Whether you are thinking of venturing into a new market or launching a new product, conducting a marketing assessment study is a crucial first step in determining if there is a need or a potential customer base for your product. A well executed market assessment study will enable your company to strategize on optimum utilization of available resources and will provide you with the best returns on investments.
Bonafide Research carries out the assessment of market in an extremely systematic manner. We provide a detailed evaluation of the potential of a new product, new business idea or new investment. A comprehensive analysis of the environmental forces, market trends, drivers, entry barriers, competition, risks, opportunities and the client's resources is being offered by our experts.
We try to understand the market conditions by gathering maximum information about your intended market/industry and growth rate. We collect information on various parameters of business environment like political, economic, social and technological. We analyze industry and evaluate bargaining power of buyes, suppliers, and substitute. Moreover, check the strategy and product offerings of the new entrance and understand the competition by various parameters. Additionally, we interact with consumers to check with the scope of opportunity and to find out the gap present in the industry. With proper external analysis, we gain an overview of the different macro environmental factors that need to be taken into consideration before venturing into a new business area or new market. An extensive internal analysis is also being carried out to identify the favorable or unfavorable factors in client's journey to achieve the objective. A detailed assessment of all such factors helps us to determine the potential of prospective markets. Markets are prioritized based on the strategic fit and the ability to serve them. With valuable information on hand, we are able to make informed and precise decisions about your business ventures.
When a company decides to enter into a new market or industry, there is always a dilemma to choose the right path; be it setting up of dealer-distributor network, direct exports, partnerships or alliances. Bonafide Research helps client in selecting the most profitable business model in this global environment. Expanding into a new market is a disciplined process to accurately assess the potential of each opportunity, because a bad bet can bog down your business. Investing the appropriate level of resources in market analysis, selection and entry method can create a foundation for success in the chosen market. Our experts are here to help you through the entire process of market analysis to make your entry strategy a foundation for your success.
Clearly defining your market may seem like a simple step, but before you identify who do you want to sell your products to, it is important to understand their needs. We consider demographics, location and common interests/needs of your target customers. Bonafide Research develops an in-depth understanding of market growth rates, forecasted demand, competitors and potential barriers to entry, which is particularly important in entering a relatively undefined market.
Bonafide Research also helps in assessing your internal skills, as much of the decision on how to enter a new market depends on your internal capabilities. We try to leverage your core competences to decide the proper way to enter into the market weather its organic, JV, Alliance, M&A etc. At the end we check with the feasibility, suitability and acceptability with each of the strategy.
At Bonafide Research, benchmarking is our livelihood. We understand that the critical decisions you make need accurate data and expert analysis to make sure that you choose the right path. Our teams of analysts take your needs to their hearts to develop a customized, one-of-a-kind benchmarking study; designed exclusively to meet your specific needs. Our proprietary benchmarking process is designed to not only provide you with quantitative metrics for comparison and gap analysis, but we'll also provide you with qualitative information gathered directly from industry executives. In this way, we aim to provide you with all the breadth and depth you need, as well as deliver the critical reasoning behind the data.
How We Do?
Bonafide Research has always offered a unique skill set of benchmarking experience to its clients. Our benchmarking services can add value to your organization's workflow and structure by identifying areas for improvement and rectification. Don't WAIT!!
Bonafide Research works with small business clients on strategy, planning and problem solving; to help them develop business skills and knowledge. This strategy ranges from designing a business model/ marketing plan to determining which marketing techniques are to be used and how to use them efficiently. The purpose of SME consulting is to provide small business owners with the access to expertise and talents of a selected group of Senior Business Consultants. This selected group of Bonafide Research works directly with you and your staff on an interim basis to assist you in implementing and executing your defined strategic objectives.
Taking the guesswork out of decision-making processes, utilizing business resources more effectively and getting things done on a timely basis are the results of the interaction between you and our consultants. Bonafide Research provides a wide gamut of business advisory and support services to SME's such as: