“We were very satisfied with the quick turnaround of the research and with the quality of the resulting information.”
Market opportunity studies (sometimes called market feasibility studies) are designed to examine the potential for a new product or service due to be developed or launched. Typically they utilise a combination of research techniques such as a survey of potential customers in conjunction with a review of the competitive situation.
Why Commission a Market Opportunity Study?
- develop a coherent “go-to-market” strategy
- reduce the financial risk of launching a product/service
- set informed and realistic performance goals for a new product/service
Case Studies: Consumer Demand for Retail Development
KMart Properties is the development company behind Citymart, a 13.5 acre mixed-use development in Barrack Street, Kilkenny that will bring a vibrant new dimension to the city and establish its position as the leading retail destination within the South-East region.
In order to understand consumer demand for additional retail in the city and also to understand the impact that retail development in neighbouring towns and cities has had on Kilkenny, KMart commissioned an “on-street” survey of shoppers in the city. This survey set out to obtain their views of the city as a shopping destination and to compare it to neighbouring towns and cities.
Market Dynamics, working to a tight timescale, prepared a questionnaire and completed a survey of 300 respondents within a week of being commissioned to do so. The findings were provided to the client in the form of a written report and did, in fact, support the premise that there is strong demand for additional retail facilities in Kilkenny and that the city’s retail offering has been negatively impacted by the improvements in neighbouring towns and cities.
Case Studies: Market Opportunity for Facilities Management
A large organisation in the services sector approached Market Dynamics to conduct a market opportunity study to assess the potential for it to enter the facilities management market in the South East of Ireland. In-depth interviews were set up and conducted with a number of large organisations who were identified as potential targets for such services and a report with conclusions and recommendations was delivered. The research findings included a quantification of potential revenue, cost of market entry and the level of market maturity enabling the client to make an informed decision on how to proceed.
Telephone Surveys | Focus Groups | On-Street | In-Depth | Door to Door | Online | Self-Completion