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Market research |
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Methodology and techniques, used by Action Data Group.
The necessary initial steps are to define:
- the goals that need to be achieved by Client;
- the methodology and techniques to be employed for a specific research project.
A typical market research project will consist of the three basic stages:
- drafting the proposal, fine-tuning with the Client and finalizing deadlines, schedules, deliverables, interim reports, and budgets;
- the actual research;
- presenting the drafts of the deliverables, the additional input and final presentation.
In order to fully satisfy the knowledge needs of our Clients, we always prepare a draft proposal that includes the scope, methodology, techniques, deliverables, staffing, budgets, and deadlines. This outline is then agreed upon point by point. Additional new items can be inserted and certain steps removed. The resulting proposal usually becomes the work plan, in addition to being the service contract.
Various research types may require various approaches and techniques. The standard structure of a b2b or consumer market research project, however, looks like this:
A. Desk Research:
- media search (printed and electronic media sources);
- statistical analysis;
- survey of (existing) information sources on the topic.
B. Field Research:
- expert polls;
- in-depth interviews;
- in-door/outdoor observation;
- focus groups;
- retail audit.
The schedules depend upon sample size, regional spread, depth, quantity and quality of required data input.
The results are presented in electronic and printed reports.
Some of our guiding principles in conducting research are:
- Provide the most accurate and thorough desk and field data, which are physically possible to be retrieved on the Ukrainian and post-Soviet markets. We understand how important these real-life data are for successful market operations.
- Given that information is getting obsolete in geometric progression, we aim at conducting the research in the tightest possible time frame, with strict schedules, but without losing quality.
- We use the widest range of sources and resources, never sticking to the traditional ones in the West Census reports (non-existent in this area), or standard statistical data sets. We always include national, regional and local media, expert opinions, local language Internet resources, newsgroups (quite popular and informative here), as well as limited or restricted circulation publications.
Below, please, find a basic list of questions that Action Data can answer in a final report. The sequence of questions reflects the structure of a possible report.
1. GENERAL MARKET OVERVIEW
- What features has the market for the XYZ product or service?
We provide a basic outline of the market structure, size and industrial or consumer segments, sub-segments, and development potential.
- What is the output (production) of the XYZ product or service?
We provide data and analysis on local production, using official statistics, independent experts' opinions, departmental information from ministries and administrative structures. If required and possible, we calculate projections and forecasts.
- Is it possible to know the export/import figures?
ADG provides official data on imports and exports, corroborated by a number of sources. A possible table of such data is as follows:
Tab. 1: market size (in US$ million).
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Previous year |
Current year |
Coming year (projection) |
Average growth forecast for the next two years |
| Local production |
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| Import |
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| Export |
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| Total market Size |
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| Currency exchange rate |
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| Projected inflation level |
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2. COMPETITIVE ANALYSIS
- Who are the key manufacturers on the market?
ADG provides detailed information on the status of local manufacture, analyzing the current trends, the market shares and strength of individual market players. We also look into factors influencing the activity of each key manufacturer.
- What influence do foreign companies have on the local market?
Action Data Group will look at each market segment from the point of view of possible market share for each foreign firm and make analysis of strengths and weaknesses of individual market players.
- How do local and foreign companies access the market? What are their marketing strategies, promotion practices, and positioning procedures?
We look into the best practices, success stories and the typical failures, analyzing their causes and effects. Local and regional business conditions are highlighted and explained.
3. END-USER ANALYSIS
- Who are the consumers and end-users of the XYZ product or service?
ADG will define, segment, and measure the main consumers and end-users. If applicable, we will describe the volume of consumption, quality and other parameters of the consumed product/service in each segment.
- What are the preferences/which products or services would have highest potential?
We will identify, quantify and describe the advisable acquisitions, purchasing plans and business strategies.
- Can ADG provide insights into the best prospects and recommend some market entry strategies?
Action Data Group not only analyzes the existing status, but usually makes forecasts. We practice a hands-on approach, by evaluating which access channels are most appropriate for a market entry effort. Case studies and comparative strategies will be drafted to define the best fit.
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