Market Research

This SOP outlines the data process for conducting market research and development, from data gathering to decision-making.

Introduction

Purpose

To establish a systematic approach for conducting market research and development, ensuring that potential markets are identified, evaluated, and decisions are made based on comprehensive and accurate data.

Scope

This SOP applies to the Marketing and Product Development teams involved in market research and development activities.

Definitions

• Google Docs: A web-based application where documents and spreadsheets can be created, edited, and stored online. Files can be accessed from any computer with an Internet connection and a full-featured web browser.

• Leadership Betting Meetings: Regular meetings with the leadership team to present market research data and make strategic decisions.

Responsibilities

• Marketing Team: Responsible for conducting market research, recording key market data, consolidating data into reports, and evaluating market attractiveness and feasibility.

• Product Development Team: Responsible for interpreting the data and making strategic decisions based on the data.

• Leadership Team: Responsible for reviewing the summary report, attending the Leadership Betting Meetings, and making final decisions on market entry.

Procedure

Preparation

1. Data Gathering: Conduct market research to identify potential markets. Record key market data such as demographics, competitor analysis, and market trends. Store data in Google Docs, following the standard documentation processes.

Execution

1. Data Aggregation and Interpretation: Consolidate data into comprehensive reports. Evaluate market attractiveness and feasibility based on the data.

2. Communication for Leadership Betting Meetings: Prepare a summary report with relevant KPIs. Schedule a meeting with the leadership team to present the data and make decisions on market entry.

Completion

1. Decision Making: During the Leadership Betting Meetings, discuss the summary report, evaluate the potential markets, and make strategic decisions on market entry.

Notes/Precautions

• Ensure that all data gathered is accurate and reliable.

• Regularly update the data in Google Docs to reflect the most recent market trends.

• Ensure that all communication with the leadership team is clear and professional.

References

• Google Docs: For managing market research data and creating reports.