A market research needs assessment is a document which outlines the market needs of a particular business initiative being taken. For example, any new venture or expansion, change, remodelling, withdrawal of an existing business venture must be preceded by a market research needs assessment, which can predict trends, analysis existing ones and create a workable solution to any problem that may crop up in due course. It is thus a very important document which must be crafted with precision.
Sample Market Research Needs Assessment
Market research needs assessment prepared by: Jason Wu of Genex Marketing Solutions Pvt. Ltd.
Market research needs assessment prepared for: Sushimo’s Pizzeria, New York.
Date of submission of research assessment: 12th June 2011
Purpose of market research needs assessment:
- To determine the demand and space for the opening of Sushimo’s Pizzeria in Hoggs Market, New York.
- To create a comprehensive idea of the clientele, the target audience, price range, competitors in the same market bracket and so on.
- To prepare a report on the results of the market research assessment, headed by Jason Wu, Senior Marketing Consultant, Genex.
Factors investigated as part of the market research initiative:
- The presence of neighbouring pizza joints within the radius of ten miles.
- The brand quality or value of Sushimo’s, through an understanding of audience response to the advertisements put forth till now.
- The monthly average income of inhabitants in the area, covering 10th and 12th at the north side and Huntington Avenue towards the south.
- To create an understanding of the trends in this market, the changes and market strategy that need to be adopted in order to break even within the estimated two years of opening and to compile a substantial analysis of the market forces that will determine the performance of the initiative.