Market Research and Strategy for a Business Idea

Pro-Consulting has been providing various types of market analysis and business planning since 2004. During this time we have accumulated extensive experience in developing strategies for implementing business ideas in various economic niches. We work according to generally accepted international standards and are accredited by the European Bank for Reconstruction and Development as a certified consultant. The business development projects we have developed can be eligible for EBRD funding.

At first glance, it seems that the formula for successful entrepreneurship is simple: you just need to offer people a good product and immediately make a profit. The opinion, although generally correct, does not take into account that the business idea will not be implemented in ideal conditions. In practice, the economic environment is quite aggressive and business ideas without an effective marketing policy and constant monitoring of the market do not survive. To develop and reach new heights, business ideas require a complex and comprehensive strategy for the creation and operation of the enterprise. And this strategy cannot be developed without prior research in the target market.

Pro-Consulting consultants develop such strategies for various business ideas. No wonder even experienced travelers do not give up guides being in unfamiliar terrain. Pro-Consulting will be such a guide for you on the way to transforming a business idea into an effective business. In the process of moving towards this goal it is necessary to go through a series of successive stages and get answers to many questions. For example, such:

• What product / service do you offer and to whom?
• What are the features of the target market? What is happening in the market? Who are your potential competitors and what do they offer? How will the market develop in the coming years?
• Who are your consumers? What do they like?

Without answers to the above questions it is impossible to develop a strategy and move on to the practical part of implementing a business idea. Which includes:

• development of organizational and production plan
• investment needs assessment
• assessment of profitability, efficiency and investment attractiveness of the project
• drawing up a business plan
• development of market entry strategy (naming, branding, communication strategy)
• planning of advertising campaigns
• monitoring the degree of brand loyalty

No matter how good a business idea may seem at first glance, it is necessary to conduct a preliminary analysis of the market.

The task of market analysis is to determine the extent to which the idea is implemented in practice.

Each stage of the enterprise’s life cycle is characterized by different types of analytical research.

• Primary

- Consumer survey

- Experts survey

- Product testing

• Secondary

- Experience in launching similar products

- Analysis of statistics

- Collection of materials in the market

- Forums and social networks

- Current monitoring of the market, prices, competitors, media

• Prognostication

- Mathematical modeling

- Assessment of market potential

Moreover, analytical research is useful even when the business idea has already become a working enterprise. Because in the process of its life it can be in different states and understanding the causes of these states – the key to longevity and growth in the market.

The growth potential for a business idea is laid at the very beginning, when developing a business plan. The stability of the enterprise even in the most unfavorable economic conditions depends on quality of this work.

The business plan allows you to:

• comprehensively plan and organize business
• assess the prospects and viability of the business idea, based on the realities in the economy and in its specific industry
• understand the potential profitability and efficiency of a business idea transformed into a full-fledged business
• assess the amount of investment required to implement the business idea, as well as the return on investment and the time required to return them
• attract financing for a business idea: an investor or bank lending and decide for yourself to invest

The enterprise created according to our business plan will develop according to the marketing strategy developed especially for a concrete business idea. Marketing strategy is a look into the future, the discovery of new values ​​of goods or services that will benefit society. This is a determination of the direction of development that will lead the company to recognized leaders in the industry

In practice, the work to determine the strategy for promoting a business idea in the market is as follows:

1. Working session
2. a) Analysis of the environment and goal setting

The project team (the author of the business idea and our experts) discuss the current market situation, competitors, goals and objectives, as well as the time in which they must be achieved, the resources that can be involved. We find out all the limitations of the work and build hypotheses.

1. b) Products

We discuss in great detail the product or service that needs to be promoted according to the business idea: advantages or differences from competitors, we identify the strengths and weaknesses as much as possible.

1. c) Customers

The target audiences to which the business idea is directed are singled out, their motivation and points of contact are researched.

2. Express audit and brand model

The brand model is the basis of the company's ideology and of all its tactical and strategic actions to implement the business idea. The model determines the values ​​of the company, its methods of work, communication style.

At this stage, a market vision is formed, trends are studied, research is conducted, hypotheses are tested and there is an immersion in internal analytics. As a result, the client is offered 2-3 effective brand models from which he must choose one for further work on the strategy of implementing a business idea.

3. Strategy

The strategy is based on the chosen brand model and has the following structure:

• Company: sales / marketing / assessment of the current situation
• Competitors: companies, brands, marketing and communication activities
• Customers: segmentation of the target audience of the brand
• Assortment and pricing policy
• Sales model
• Areas of possible development: new markets / new needs / new positioning
• Work plan for 1 year
• Required resources, budget
• Development forecast
• Efficiency evaluation system
• Alternative scenarios in case of market conditions change

As a result of the work, the client receives a detailed and comprehensive plan to transform their business idea into an efficient and profitable enterprise.

Pro-Consulting analysts are ready to join the work on the implementation of the business idea at any stage. Our client can determine how much of our services he needs. This can be an analysis of the market in which the existing company operates, or an assessment of the investment attractiveness of the future project. Analytical services such as marketing research and export consulting are also relevant if the customer company decides to expand its field of activity and enter the international market.

To order market analysis or another services, or to purchase a published project, please contact us via
 info@pro-consulting.ua or +38 (044) 233-34-32