A market research proposal is essential for any business organization if it wants to identify and analyze its market. Take note that market in this sense is not a venue where individuals buy and sell goods, but it mostly refers to customers, customer preferences, and customer needs. The customers being referred in a market research are the main customers, also called the target market.
To help you create a market research proposal, here are some examples in PDF that can help you create your own research proposal.
A market research proposal, similar to other proposals, still needs to be reviewed, revised, and approved by a superior/higher-up or a governing body. After the simple proposal has presented and eventually revised, it can then be used for implementation or as a basis for future research.
Here are the essential components of a market research proposal that you should include in your research proposal.
This is the most basic information you should include in your market research proposal. Since you are creating a study for your company or business organization, and not a personal SWOT analysis or a self-assessment, then it is a priority to list down a short background of your company.
The company background should not exceed more than two pages of your market research proposal. Remember that the company background is only a summary and serves as additional information for your research proposal. This proposal should focus on the target market and all the aspects relating to the target market.
The target market, together with the strategic analysis should be the main focus of the market research proposal. The proposal will discuss options as well as analysis on the target market you chose for your study.
The target market always revolves around the products or services your company is selling, and majority of the revenues or sales will come from the target market. Majority of revenues equate to 70–80% of sales coming from the target market, while the remaining 20–30% will come from other market segments. You may also see service proposal examples.
The section below will further discuss on choosing the right target market for your business which can maximize revenues and eventually profit.
Strategic analysis relates to the analytical methods you will use in your marketing research proposal. There are numerous strategic analytical methods you can implement in your research proposal, and these analytical methods helps you and other researchers in your team to analyze competencies and deficiencies in your target market, as well identify opportunities where you can maximize profitability. You may also see short proposal examples.
Among the strategic analytical methods you can implement in your marketing research proposal include the following:
Using data gathering procedures is essential for your market research proposal. You simply cannot create a professional proposal based on assumptions alone. The proposal will immediately be rejected and your position will also be placed at risk if you create a proposal that lacks research. For a market research proposal, research is very important as it deals with the business organization’s customers. If there are no customers, the company would simply not exist.
There are numerous data gathering procedures you can use. The basics of data gathering procedure involves obtaining data from numerous sources such as books, journals, publications, and online sources (Internet, PDF, eBooks, etc.). Since a market research proposal is a fact- and theory-based study, obtaining data from numerous sources should be a priority. You may also see investment proposal examples.
If your study requires respondents, then there are numerous data gathering procedures you can use. Take note that if a study or research requires respondents, the respondents should be chosen beforehand. In this case for a market research proposal, the respondents will be the target market. The number of respondents will depend on the study and the researcher. You may also like freelance proposal examples.
Among them the data gathering procedures you can use are the following:
Identifying the target market for your products and services also requires extensive research. You simply cannot assume and pick a market segment at random and expect your products to be profitable from that market segment you chose. There are two tips in choosing a target market: find a target market that fits your products or create a market from the products you sell. You may also see fundraising proposal examples.
The first option is easier and most business organizations use this option when choosing a target market. You can also opt for the second option, but it requires a new product that utilizes multi-functionality (for example, baby diapers are only restricted for the toddler market segment). You may also like how do you write a proposal?
The goal of identifying a target market is to maximize revenues. As previously mentioned, majority of your revenues will come from your target market.
We hope you found this article to be informative as well helpful when you will be creating your own market research proposal. Similar to other proposals, a market research proposal still needs to be revised and approved before it can be implemented in the company. Make sure your general proposal does not need a major overhaul with the help of this guide.