MARKET RESEARCH WORKSHEET Group 5 TO BE ABLE TO IDENTIFY MY PERFORMING AND NOT PERFORMING ITEMS IN MY PRODUCTS. POSSIBILITY TO OFFER WHOLE BEAN COFFEE BEANS. research objective YOUNG PROFESSIONALS AND BUSINESSMEN. Identify your target market MOST OF MY COMPETITORS ARE LOCAL COFFEE SHOPS. THEY ARE SELLING COLD BREW COFFEES AND SOME ALSO OFFER ESPRESSO BASED BEVERAGES. THEIR STRENGTH IS THEIR CONNECTIONS AND FRIENDS. (STRENGTH) SOMETIMES EVEN IF THE PRODUCTS ARE IN INFERIOR QUALITY, STILL THEIR FRIENDS ARE CONSIDERING IT AS THE BEST BECAUSE THEY ARE FRIENDS. (WEAKNESS) THEIR WEAKNESS IS “KNOWLEDGE” AND CUSTOMER SERVICE. THEY MERGED PHOTOGRAPHY AND AESTHETICS. THEY ARE ALSO OFFERING SHIRTS. THEIR PRIES RANGES FROM PHP90-150 Conduct a competitive analysis: Who are your competitors? What products or services do they offer? What are their strengths and weaknesses? How do they market themselves? What are their prices? I AM OFFERING NOT JUST COFFEE BUT CUSTOMER SERVICE. WE ARE TREATING ALL OUR CUSTOMERS AS A HUMAN BEING, NOT JUST A TRANSACTION (CONNECT – DISCOVER – RESPONSE). MY KNOWLEDGE ABOUT COFFEE IS ALSO MY EDGE AND I AM CONFIDENT THAT MY BUSINESS WILL LAST LONG BECAUSE WE ALREADY SET OUR MISSION/VISION AND CORE VALUES. Determine your unique selling proposition (USP): What sets your product or service apart from your competitors? What unique value do you offer to your customers? WE ARE DOING THIS CUSTOMER SERVICE MODEL “CONNECT-DISCOVER-RESPONSE” IN EVERY CUSTOMER THAT WILL GO TO OUR SHOP. WE DO CREATE A CONVERSATION ABOUT THEIR PREFERENCE AND THEN MY PARTNERS WILL USE OUR LOG BOOK TO CASCADE THE INFORMATION. I AM ALSO USING LOYVERSE AND TO SEE MY ACTUAL SALES AND ORDERS. I AM ALSO USING FB ANALYTICS TO IDENTIFY MY MARKET. Develop research instruments: What methods and tools will you use to gather data? Will you conduct surveys, interviews, or focus groups? What questions will you ask? How will you structure your instrument? QUALITATIVE – WE OFTEN DO FOLLOW UPS TO OUR CUSTOMERS IN OUR SHOP. QUANTITATIVE – WE ARE USING THE DATA FROM THE LOYVERSE APP AND FB ANALYTICS Collect data: What is your sampling plan? How will you select participants or target respondents? How will you conduct your research? What precautions will you take to ensure accuracy and validity? WE ARE DOING A QUARTERLY MEETING WITH THE TEAM AND WE ARE SHARING ABOUT OUR PARTNERS-CUSTOMERSBUSINESS USING OUR LOG BOOK AS OUR REFERENCE. WITH THAT, WE ARE GETTING TO KNOW OUR MARKETS AND CUSTOMERS BETTER. NUMBERS DON’T LIE. WITH THE HELP OF THE DATA FROM LOYVERSE, I WILL THEN ANALYZE WHICH PRODUCT IS PERFORMING WELL AND NOT PERFORMING WELL. WHEN I ALREADY IDENTIFY THE NOT PERFORMING ITEM BUT STILL HAVE A LOT OF INGREDIENTS, WILL DO PROMO. Analyze data: How will you analyze your data? What software or tools will you use to manage and analyze your data? How will you interpret your results? WITH THE HELP OF THE DATA GATHERED FROM THE TOOLS, WE CAN BE SURE THAT WE ARE GOING TO THE SAME DIRECTION AS OUR MISSION AND VISION. BIG COFFEE SHOPS FROM THE NEIGHBORING CITY WILL BE OUR MAIN THREAT IF THEY DECIDE TO PENETRATE OUR MARKET. 8. Conclude: What insights have you gained through your research? What conclusions can you draw based on your findings? What are the opportunities and threats in the market? WILL CONTINUE TO GATHER DATA AS THE MARKET IS EVER CHANGING. WILL ALSO OFFER NEW LINE OF BEVERAGES DEPENDING ON THE SEASON AND EVENTS IN OUR MARKET Identify actionable steps: Based on your research findings, what steps will you take to improve your product or service? How will you adjust your marketing strategy? What changes will you make to your pricing or distribution model? DELEGATING TASKS. SINCE MY PARTNERS ARE FLEXIBLE, I AM ADDING TASKS IN THEIR DAILY SHIFT TO MONITOR DIFFERENT ASPECT IN OUR BUSINESS. Develop a follow-up plan: Market research is an ongoing process. How will you continue to monitor and analyze the market? What additional research or data collection do you need to do? THANK YOU!
