What is focus group market analysis?
Market analysis in China is conducted for the purpose of understanding the opportunities and risks presented by an existing market in different regions. Each analysis involves a comprehensive set of research methods, both quantitative and qualitative. Marketanalysishelpsyourcompany to identify:
- Size of the market
- Rules and regulations imposed in the regional market
- Trade rules and regulations
- Socio-economic development surrounding the market
- Production areas and points of sale
- Market segmentation
- Existing key players and potential competitors in the market
- Performance of existing players or the requesting clients themselves
- Cost and profitability
- Global market trends
- Viable marketstrategies
For example, if an owner seeks to open a wine shop in Hong Kong, he/she has to make use of market analyses to grasp the necessary information on his/her competitors within the region, their locations, sizes, targeted clients, wine-drinking culture of the region, income level of the people as well as the advertising, need for promotion, etc. All thesecannotbedonewithoutmarketanalysis.
Depending on the purpose and the objectives of the market analysis, the scope of the study varies significantly and directly determines the research methods that are adopted.
Methodologies of a market analysis
Included below are some of the most common research methods.
- Secondary research: collection of information through libraries, bookshops, the internet, university's resources
- Primary research: any analysis requests a primary research which can be done through interviews, visits or data-mining
- Survey: a survey aims at asking questions to a screened sample of people through closed and open questions
Delivery of a market analysis by Daxue Consulting
There are multiple ways of delivering for a market analysis including:
- Analysis of the existing market with the existing rules and regulations
- Analysis of the main volumes, main figures, main directions of the market without going too deep in the numbers
- Analysis of the competitors and screening of them through their results, marketing (qualitative and quantitative screening)
- Executivesummary or summarysheets
- Analysis of the duplicable market strategies
- Benchmark of companies' metrics and go-to-market strategies