implementation of the export strategy
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Workshop - Practical Case
INSEEC - BBA 1A - Market Study
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Present the following markets in 2015-2020
The tourist market
The Electric Bikes market
in France
The Smartphones market
The Men's Cosmetics market
The Hoverboards market
The Video Games Market
The Alicaments market
The Home Care Market
3x3 then Verbal Restitution next session
The Newborns market
Qualitative
Quantitative
Trends
Main players
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The end