Market Research

Market Research

This is a very important component of any business plan. The output of a market analysis will describe the company's competitors, explains how the business will distinguish itself from them, and pinpoints the market segment to be targeted. This is usually summarized as a SWOT analysis (Strength, Weaknesses, Opportunities, Threats).

Ceda requires enough market research to have been done by promoters prior to submission of applications. This may require additional research work depending on deficiencies noted. There exists a pool of accredited mentors who may be engaged by promoters at a fee to enhance what may be deemed as lacking.

The market survey provides detailed information on the marketing methods to be used, depending on the nature of the product (general dealer, wholesale, professional, institutional, etc.) and on the main method of distribution (in-store, market, trade shows, Internet, locally, nationally, internationally, etc.).

How CEDA entrepreneurial model assist;

• Pre-Appraisal
• Industry attachment to selected existing operations/projects
• Accreditations with relevant authorities/regulators

The following are some of the guiding factors to consider for a market research process;

• What industry or sector will your business be operating in?
• What is the good or bad of this industry?
• Who are your competitors (both suppliers and other similar businesses?
• What will be your production process?
• Where do you buy your raw materials
• Who will be your potential debtors
• Will you hold stock or supply just in time
• Where will make most of your gross profit, what are your core value drivers?
• What will be the fast moving items in your targeted business
• What are the three most critical success factors that will create your competitive edge for your business over your competitors
• What are the current barriers to entry in your segment (licensing, accreditation, time to market etc)

Our job as interested parties in the project (CEDA/promoter) is to understand fully the business environment through listening, asking pertinent questions and finding those little gems which will give rise to a clear competitive edge.