Market research is the process of searching for information on the market(s) that a business would like to operate in. It is a quest to know about the consumers; competitors and related products. The process seeks to identify and define market opportunities and to monitor the performance of and trends in the target market. Market research stipulates how market information should be collected, analysed and implemented.
In this process the following are the basic steps that need to be taken in order to derive optimal results, namely:
- Determining the market that you plan to enter;
- Determining the size of the target (addressable) market;
- Identifying different market segments and their needs
- Identifying / clarifying the (business) problem that you seek to solve;
- Identifying the barriers to entering the target market;
- Identifying who the buyers are, who your competitors are, and how money is invested in your target market.
The CSIR subscribes to a database called T2+2 that contains a significant set of market reports. Please speak to your R&D Outcomes Manager or the Licensing & Ventures office about obtaining reports from this database. You can also ask your CSIRIS information specialist to do a search for you for relevant market reports.