A market study analyses the appeal and changing aspects of market within an industry. The purpose of this study is to collect data which can then be used to aid decision making, hence reducing the risks associated with making important decisions. Market studies allow LEMCO to undertake in depth, specific industry and/or regional reviews. This is done to advance our knowledge of the industry that then help us to develop our sustainable development approach.
A market study begins with a purpose. We determine a reason for completing the study, to make sure that the report is conducted in a manner that can properly address all of our concerns. The following factors are included in LEMCO’s market studies:
- A suggestion for what the information contained in the study will be used for.
- A generic description of the market being studied.
- Target market information including, why the market was chosen as well as demographic, psychographic and behavioural profiles.
- The particular products and services that appeal to said target market.
- Estimates of the current and potential size of the overall market.
- The current and potential size of individual market segments.
- Growth estimates of the overall market and individual market segments.
- A summary of current competitors, including their products and services, market share, current customers, positioning strategies, partnerships, strengths, weaknesses, opportunities and threats.
- A list of potential competitors and why this is so.
LEMCO knows that these reports are an essential and effective tool in business planning. A market study allows us to collect valuable information to assist in the implementation of our sustainable development activities within developing nations. We will collect, analyse and act on the results of these reports.
Conclusively, LEMCO conducts market studies before, during and after the implementation of our sustainable development initiatives. These help to ensure the economic and social viability of our activities to guarantee the greatest possible return on investment for all stakeholders.
