MARKET OPPORTUNITY RESEARCH AND ANALYSIS
Market Opportunity and Viability Evaluation is a specific programme for clients considering entry into a new market or channel of sale. Their need is to establish a direct presence and manage their own destiny, rather than relying on third parties. The advantages ensure effective control and maximised profit.
Stage 1 (Concept Preparation)
This primary stage of the programme typically identifies if and how a client product or service could be marketed or distributed in a new country or new channel of sale.
The first stage includes observations regarding appropriate courses of action, challenges, methodology, target customer groups and potential setting up costs.
The process involves preparing a concept preparation document from which a client can decide whether to go ahead or not. The only cost to the client is related to time for CMS to undertake the research. This is a cost effective benefit for the client who can see the validity or otherwise of market entry, without substantial investment. Concept programmes may take from one to several months to complete, dependent on market complexity and client brief.
Typically the Concept stage of a project will incorporate the following but can be tailored to a client’s specific needs:
• Briefing of CMS by client regarding product, intended markets, knowledge base and objectives. This would normally include an on-site familiarisation tour of client Headquarters and facilities.
• Technical and regulatory analysis of issues that might impact product or service entry. Information will be discreetly obtained from appropriate specialists.
• Market research of product need and undertake features v benefits analysis for proposed market. This will involve desk research, possibly with field support.
• Competitor analysis in proposed market, also identifying typical methods of distribution, pricing information and performance growth or shrinkage.
• Pre launch action plans incorporating recommendations on feasibility, operational set-up and preparation, approaches to the identified target customer profile, marketing initiatives and as appropriate, a budget to prepare Development Approval.
Stage 2 (Development Approval)
This stage develops an approved Concept to the next stage of identifying actual detailed, pre-launch and launch requirements and commitments, prior to investing significant funds.
Once the Concept, after discussion and amendment, is approved the next stage is development approval. This identifies specific market entry details, including resources and likely marketing costs related to the product or service. Detailed identification of sales opportunities and marketing action plans are also pinpointed at this stage. The only cost to the client is related to time for CMS to undertake the investigation and prepare the development order. The key benefit to the client is to show what is needed in detail to set up their own presence in the chosen market, prior to significant financial outlay. This is a cost effective benefit for the client who can therefore better manage and control their development investment costs. The development approval programme may take from one to several months to complete dependent on market complexity and client need.
Typically this stage of a project will incorporate the following but can be tailored to a client’s specific needs:
• Briefing of CMS by client regarding content of approved Concept. This would cover client ability and capacity to produce goods or services, budgets likely to be available and time frames anticipated.
• Technical and regulatory approvals subject to information gained during the concept investigations. This incorporates importation declarations and registration to incorporating a market presence and setting up financial systems to support a launch. Note that confidentiality will be less discrete as more resources become involved.
• Market research of a field nature will be engaged as considered necessary. Potential clients may be identified for a blind approach to gain actionable market guidance.
• Market structure including identification of all resources and support functions will be confirmed and an expenditure budget pulled together. Quotations and contracts will be requested for final approval at Implementation stage.
• Pre launch and launch action plans will be finalised ready for implementation, supported by an initial sales forecast.
Stage 3 (Implementation)
Once the Development Approval is finalised and approved, implementation of the project can proceed in whatever direction the client decides. CMS is able to manage the programme, supply guidance and all appropriate support and resources as determined by the client.
The scale and variety of different projects necessitates detailing as to specifics.