Prevailing market forces play a key role in every business’s daily operations, and careful analysis of research data is the first step in creating an effective growth plan. Unfortunately, most off-the-shelf market research studies aren’t worth the time it takes to review them.
MRC offers a different approach.
MRC begins with a thorough review of capabilities and competencies in order to better understand relative strengths and weaknesses within client organizations. The deliverables we create for this phase are:
- Client Profile (to evaluate strengths, weaknesses, opportunities, and threats),
- Product Profile (examines the total product lineup, paying special attention to items/services the market analysis will focus on).
- We create a solid understanding of the client’s business model.
In the next analysis phase, we evaluate secondary data with a specific focus on your key markets. This analysis includes traditional sources like trade associations, industry journals, government databases, periodicals, and others to identify trends and bring the broad market picture into sharper focus.
One unique aspect of MRC’s research approach is the use of primary data to supplement secondary findings. For a new product development effort, this could mean putting a prototype in the hands of potential customers or distributors to gather feedback. In the case of a strategic growth plan, it could be frank, face-to-face conversations with key customers to get a sense of their own long-term expansion plans and market impressions.
Whatever the tactic, “feet on the street” give us new insight, refine the information collected by secondary methods, and gain the perspective of those actively involved in the target industry. This information is invaluable in enabling clients to define new growth opportunities for their companies.
Another noteworthy aspect of MRC’s Market Analysis is the “Conclusions and Recommendations” section. Unlike most consultants, we believe that the best way to deliver value is to provide fact-based conclusions, as well as recommendations to be implemented immediately.
At the end of the analysis process, we deliver solid market information, real-world feedback, and a clearly defined action plan—each enabling our clients to put the data to use in their day-to-day operations. Market Analysis typically identifies new growth opportunities that may not have been previously uncovered, and it lays an excellent foundation for a strategic business plan.