Marketing Research Phase - Synergy Consultants

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Phases of Product Development: Marketing Research Phase

Target Company Search
A Target Company Search compiles background information on the subject industry in which a concept or invention applies. Business and government organizations spend literally hundreds of millions of dollars to obtain statistical data and information on every industry. These findings are available to professional researchers, who are trained on retrieving these facts. One of our objectives in this phase is to gather targeted industry details that can be used to establish a market for the concept.

The Target Company Search is an essential step in bringing a product to market. In this phase, we provide the client with existing data (i.e., "secondary" market research) from sources such as government reports and publications, industry studies, business directories, industry experts and authorities, trade journals, and trade associations. Market intelligence is a vital resource for planning and decision-making. A tremendous store of information is available, and our researchers are skilled at identifying this material.

At the conclusion of this phase, we provide our clients with a detailed tabulation of names, addresses, phone numbers, etc., of companies we research and classify as capable of manufacturing and/or distributing their concepts. The report includes information such as a listing of product lines by industry classification and a contact person, if available. One of the tools we use to gather this data is the Standard Industrial Classification ("SIC") code, which is the U.S. statistical classification standard underlying all industries. SIC codes cover the entire field of economic activities and define industries in accordance with the composition and structure of the economy. They are revised periodically to reflect the economy's changing industrial organization and take into account technological and institutional innovation.

In addition to the above, this report includes a list of the following subject matter: (Each list will have names, addresses, phone numbers, and other relevant information.)

Appropriate trade associations, trade shows, and trade directories associated with the given industry.
Prototype and/or modeling firms capable of constructing a prototype of the concept.
Catalogs that target the consumer for potential advertising and distribution of the concept.
Magazines and trade publications that would be potential advertising media. This includes the publisher, advertising rates, and basic demographics.
Major target industry retailers identified by SIC code. Major target industry component parts suppliers and/or manufacturers (such as suppliers of raw materials, contributing parts, etc.) identified by SIC code.

In addition, we conduct a periodical search of magazines and other publications for subject matter pertinent to the product or concept in relation to its industry. This information is used to identify and understand current developments and trends affecting the market thatthe concept will be penetrating. This information is vital to the development of a successful campaign.

To accomplish this research, we probe appropriate databases, trade journals, newspaper texts, conventions and conferences, the U.S. Census and Bureau of Statistics, the U.S. Industrial Outlook, etc. Our trained database searchers use Dun & Bradstreet, Predicasts, Inpadoc, Thomson & Thomson Trademarkscan, and U.S. News & World Report. These are among the hundreds of databases available to locate the desired information.

Focus Group Study
Synergy targets, screens, and recruits a group of respondents who qualify as potential consumers of a concept and then performs a Focus Group Study to collect meaningful qualitative data. A Focus Group Study is one of the most effective and economical ways to gather objective, non-biased feedback on a new concept. No company of any significance ever introduces a new product without this form of primary market research. The objective of Focus Group Studies is to acquire constructive consumer input and feedback, which includes (but certainly is not limited to) likes and dislikes, constructive criticism, suggestions for improvements, pricing parameters, name and its acceptance, point of purchase preferences, promotional expectations, and perceived benefits. Focus Group Studies provide invaluable consumer input, credibility, and other beneficial data that can be used in presentations to targeted companies.

Direct Response Marketing Research
This step entails conducting the quantitative consumer research necessary to validate assumptions concerning market demand and segmentation. A Direct Response Survey is the most cost-effective method of gathering this information. A statistically appropriate sample of respondents is interviewed by questionnaire to gather valid and reliable data concerning a concept. The data is then tabulated and analyzed for relevant information and statistical significance. Then we write a conclusive report based on the findings. This provides the client with factual results and consumer input that can be extrapolated into the total population and used to develop appropriate market projections and sales forecasts. This type of quantitative research gives a basis for validating and defending the assumptions used in presentations to prospective licensees.

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