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Market Research

Market Research. Tim Johnson ATTRA Program Specialist. ATTRA – National Sustainable Agriculture Information Service P.O. Box 3657 Fayetteville, AR 72702 1-800-346-9140 (English) 1-800-411-3222 (Espanol) http://attra.ncat.org. Market Research. Take Home Message:

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Market Research

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  1. Market Research Tim Johnson ATTRA Program Specialist

  2. ATTRA – National Sustainable Agriculture Information Service P.O. Box 3657Fayetteville, AR 727021-800-346-9140 (English)1-800-411-3222 (Espanol)http://attra.ncat.org

  3. Market Research Take Home Message: Gathering information about your market is critical to your company’s success Knowledge is power. - Sir Francis Bacon

  4. Market Research • Market Research lets you discover how your company actually meets, exceeds or falls short of customers’ expectations. (Big Trap)

  5. Market Research • Market Research can also identify competitive threats and opportunities SWOT

  6. Market Research • Two categories • Primary market research • Based on data collected from your customers, competitors, employees, and suppliers • Secondary market research • Based on data collected from industry studies, books, research, and other published sources. Experience is the name everyone gives to their mistakes - Oscar Wilde

  7. Customer Characteristics Four Essential Characteristics • They have a need • Resources to buy what you are selling • Decision making power • Easy access to product or service

  8. Secondary Research • Identify a Customer Profile • Demographics • Who buys • Where do they live, level of home ownership • Income • Age • Race • Marital Status • Education

  9. Secondary Research • Secondary information already exists • Efforts spent locating and gathering • Most info is available from various government agencies, local libraries, and the internet. North Carolina District Office6302 Fairview Road, Suite 300Charlotte, NC 28210(704) 344-6563 Phone | (704) 344-6769 Fax

  10. Secondary Research • Rowan County, NC • 19% growth last decade, total population 131,825 • 70% residents own their homes, median age is 36.6 • >50% of households make >$35K • $38,261 is median income • 41% white collar jobs • Freightliner, Schools, Food Lion

  11. Secondary Research • Charlotte, NC • 26th largest city in U.S. • 594,176 people in city, 1.4 million in metro area • Ave. household effective buying income $58,862 • 63% of households have EBI > $35K

  12. Primary Research • The information probably does not exist • Conduct surveys • Questionnaires • Focus Groups • Interviews • First hand observation • Ask your current customers • Observe customers in retail establishments

  13. Research Outcome Increased Understanding of … • Identified customer needs and wants • Determine if product meets the customers needs • Identifies potential target markets • Determines the best advertising technique In the business world, the rearview mirror is always clearer than the windshield. - Warren Buffett

  14. Benefits • Guides communication • Identifies opportunities • Minimizes risk • Identifies potential problems • Provides benchmarks

  15. Market Research Market Research is also a continual process, conducting research for the business plan is not enough. You’ll have to do it again, and again, and again, to stay attuned to your customers needs and address the customer characteristics you have identified as a target market.

  16. Market Research • It is worth it? • 84% of those who used it said yes • 58% said yes to identifying new opportunities • Can you really afford not to?

  17. Case Studies • Tallgrass Prairie Producers Co-op • Ten families in Kansas • Marketed grass-fed beef for 5 years • Process verified, nutritional testing • Won national attention for their products • Conducted market analysis, had a detailed business plan.

  18. Case Studies • Tallgrass Prairie Producers Co-op • Management of Co-op took too much time away from what they really wanted to do… run the farm • Niche marketing may not be all that it appears • Expertise in marketing and management needed • Price and convenience really do matter • Natural foods? –many contradictions • How much education of consumers can you afford? • Quality of life and sustainability on personal level

  19. Case Studies • Fresh Air Pork • Group of producers in Northeast Iowa • Started in 1999, closed in 2002 • Marketed hogs that met the Niman Ranch criteria of no antibiotics, and Animal Welfare Institute certified • Worked with experts in direct meat marketing • Target market-local sales, health food stores, and institutional buying

  20. Case Studies • Fresh Air Pork • Success w/ two health food stores and locally • Never sold any product to an institution • Could not sell the value cuts – loins, hams • Complex nature of meat business • Asset : developed relationship with professionals

  21. Market Research Take Home Message: Gathering information about your market is critical to your company’s success Knowledge is power. - Sir Francis Bacon

  22. www.ozarkpasturebeef.com

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