Efficient Motors Market Research

Situation analysis: This section presents relevant background data on sales, costs, the market competitors, and the various forces in the macroenvironment. How do we define the market, how big is it, and how fast is it growing? What are the relevant trends and critical issues? Firms wills use all this information to carry out a SWOT analysis 1. Market Research – What data about the market that is currently buying the product(s) or service(s) you will sell is available? Some areas to consider: • Market dynamics, patterns including seasonality • Customers – demographics, market segment, target markets, needs, buying decisions • Product – what’s out there now, what’s the competition offering • Current sales in the industry • Benchmarks in the industry • Suppliers – vendors that you will need to rely on 2. Target Market – (see p. 87 of your text) What are the niche or target markets for your product and describe them. 3. Product – Describe your product. How does your product relate to the market? What does your market need, what do they currently use, what do they need above and beyond current use? 4. Competition Describe your competition. Develop your “unique selling proposition.” What makes you stand apart from your competition? What is your competition doing about branding?