Market Research Techniques

1
Market Research Techniques

• Sustainable Small Acreage Farming and Ranching
• Cinda Williams, UI Extension 2005

2
Developing your Product Definition

• Product features
• Service features
• Marketing season
• Benefit to buyer

3
Why do market research?

• Develop
• marketing
• strategy
• Analyze
• profitability

• Understand
• your market, competition and consumer trends
• Project
• Potential sales volume and prices

4
Research Data

• Primary gathering information through
  observing, surveying, interviewing
• Secondary Studying data already collected and
  published

5
Secondary

• Demographics
• How many and types of people? Age, ethnic
  background, income levels, etc.
• Consumption data average lb. of certain foods
  consumed
• Trends specific market studies

6
Collecting Primary Data

• Observation
• Surveys
• Personal Interviews
• Product Testing/Tasting

7
Tips on Surveys

• Formulate questions to receive quantifiable
  information
• Multiple choice and checklists
• Sampling method, size and response rate influence
  results

8
Identifying a target market

• Demographics
• Lifestyle
• Expectations

9
Narrowing down your options

• Select three potential market strategies
• Evaluate pros and cons of both

10
Current market demand

• Use demographic data and consumption data or even
  estimation
• Estimate should be on conservative side

11
Assessing the Competition

• Who sells similar products
• Advantages
• Weaknesses

12
Staying aware of market trends

• History of sales in industry
• Changes in consumer demand
• Look to future

13
Estimating Price and Volume

• Research price range, variation and trends
• Sales volume to meet demand
• Factors influencing price and volume of product

14
Evaluating your research

• Answering the questions
• Based on marketing analysis
• Consider production limitations
• Realize that the market is dynamic