What is a market investigation?
The market investigation provides an overview of the market to give an understanding of the environment and its dynamics, including competitive behaviours. The process provides the facts about the market, products, generic segments and gives a good understanding of how the market works and key issues.
Why do a market investigation?
If a business is entering new areas/markets, acquiring a new business, selling a business, losing sales, or looking to improve their competitive situation a market investigation provides a third party view of the market the business operates in and enables discussions on how to improve the businesses position in that market. The information can also be used to validate or disprove internal views of the environment the business operates in.
Who would benefit from a market investigation?
Any businesses that are looking to validate information in the sale or purchase of another business, enter new markets, launch new products or want an external assessment of their position in existing markets would use this process. Typically the Market Assessment is a key input to the business determining strategic direction for the business.
How long does it take?
Typically a market investigation of an individual market would take 6-8 calendar weeks, while multiple markets would take longer.
What is included?
The main elements of a market investigation are:
- Description of the market and its participants
- Market size and shares
- Major trends and influences
- Overview of competitors
- Key locations
- Market coverage and product offers
- Market shares
- Key channels
- Competitive dynamics
- Issues and opportunities
What is the process?
We start the process with a scoping discussion and a written scope document. Prior to starting the job we provide a letter of engagement, setting out the terms of the engagement. You will need to sign this document on behalf of your business and return it to Competitive Insights. Putting the document together requires access to internal financials and documents. In addition we will need to interview a small number of people who hold key positions in the business as well as doing in market investigation. We update with the key contact or group on a weekly basis and are available for discussion on completion of the document.
What do you get?
The output from this process is a PDF document that is suitable for electronic sharing or printing. In addition to the document there are weekly progress/debrief sessions during the engagement as well as presentation/discussion when the final document is delivered.
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