market research

market research

choose ONE of the following and investigate the feasibility of introducing it to a new market.

1. an existing business from overseas that is currently not in the Australian market (Melbourne)
(for example, you can write the report on a coffee shop that use camel’s milk instead or along with cow’s milk when making coffee, this kind of business is already existed in Dubai under the name of Cafe2go and promoting the benefits of camels’ milk) or
2. an existing Australian business that is currently not in another overseas market (such as China, Thailand, USA, India, UK etc)

Market feasibility and Assessment
• Is there a market for what you are proposing? What is the size of the market?
• What is the sales volume?
• What is the production volume?
• You will need to conduct market research for this section.
• What market segments do you intend to target?
• Why people will buy your product?
• An outline of your potential customers, their potential number, their location and their buying patterns
• How will you sell your product or service?
• A summary of your competitors (3)
• Your competitive business advantage/s
• How is your product differentiated from the competition?
• What pricing methods will you probably use?
• What promotional methods will you use (i.e tradeshows, advertising, etc.)?
• Who is buying the product or service i.e. who is your target market?
• How many customers are there? Who are they?
• Where are they currently buying the product or service?
• Are the customers satisfied?
• How is your market segmented currently?
• What are the major trends affecting your market?
• What is the growth rate of the market?
• What would the buyers like to see changed about the products they are now buying?
• What are the market trends for your product?
• How is your target group changing?
• Are other groups starting to use your product?
• How do factors such as age, gender, family income, brand loyalty, lifestyle, etc. affect your product?
• How do customers view warranties and packaging of the products? What is the price structure on your product?
• How has the price changed in the last year? Last five years?
• What determines price on your product – quality, size, demand, tourist trade?
• What promotional methods are most effective in reaching your target customers?
• What is your conclusion about your expected market share?
• Are there any legal, environmental or economic factors, which may impact on the business?

4. Commercial feasibility
• Strengths and weaknesses of your business and the opportunities and threats it faces
• How long you expect to be in business before you generate you first sale?
• How much money do you need to set up?

5. Technical or Production Analysis (Technology Considerations)
This portion should be based on verifiable data and contain sufficient information and analysis so that a determination may be made on the technical feasibility of achieving the levels of income or production that are projected in the financial statements. Depending on your particular business idea it may include the following considerations:
• Determine the suitability of the production site including site environmental impact analysis (provided by architect, engineer or person with the necessary expertise to make the determination).
• Does the site have the desired characteristics and available utilities and transportation facilities, etc.?
• What are the technology needs for the proposed business?
• What are the equipment/resource requirements?
• When and where can the technology/equipment be obtained?
• What does the technology or equipment cost?
• What are the production costs (to be included in the finance section).
• Will the technology achieve the intended production levels?
• What will the production process be?
• What are the product storage requirements etc.?
• Is there availability of local labour?
• Are there any legal or environmental factors or other developments which may impact on the business?
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