Market Research for Management Consultants & Analysts

The first thing you will do is estimate the size of the market. This will help you calculate the shares of competitors and observe trends in the market. In this section, we will see how this can be done.

Let’s start with a short definition of Total Addressable Market (TAM), Serviceable Available Market (SAM) and Target Market (TM)

Imagine that you were asked to estimate the sustainable dog food market on 3 levels. Let’s see how we have defined the markets for a producer located in Poland.

In this lecture, we will solve the previously introduced case study.

Let’s see what kind of tools we can use for the first stage - estimating the market size.

Let's look at the type of data and the sources you will be using at this stage (estimating the market size).

In this lecture, you will learn our favorite method for the first rough estimation – the bottom-up approach. We also give you 2 examples of Excel calculation and how to use it.

The Top-down is the little brother of the bottom-up approach – not used that often but still very useful for resegmenting the market (niche and low-cost strategy).

Now let's see how you can use in practice the bottom-up approach to estimate the size of the market. We will have a look at an interesting case study.

In this lecture, I will do another case study, using the framework introduced in the previous lectures.

In this lecture, I will present you with the case study. You will be asked to estimate the market for ceramic tiles.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

Let’s now try to estimate the size of the yogurt market. We will look at the overall market and the market for plant-based products.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

One of the sources is the World Bank database. Here I will show you what you can find there

One of the sources is the World Bank database. Here I will show you how to use it

Euromonitor has a lot of detailed data on European markets that shows you in a lot of detail the structure of many markets.

Statista is a great source of information on many markets. They gather data from other sources and analyze them

This framework is extremely useful for defining the market and the competitors. In this section, we will what it is and how it can be used in practice.

In this section, I will show a powerful framework that can be used to understand the role which the product plays in the life of a customer. This will help you innovate, find new business ideas and most of all identify the right competitor landscape from the point of view of the customers.

Let’s start with a short definition of Jobs to be done

• When we buy a product we essentially hire the product to get a specific job done.

• We define the “job” as the progress that the person is trying to make in particular circumstances and area

• The very same job can be done by totally different products or services

• Therefore, don’t fall in fall with your product, and don’t look too narrowly at the competitive landscape

• Be obsessed with the problem and the job that the customer hires you to do

• The same product for the specific customer can perform different jobs in different circumstances

Let’s try to define what jobs do the coffee and Facebook

Let’s see the process that will help you understand the Job To Be Done for a specific group of customers

• Understand the Jobs to Be Done

• Define the changes to your product

• Implement the changes and adjust the organization

• Change the positioning and the messaging

• Keep Focused on the Jobs to Be Done

Let’s see the process that will help you understand the Job To Be Done for a specific group of customers

• Understand the Jobs to Be Done

• Identify who is currently doing the Job

• Create the prototype of the product

• Start selling & marketing

• Keep Focused on the Jobs to Be Done

There are 5 main ways to find the Jobs to Be Done

• Observe jobs in your own life

• Analyze non-consumption

• Analyze workarounds & compensating behaviors

• Negative jobs

• Spot unusual usage of the product

Now let's see how you can define your competitors, through the customer's lenses. We will apply the jobs-to-be-done framework.

We will define the Starbucks and Netflix competitors.

As a part of most market research, you will also have to analyze the competitors, understand their shares in the market, what drives profitability as well as what strategies they use. In this section, we will see how we can map and analyze the competitors.

Let’s see what kind of tools we can use for the second stage - analyzing the competitive landscape

Let's look at the type of data and sources you will be using at this stage

In this lecture, I will discuss what kind of information and where you can find it from official resources.

There are plenty of places where you can look for financial data of the firms you are interested in

In this lecture, I will show you how you can find the strategy of the competitors of the Target Company you are analyzing. This is an extremely important part of the competitors' analysis

Let's look at Disney.

Publicly quoted firms want to communicate with investors. Therefore, they provide a lot of data. I will show you an example of what kind of data you can find from official sources of information from LPP – a big fashion group in Eastern Europe (similar to Inditex – the owner of Zara)

You want to know what your competitors do? Where do they get the traffic from? Check this lecture on SimilarWeb.

Google is nice, but YouTube and Slideshare are the places to go if you look for more advanced info faster. Check this lecture to know what to use and when.

Crunchbase is a great source of information on the startup world. They gather information on all investments in the startup world. On Crunchbase, you can do research by following the criteria:

• Company Name

• Industry

• Location

• Funding

• # of employees

We will discuss this in this lecture

Now let's apply Crunchbase to research the drone industry and a company called DocPlanner that acts as a marketplace for booking visits with doctors.

Service level is, time and again, your opportunity to disrupt markets. Therefore, check your own customer experience with mystery shopping

It’s time to analyze the competitive landscape when it comes to the yogurt market. We will look at revenues and market shares.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

The next step is to understand the market structure and the consumer. This will also give us a deeper understanding of the difference between competitors.

Let’s see what kind of tools we can use for the third stage - market structure analysis

Let’s see what kind of sources of data we can use for the third stage - market structure analysis

Store Check comes in handy whenever you are talking about B2C physical products, services, and retail. This method gives you solid facts on which you can build your business.

Let's see how you can use store checks in restaurants

In many cases, you will have to store not only checks in physical stores but also in online stores. We will discuss this subject in this lecture. Before going deeper into this lecture, I would recommend revising the lecture on offline store checks. In the online store, you can compare different types of stores:

1. Compare different offline stores

2. Compare different online stores

3. Compare offline to online for the same brand

4. Compare offline to online for different brands

We will discuss this in this lecture in more detail. Later on, we will have a case study devoted to online store checks

During the online store check, you most likely will be gathering the following information:

• Name, photos of the product & assigned categories

• Prices of specific products

• Available quantity

• # of reviews

• Rules for organizing data on the webpage

• Rules for presenting data

• Additional information on the availability in offline stores

• Discounts on the product

We will discuss this subject in more detail in this lecture

Let’s see how you can use online store checks to analyze the market. This time around we will do a store check for cosmetics

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

It’s time to analyze the yogurt market in more detail. We will try to understand the market structure and the consumer.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

In this lecture, we will solve the previously introduced case study.

Let's look at additional consumer research that you can get

The information from customers is extremely important. Nowadays, we have plenty of sites that gather customer reviews. We will discuss how you can use them in market research. Below is a short summary of what you can learn from sites with a review.

In this lecture, we will discuss where you can find customer reviews for:

• Consumer Goods

• SaaS Products

• Restaurants / Hotels

• Local Services

Let's see how we can use Capterra for researching customer reviews.

Imagine that you were hired by a firm to analyze the email software market and to tell them whether there is a niche for them to create a new product. Use the customer reviews.

Let's see at the data that we have for the case study that we will be solving

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

One of the ways to understand the market and competitors is to try and compare products, especially from different firms. You can do that using comparison tools/sites

Let's see how we can compare products using GetApp website and what kind of conclusions we can draw from this

If you are dealing with other than the retail, marketplace, or e-commerce business models you should analyze what kind of sales methods and channels are used. In this section, you will learn how to analyze the sales channels in Excel.

Let’s see what kind of tools we can use for analyzing sales channels

Let’s see what kind of sources of information we can use for analyzing sales channels

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

Market research is usually followed by financial modeling. The aim is usually to see whether entering certain segments or increasing presence makes economic sense. In this section, you will learn how to create a simple financial model and check whether the business idea makes sense or not.

In this section, we will move to products. The first one to be discussed is FMCG products. I will show you the main challenges they are facing, the KPIs that matter in B2C service, and examples of companies. As an example, I will show you how to model in Excel Cosmetics business.

I will shortly go through things that are important in other FMCG.

I will show you how we will approach modeling the FMCG business model in Excel

I will show you in this lecture what KPIs, drivers are important for the FMCG model and how do they generate the end results – operating profit

In this lecture, I will go briefly through the main assumptions for the model that we will work on in Excel. I will also go through the first sheet in which I generate the sales

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

We have gathered quite a lot of information on the market. Let’s see whether we can make the business profitable.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.

In this lecture, we will be solving the case study introduced in the previous lectures.