Market Expansion Research
Categories
Skills
Project scope
What is the main goal for this project?
As a company, we currently exist in one 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 different steps for the students, including:
- 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.
- Compiling a report including the location analysis, and optimal location recommendations.
As a company, we currently exist in one 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 different steps for the students, including:
- 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.
- Compiling a report including the location analysis, and optimal location recommendations.
What tasks will learners need to complete to achieve the project goal?
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.
- 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.
- A slide deck to be presented to the project manager explaining the report including all choices made and location recommendations.
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.
- 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.
- A slide deck to be presented to the project manager explaining the report including all choices made and location recommendations.
How will you support learners in completing the project?
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?
- 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.
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?
- 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.