Market research
Every business owner should know
- who their customers are - demographics, purchasing behaviour
- where their product or service fits into the current market situation
- who their competitors are and what they offer
- the wants and needs of their target market
Research is the key way to find out the above information. The research will vary according to where your product is in its life cycle – just entering the market or looking to expand.
If you are just starting out, you will want to find out
- If there is a product or service that meets the needs of a particular market
or - If there is enough people who will buy your product or service
If you are established, you may be looking at increasing your product range, expanding your distribution, or raising your price.
How do I research?
Market research can be done in two ways:
- Primary market research - actual, detailed and specific data that directly answers your questions about your market and product (e.g. a survey that you have undertaken).
- Secondary market research - gathering of information from other sources that gives you general information (i.e Australian Bureau of Statistics data).
Primary market research
Primary market research involves first hand interviews, surveys and discussions specific to your product or service and market.
First and foremost, primary market research involves talking to your customers and consumers. It may involve:
- Field studies (e.g. handing out samples of food and getting feedback)
- Qualitative research (e.g. focus group)
- Quantitative research (e.g. telephone, in person or online survey)
Secondary market research
This is information of a general nature that doesn’t answer your specific questions but does give you a good overview of the market or product. Secondary market research may involve:
- Internal - information that you have already within your own business (i.e sales data)
- External - sources that provide you with general information (i.e. size of market, demographics, population, major competitors, government regulations)
Want more information?
There are many sources of advice and assistance to help with your market research, such as:
- Australian Bureau of Statistics surveys and reports
- Information from trade/business associations and journals
- Government studies
- Sensis surveys
- Libraries
- Internet
- Data from industry experts
Once you have gathered information, the next steps are to analyse and interpret your findings.
How has the SA Food Centre helped others?
There are many examples of assistance offered to South Australian food businesses.
Workshops
Industry Development Officers help food business by conducting workshops on topics such as market research and Return on Investment.
Who can I contact?
The SA Food Centre is dedicated to working with businesses around the state.. In contacting the Centre we can provide advice, assess your business needs and if relevant refer you relevent industry or government partners.
- Page last modified: November 15, 2011, 5:53 pm
- Welcome URL is http://www.safoodcentre.com.au/
- This page: http://www.safoodcentre.com.au/consumers/market_research
