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Market Feasibility and Competitive Intelligence
Market Research
Conducting market feasibility and competitive intelligence marketing research early in the development cycle can provide a "reality check" on your idea as well as help define product development to ensure its appeal for your customers. This type of market research is used to determine:
- How much of a demand is there for the product or service you are considering?
- What are your potential customers' needs and price expectations?
- Who are your competitors?
- What are the strengths and weaknesses of your competitors from your potential customers' perspective?
- How can you design your product or service most effectively, given the needs of your target market and the competitive environment?
Market Feasibility Studies
Market feasibility marketing research studies involve collecting information about a potential market that can be used in deciding how a product or service should be designed, delivered, priced, and marketed. Market Street Research uses a variety of tools to assess market feasibility ranging from collecting and analyzing secondary data to conducting primary research such as focus groups, telephone surveys and other methodologies.
What is Secondary Data?
Secondary data is information that has already been collected and is available to the public. Examples include population statistics from the U.S. Census, economic indicators from the Bureau of Labor Statistics, health data from local hospitals or boards of health, and information published in newspapers, web sites, magazines, government documents, and industry and trade journals. Many businesses and organizations also collect information about their customers or clients (such as where they live), and this is also considered secondary data.
What is Primary Data?
Primary information is data that is gathered specifically for a research project-the most
familiar primary research methods are focus groups and telephone surveys.
Needs Assessments & Environmental Scans
Needs assessments are market feasibility studies designed specifically
for health and human service organizations. Needs assessments involve studying
a geographic region or client population to see if there are unmet needs
or barriers to access that could be addressed by changing or expanding existing
services or by developing new services. Environmental scans are expanded
needs assessments that include a broad survey of community characteristics
and needs.
Market Street Research has considerable experience and expertise in conducting
community needs assessments for clients in many industries, including for
organizations in the healthcare field. In fact, conducting healthcare marketing
research is one of Market Street Research's greatest strengths. Since 1980,
MSR has designed and conducted many hundreds of healthcare marketing
research studies for healthcare providers ranging from
internationally respected academic medical centers such as Massachusetts
General Hospital, Cleveland Clinic and Johns Hopkins, health systems such
as Partners Healthcare and Memorial Hermann, as well as for many regional
and community-based hospitals, specialized clinics, and physicians' practices
serving urban, suburban and rural markets across the United States. Learn
more about our expertise in the field of healthcare
marketing research.
Competitive Intelligence Analysis
Competitive intelligence analysis is the process by which an organization or company assesses the evolution of its industry and the capabilities and behavior of its current and potential competitors to assist in maintaining or developing a competitive advantage. Market Street Research works with clients to ensure that the organization has accurate, current information about its competitors and a plan for using that information to its advantage.
Who Should Conduct Market Feasibility and/or
Competitive Research?
Any business or organization facing a significant investment or risk in developing a new product or service should consider conducting market feasibility, needs assessment and/or competitive intelligence marketing research. If your risk is high or your investment is likely to be large, conducting a feasibility study and/or a competitive intelligence analysis can greatly improve your chances of succeeding with your product or service. Market Street Research works with you to collect and analyze information about:
- Unmet needs that could be addressed by a new product or service
- Overall demand for new products, services, or ideas
- Characteristics of likely customers (such as demographics and buying behavior)
- Characteristics of likely competitors
- How competitors are likely to react when your product or service is introduced
- How your new product or service should be designed to best meet customers' needs
- How best to market, advertise, and communicate about your product or service
- Likely barriers to successful introduction of your product or service
Market feasibility studies and competitive intelligence analysis can provide invaluable information about the likely success of new product or service ideas. Any time you are considering changing your products or services, developing new ideas, moving into new geographic markets, or expanding your business or service offering, Market Street Research can provide accurate, timely, in-depth information that will help you make the best possible decisions, given the characteristics of your likely customer base and competitors.
Please contact
us to discuss how Market Street Research can help you achieve your goals.
Learn more about:
Learn more about why
you should use Market Street Research.
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