The Definitive Guide to Market Analysis

If you’re new to market research, this article will teach you the foundations of market research. You will learn about different approaches to market sizing and the steps to follow to ensure maximum profit. Also, you will discover how to analyze market trends and patterns. Finally, you will learn how to interpret the meaning of market data and how to draw useful conclusions.

To start with, let’s define the key terms. A market is a group of consumers who have a common interest in a product or service.

A consumer is a person who buys a product or service for personal use. A buyer is a person who intends to purchase a product or service.

Now, let’s get to the good stuff. How to market plastic products in Singapore:

Product Launches And Unwraps

To launch a new product in Singapore, a brand or business must first approach a retailer and ask for permission to place an order for a certain amount of inventory. The retailer may agree to give the brand or business one or two weeks to launch the product. After this time, the retailer will withdraw their offer and the brand or business will have to look for another retailer to work with.

If you want to market plastic products in Singapore, you need to do this as soon as possible. This is because retailers want to make sure that they have enough products on their shelves to meet the demands of customers. Once you have a few products, it’s easier for retailers to negotiate a better deal with you. Additionally, if you have a new product and are looking for a venue to launch it, consider using the internet to reach out to large groups of people. Thanks to the reach of the internet, you can now put out the word that you are launching a new product and get responses from around the world. This can be a great way to find the perfect market for your product. When you are ready to make the purchase, conduct a detailed research about the demographics that will most benefit from your product.

Retailers And The Importance Of Visibility

Retailers are an important part of the marketing mix. Without them, it’s difficult to estimate the size of the market. Additionally, retailers often hold the key to the market. Unless you’re ready to take on a massive investment in retail outlets, establishing a presence in a physical store is crucial.

Retailers will be the first to see and brand new products. If a product is not placed on a retail store’s shelves, the brand assumes that the market does not exist yet. Therefore, they will not be able to sell the product. When you’re planning on marketing a plastic product in Singapore, make sure that you take this into consideration. You must have a clear picture of how much retail influence there is in your target demographics. Think about where they shop, which brands they prefer, and how often they are buying products from those brands. With this information, you will be able to accurately size the market.

Product Awareness And Education

When you have a clear idea of how much influence retailers have in your target demographic, you can start devising strategies to increase product awareness and encourage shoppers to try your product. The first step is to establish brand recognition. This is mostly accomplished through advertising and promotions. However, you can also increase product awareness through social media channels. Create awareness about your product through blogs, YouTube videos, and Instagram compilations.

The next step is to educate prospective customers about the benefits of your product. The more you can do to educate customers about the various uses and benefits of your product, the more confident they will be when purchasing it. Additionally, you can encourage them to try your product by offering an educational reward. For example, you can give someone who tries your product a discount or a freebie of some sort. Additionally, you can establish different pricing strategies for different types of customers. So, for example, you can offer a cheaper price to people who are less aware of the product or to those who have tried it before.

Consumer Behaviour

To know more about how to market a plastic product in Singapore, you need to understand consumer behaviour. In general, Singaporeans are a very practical and action-oriented people. They like to see results and value transactions that are based on fact. This means that marketers should not come up with unrealistic sales promises.

In the case of plastic products, this can be difficult as these products are mostly composed of facts, figures, and calculations. Therefore, trying to trick consumers or lie about the benefits of a product is usually not accepted in Singapore. In most cases, these practices will ruin a brand or business. To retain customers, companies must provide value and meet their expectations. This is why marketing a plastic product in Singapore is so different from marketing other products.

To begin with, establish a clear value proposition for your product. A value proposition is a promise that you make about your product. It is important to establish what the product is and what it does. In the case of plastic products, this usually means that you will have to provide information about the composition of the product (e.g., the percentage of recycled plastic). Additionally, you can mention the various materials that make up the product (e.g., polyethylene terephthalate or PET) or the percentage of post-consumer waste that goes into the product. This is because consumers usually have a lot of questions about the manufacturing process. In most cases, the more you can tell them about the product, the more they will value it. Additionally, try to find answers to the questions that you are asked. This will build confidence in your product and in your company.

Product Differentiation

When you have a clear value proposition for your product, you can start thinking about differentiating it from similar products.

In most cases, consumers will have a general idea of what your product is. However, they may not know much about it. To establish a strong brand in the minds of customers, you must provide more information about your product. In reality, this usually means differentiating your product through its composition, packaging, and its marketing.

Firstly, you can use the internet to establish the composition of your product. Type in the product name and you will see a multitude of results. Look for those that provide the information that you need and eliminate the rest. Secondly, you can take advantage of the fact that most people do not need very much information to purchase your product. This means that you can be more creative with your packaging. Think about using brightly colored, fun, or novel packaging to attract attention. This will make your product more appealing and, therefore, increase the chances of a sale.

With market analysis, you will be assessing the size and structure of the local market for your product or service; your analysis should include both quantitative and qualitative data. You will also be looking at the competitive landscape of the market, assessing the competitive intensity; and finally, you will be determining the future direction of the market.

What makes up a market analysis in Singapore?

Market analysis in Singapore is comprised of the following elements:

  • Overview of the competitive framework
  • Overview of the regulatory framework
  • Overview of economic influences
  • Overview of the demographic influences
  • Overview of the social influences
  • Overview of the historical influences
  • Overview of the political influences
  • Overview of the legal influences
  • Overview of pricing
  • Segmentation of the market
  • Market size and share analysis
  • Market segment analysis
  • Market trends analysis
  • Pricing strategies analysis

To help you plan your market analysis, we have compiled a list of questions to ask yourself before you begin your research.

Are you entering a completely new market?

If you have not yet entered the market, then this is the perfect opportunity to do so. New markets are easier to enter, and large sales leads are more likely to be achieved. However, you need to proceed with caution, as there are several steps you need to take before you begin your marketing and sales efforts. Having a clear idea of the type of product or service you are offering can help point you in the right direction.

In addition to considering new markets, you should also examine your existing marketing and sales infrastructure, and ask yourself if it is fit for the new market. Existing customer lists are an excellent starting point, and you should endeavor to keep in touch with your customers and prospects regularly. This way your new endeavour will benefit from all the knowledge gained from the previous experience, while at the same time, you will be able to take advantage of all that you have learned.

What is the current size of the market?

The first step is to determine the size of the market. Simply put, the market is the total population of people in the area where your product or service is sold. In some markets, the size can be determined fairly easily. For example, if you are selling your product or service online, then you can use statistical tools to provide you with an accurate estimate of the size of the market.

In other markets, the size of the market can only be estimated. One good example of this is the movie market in Singapore. There are no precise figures available, so you will have to make some assumptions. The first thing you should do is to talk to as many people as you can, either in person or online. From these conversations, you can determine how many people are in the market for your product or service. The next step is to break down the market into sub-segments. For example, if you are studying the online movie market in Singapore, you would want to examine data on females aged between 18 and 30, who live in high-density areas.

How is the market changing?

This is the second question you should ask yourself, and it is a crucial one. The reason is that your product or service may not fit with the way the market is currently, but it may still have a place in the evolving market. For example, if you are studying the online movie market, and it is changing towards premium content, your product may still have a place in the evolving market. The next step is to look at the historical trends. You can use a tool like Pricing Analytics to examine historical pricing trends for your product or service. This will give you a good idea of whether or not the market is skewing towards premium or value-based pricing. In some cases, this can be very useful information to have.

How is the market evolving?

The third question you should ask yourself is how the market is evolving. Simply put, the market is evolving because customers are having more choices, and they are choosing alternatives that are better suited to their needs. The question is: how are you equipped to meet these needs? To help you plan your strategy, you should examine the competitive landscape of the market. The competitive landscape of the market is made up of all the competitors that are in the market for your product or service, along with their relative strength and placement within the market. When developing your strategy, you should take into consideration not only your competitors but also the customers you will be serving.

The strength of your competitors can be determined by examining the revenue they are generating and compared to your own revenue. A good rule of thumb is to assume that your competitors are your enemies – until they are not. You should try to see your competitors as your allies, and work with them towards a common goal. This is known as constructive competition.

What are the market challenges?

The fourth question you should ask yourself is what are the market challenges? Your product or service may not be wanted in the market due to a market challenge. The general term for this situation is inertia. Inertia can be defined as the condition of being unchanged or unaffected, specifically with regard to a market situation. In the case of your product or service, inertia can be described as the extent to which your product or service is not wanted in the market. What do you need to do to overcome this situation? One approach you can take is by educating your target audience about your product or service. In some cases, this may mean creating compelling content to drive demand for your product or service. In other cases, this may mean rethinking your pricing structure to make your product more desirable. In yet other cases, this may mean creating new product lines to capture new markets. Inertia is a situation you need to be aware of, and plans should be made accordingly.

What are the emerging trends?

The fifth question you should ask yourself is what are the emerging trends? Simply put, trends are patterns, trends can be examined at a glance, and they are always evolving. This means that if you do not keep up to date with trends, you will be out of touch with the market and at a disadvantage. Trends can be described as sudden and rapid changes that revolve around a central theme. When developing your strategy, you should take into consideration both the current trends and the anticipated future trends. It is important to keep in mind that trends can change, and often do. The good news is that you can stay ahead of the trends by keeping up with market analysis, and following the four steps outlined above.

About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.


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