Market Research Report Example
Market research report example can be considered a difficult type of assignment due to a large number factors that must be properly described and assessed. A decent market research report must evaluate a given product’s market potential based on such factors as the size of the market, customers’ preferences, competition, and other factors. This market research report example represents the basic information that any work of this type should include.
The researched area can be considered a suitable place for selling the company’s products because of its significant potential. Indeed, the statistical data show that the area’s population exceeds 0.8 million people with an average personal, disposable income exceeding $49,000. Furthermore, findings of the telephone survey, which covered nearly 2000 randomly selected households from this area, showed that more than 50% of respondents were interested in green technologies and products. Furthermore, 90% of respondents expressed readiness to spend at least $1000 on such products as energy-efficient equipment, insulation, and other solutions offered by the company. 18% of potential consumers confirmed their plans to spend no less than $10,000 on such products. Remarkably, 31% of respondents did not purchase any “green” products during the previous year while 43% even never heard or seen advertising of such products during the reported period.
These factors indicate the existence of a significant market potential for a company with a projected break-even point, estimating around $7 million in annual revenues. Such factors as growing energy prices and uncertainty as well as rising popularity of green technologies will further stimulate the demand for the company’s products in the long-term perspective.
However, while the market penetration level remains relatively low, findings of the research indicate that the competitive struggle is intensifying. Indeed, there are currently 22 companies with an annual turnover above $5 million that can be considered as the serious competitors based on their location and product range. Three companies with similar characteristics have entered the local market over the last year, and it can be reasonably expected that the number of competitors will keep growing. This factor is likely to contribute to a slower growth of prices and, hence, lower revenues and profits earned by the main market players. A more intense competition also might result in a higher spending on advertising, promotion, and PR for the purpose of attracting the potential consumers. Hence, the projected promotion costs might have to be revised.
Another challenge is posed by the technological changes and the subsequent changes in customer preferences. The survey’s findings suggest that potential customers are generally aware of the rapidity of technological progress. 76% of respondents expressed the desire to purchase only the newest solutions while 65% stated that they would purchase products based on the obsolete technologies only at a high discount. This fact has serious implications for the company’s operations, involving solar panels and other products, competitiveness of which is highly sensitive to innovations. Hence, the company will have to regularly monitor the market for innovations and suppliers capable of delivering such innovative products to meet the high customers’ expectations successfully. These factors are likely to have serious implications for management.
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Haarup, P. K. & Hansen, K. (2010). Market Research and Statistics. Copenhagen: Academica.
McGivern, Y. (2009). The Practice of Market Research: An Introduction (3rd. ed.). Harlow: Pearson Education Limited.
Sarstedt, M. & Mooi, E. (2014). A Concise Guide to Market Research: The Process, Data, and Methods Using IBM SPSS Statistics (2nd ed.). Berlin: Springer-Verlag.
Wiid, J. & Diggines, C. (2010). Marketing Research. Capetown: Juta and Company Ltd.
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