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Use this template to describe market study that you have done. Market studies are generally undertaken to determine whether there is an unsatisfied demand for goods or services among particular population. For example before you introduce new product or service into specific area you would be wise to do good market study to attempt to predict whether or not your venture is likely to be enthusiastically welcomed. Note that Proposal Pack contains many templates that you may want to use to extend this market study such as Strengths Weaknesses Opportunities and Threats pages. Describe the purpose of your market study in an introductory paragraph here. In other words why are you doing market study. What do you hope to learn from it. Study Methodology Describe how and when you gathered the information presented in this market study as well as by whom the data was analyzed and summarized. Be sure to include any limitations of the study so everyone understands the data presented. Target Market
Insert description of the market here. For example " Restaurant Patrons in Detroit Michigan" or " Grocery Store Owners in Topeka Kansas. " Details Describe details of your target market here are you targeting specific ages or genders geographic areas income levels or sizes of businesses. Wants or Needs Describe what your target market is looking for what wants or needs they have. Are they trying to solve particular problem. Are they looking for specific benefits. Current Situation Describe how your target markets wants or needs are currently being met. Who are your competitors. Is the target market satisfied with the current situation. Describe their attitudes about the status quo.
Determining Factors Describe how your target market makes decisions whether or not to buy product or use service. Does cost proximity or ease of use affect their purchasing decisions. Market Size Describe the size of your target market. You may need to break the market down into various segments and describe each here. Growth Potential Describe how why you believe this target market will grow. For example if teenagers are your target market youll want to calculate how many children will age into that market within the next few years; if your target market is all car manufacturers youll want to try to calculate how many new cars will be built in the near future. Usage Rate Describe the current situation for the category in which your product or service would fall. For example if youre selling bicycles how often does the target market purchase or service bicycle. If there are factors that are likely to change the rate at which the products or services are consumed explain those here too. For example the purchasing rate for pumpkin products rises substantially in the United States in autumn and winter.
Competitors Describe the competitors youve identified along with everything you know about their successful products and market shares. You may want to include potential competitors here as well as existing competitors. Competitive Analysis Describe how you believe you can compete in this target market. What will set your product or service apart from your competitors and help you succeed. You may want to use the Competitive Analysis template to do detailed competitive analysis of the market; in that case just refer to that document here. Additional Information Add any details needed here such as timing issues or events that could affect the market potential. For example fluctuations in the cost of transporting goods might affect whether or not you can sell finished products at competitive prices in distant markets. Recommendations
What do you recommend to do next. Are further studies needed or do you believe you should enter this market. Be as specific as you can be.