Writing a Market Report

A business may spend a large amount of time and money on marketing. Smart business owners need to assess how well their marketing plans are working. Business owners can perform market research to ask their clients about the effectiveness of the company's marketing message, and then summarize the results of their research in a marketing report, and use the results of the report to make improvements in their businesses.

In Unit 4, we have learned how to write a business report, and market report is one type of it, so the writing should follow the same pattern. However, a valuable market report should follow the rules:

1.                          Consider why you should perform market research and write a report. Market research is the process of evaluating how well your marketing efforts are working. Does your marketing get the attention and interest of prospects? What information is important to you? What will you do with the marketing report after it iscreated? Make sure that you have a clear plan for using the information that you collect.

2.                    Identify your customer. Before you can identify your customer's need or problem, you must identify your target customers. These are people who are most likely to buy your product. This could be people of a certain gender, age, profession, interest set, group, or any other quality that you think makes a customer want to buy your product.

3.           Evaluate your customer's problem. Consumers buy products to solve a specific problem. Your customers will only buy when they feel that solving the problem isurgent.

4.                                        Outline your solution to your customer's problem. Think about how exactly you went about responding to the customer's problem. Why did you solve it that way? What make you think about the problem in this way? What exactly does your product or solution do or include?

5.    Determine how well your product solves your customer's problem. Figure out whether or not your product has reduced the problem you identified.

6.               Identify your competitive advantage. Examine your competitors' products and look at what your product is able to provide to customers that your competitors' products cannot.

7.   Examine how you currently market your product. The idea of market research is to understand how you market now and how well clients respond. Analyze the steps you currently take to market your product.

8.               Evaluate the effectiveness of your marketing. Is marketing doing a good job of getting your product information to potential customers? If you are using blog posts or articles, are they actually being read? Determine if your marketing efforts are actually leading customers to your product.

9.  Summarize your findings for your marketing report. Finally, the results of your market research should be collected and detailed in a market report.

Now your turn：

You work for a tech company. To solve the problem of dying cell phones, your company has developed a charger built into a backpack. Write a market report (200-250words) to the Head of Marketing Department.

For yourreference:

Date:  May 29, 2020

To: Dan Riordan, Marketing Manager

From: Jason King

Subject: Report on the Market of a Charger in Backpack

123 Company is an American consumer goods company based in Los Angeles, USA. It is owned by the Smyth Company, which owns a 60% controlling share in 123. 123 Company distribution covers over 1 million retail outlets across the USA directly, andits products are available in over 4.6 million outlets in the country. As per Nielsen research data, two out ofthree Americans aged 18-35 use 123 products.

123's products include phone chargers. Based on customer surveys and industry knowledge, we have discovered that customers are losing time working or studying when their cell phone dies. If they forget their charger, they may lose hours of productivity. To solve the problem of dying cell phones, 123 has created a phone charger built into a backpack. Our target customers use backpacks to store computers and other work or school items. As a result, the worker or student can always charge their phone. The company is planning to expand into the production of purse chargers or another similar product line.

Our marketing strategy has included an attractive home page featuring a picture of someone using our backpack phone charger. The site allows users to easily navigate to our content page and to web pages with product information. We also provide an e-commerce option for customers.

Research has shown that the number of consumers who buy our backpack chargers is particularly low. We have perceived that fewer college students may be carrying backpacks as they switch to an all-digital education. We are currently developing a plan to sustain a competitive advantage despite new entrants to the market.