Overview of Market Research. Market Research2 Market Research Module Schedule of Activities Time...

Overview of Overview of Market ResearchMarket Research

Market ResearchMarket Research 22

Market Research ModuleSchedule of Activities

Time Activity

Day 1:

9:00 - 10:00 - Overview of Market Research

10:00 – 11:00 - Determining the Size of Microfinance Market

and Risks

11:00 – 12:00 - Data Gathering and Area Mapping

12:00 - 1:00 - Break

1:00 - 2:30 - Market Survey

2:30 - 3:30 - Data Processing and Analysis

3:30 - 4:30 - Focus Group Discussion

4:30 - 5:00 - Briefing for Field Practicum


Day 2:

8:00 - 5:00 - Field Practicum

Day 3

9:00 - 12:00 - Data Analysis and Report Writing

12:00 - 1:00 - Break

1:00 - 3:00 - Report Presentation

3:00 - 3:30 - Discussion of Market Research Issues

3:30 - 4:00 - Action Planning


What is Market Research?What is Market Research?

““It is the systematic design, collection, analysis It is the systematic design, collection, analysis and reporting of data and findings relevant to a and reporting of data and findings relevant to a specific marketing situation facing the company.”specific marketing situation facing the company.”

--Philip KotlerPhilip Kotler


What is Market Research?What is Market Research?

• Define the objectives

• Design – determine how you will go about the market research, and what tools to use.

• Collect and process

• Analyze

• Report

Steps Involved

PRODUCT DESIGNINGINPUTS TO


Why do Market Research?Why do Market Research?

• So that the bank can design and offer So that the bank can design and offer products and services that the products and services that the market needs and wants.market needs and wants.

• This is called “market-driven” This is called “market-driven” approach versus the one known as approach versus the one known as “product-driven”.“product-driven”.


Why do Market Research?Why do Market Research?

• PRODUCT-DRIVEN PRODUCT-DRIVEN – produce something and – produce something and try to sell it without much regard to market try to sell it without much regard to market demand.demand.

• MARKET-DRIVENMARKET-DRIVEN –identify and meet clients’ –identify and meet clients’ needs on a profitable basis.needs on a profitable basis.

Product vs. Market-Driven Approaches


Objectives of Market Research Objectives of Market Research in Microfinancein Microfinance

• Understand the environment in which the bank and Understand the environment in which the bank and its microfinance unit operatesits microfinance unit operates- Market opportunities and risksMarket opportunities and risks- Competition and products they offer Competition and products they offer

• Understand the microenterprise sectorUnderstand the microenterprise sector- Identify the financial services needed by Identify the financial services needed by

microfinance clients microfinance clients

• Develop products that respond to the needs of and Develop products that respond to the needs of and opportunities in the marketopportunities in the market


Market Research ToolsMarket Research Tools

Product Development Product Test

Product Review and Modification

Secondary data

FGD Area mapping

Satisfaction FGDs

Exit survey

Survey


Market Research for Product Market Research for Product Development: Determining Market Development: Determining Market Size and RisksSize and RisksMarket Size and Risks

Research Question:

Is there sufficient market in the bank’s target area(s)? What are the risks?

If GO, proceed to Market Survey

If NO GO, look for other sites

and repeat the same process

Gathering

Assessment

Market

by Competitors

Secondary Data

Competitor

Market Size

Size of Market Served

Size of “Unserved” Market

Decision Point:

Market Risks

Go/No Go


Market Research for Product Market Research for Product DevelopmentDevelopment

Product Development and Business Planning

Research Questions:: What product (s) would be suitable?

What is the potential market share of the bank?

Market Survey

Area Mapping

Assessment of Supply & Demand Characteristics

Estimation of Bank’s Target Market Share

Product Concept Design

Financial Projections

Secondary Data

“What do clients want?”Focus Group Discussions (FGD)

OUTPUTS

Overview of Market Research. Market Research2 Market Research Module Schedule of Activities Time...

Documents

Transcript of Overview of Market Research. Market Research2 Market Research Module Schedule of Activities Time...