Market Expansion Research
Project scope
Categories
Market research Competitive analysis Market expansion Product or service launch Marketing analyticsSkills
demography target market home health care survey data analysis researchAs a company, we currently exist in the fitness/home healthcare market, but we believe we are ready to take our business to the next level and expand our scope of locations. With your help, we hope to assess our customer landscape beyond the demographics we currently cater to by learning about their expectations and behaviors.
This will involve several steps that students will need to take
- Researching the target market in potential new locations including demographic data such as spending power, proximity, accessibility, and location appeal, and creating a weighted decision matrix to assign importance to each factor.
- Creating a survey based on the location and demographic information above to be distributed by our company.
- Analyzing survey data using the weighted decision matrix to decide on the best location options for us to expand to.
- location analysis report , and optimal location recommendation
By the end of the project, students should complete the following list of activities.
- Research our target market in new areas and create a weighted decision matrix.
- Create a survey based on the appropriate location and demographic information.
- Creat plan for gaining traffic to website
- Analyze survey data collected, using the weighted decision matrix they created to decide on the best location(s) to expand to.
- Create a report including all research, survey data, and analysis with location recommendations based on the weighted decision matrix.
Final deliverables should include
- A report including all research, survey data, and analysis with location recommendations based on the weighted decision matrix.
Students will connect directly with us for mentorship throughout the project. We will be able to provide answers to questions such as:
- What do our present sales look like with respect to each location?
- Permissions to allow students to directly edit online store
- Who are our largest competitors? What products/services do they provide that are similar to ours?
- Input on choices, problems or anything else the students might encounter.
About the company
Sell health and wellness products. Our “rope trainer” being our featured product; needs to be re-modelled to pertain to the health and wellness industry more then towards a strength device