Place in the proces
Market research is the first stage in achieving a commercially viable list of potential clients.
It is the first step of five: 1) Market research - 2) Prospecting clients - 3) Connecting clients with company - 4) Follow up and negotiations - 5)Sales. I have done market research a couple of times, both small and extensive research, for several clients. Instances where I found market research a very useful tool for:
On the launch of a new product or service
While choosing areas/industries to focus and specialize in
During the process of development of organizational line of attack
In the event of decline in market share
During the period of changing industrial environment
For acceleration of company growth
In case of Viscolloids: orientating on a new market abroad.
Within the available time I did extensive deskresearch of all available information concerning Guar gum in the European Union with a focus on The Netherlands, Belgium (Luxembourg), Germany.
In Oktober 2018 the following items were presented in a proposal.
Top level research
Reports covers basic information about the industry. Answers on questions like how large is the industry and who are the top players. Providing some basic insights into the fundamentals of why the industry is what it is today.
€600 per country
Full market Report
This report is useful for those who need to fully familiarize them- selves with an industry. It includes a full explanation of the market and its subcategories as well as metrics covering the market’s current state and future projections for market development, current trends and technologies. The report includes recommendations for Viscolloids on possible business opportunities.
€4000 per country
De scope of this research is an elaborate/extended Top level Research.
I feel it is important to make this distinction and to manage expectations. Within the available hours (and some extra effort) I gathered as much data as I could. Top level research however has its limitations on the depth of the information. To be as much of use to you as possible I added elements from a Full Market Report to your report. I hope this provides you with the needed framework to base your decision making on.
The main research methodology of this market report is deskresearch. Wherever information was insufficient direct contact with suppliers via email of phone provided extra information on pricing, distribution and more.
The method of deskresearch concerns mostly secondary public sources. The sources for this research include, but are not limited to: legal texts, annual reports, publications of scientific journals, investigative journalism, news articles, statistics and reports on import and export market, applied to the situation of Viscolloids. Information requested from supervisory authorities such as NVWA and KCB and foreign equivalents thereof. Information from suppliers and producers, international market places. Etc.
The whole of this search yields a report with both hard data (prices, figures, list of importers etc.) and soft data (perception of the market, conclusions from articles etc.)
From this set of data I developed a number of possible business cases. These action perspectives are the most logical options within my scope in terms of doing business in NL, DU and BE/LUX
The list of sources used can be found in the chapter