Market Research
Establish procedures in gathering, analysing and interpreting information about markets, products or services to be offered in a particular market and present findings to relevant stakeholders
Type
Functional
Competency Area
Stakeholder and Customer Management
Levels
Support collection of market data
Support market data collection process
Interpret reliability and accuracy of data
Support validation of data collected
Analyse market data to draw preliminary findings of markets, products or services
Organise relevant statistical or forecasting models for data analysis
Implement research methods to collect market data
Perform data analysis through selection of appropriate statistical methods when projecting findings
Organise selection of target markets and needs derived from analysis
Maintain ongoing research to ensure product offering is appropriate for the market
Develop in-depth analysis of markets, products or services for communication to stakeholders
Facilitate application of advanced statistical tools to achieve research objectives
Review market data to predict trends, dynamics and market movements
Review market data collected to identify gaps and weaknesses
Facilitate solutions to address weaknesses in analytics
Facilitate identification of market potentials and trends
Facilitate discussion of results in the form of hypotheses
Conduct presentations in clear and concise manner for intended audience
Guide discussion on market research findings for action by organisation
Formulate forecast of future market environment and trends from results of data analysis
Lead discussions on preliminary steps to meet forecasted scenarios
Formulate results- oriented plan utilising results of data analysis
Evaluate strategic options and risk factors of business opportunities to guide development of plans
Initiate discussions with stakeholders on appropriate future plans
Guide stakeholders endorsement by evaluating implications of marketing plan strategies