Market Research and Business Strategy
Project scope
Categories
Market research Market expansion Product or service launchSkills
target audience aesthetics information gathering value propositions customer support marketing market research business strategies marketing strategies market penetrationThe main goal of this project is to conduct thorough market research and analysis to compare MR2 Solutions, Inc.'s digital networking platform with competitors. The aim is to identify opportunities for differentiation, refine the company's unique value proposition, and develop a strong business strategy that will enhance MR2 Solutions, Inc.'s competitive position and drive its growth in the market.
- Identify Competitors: Research and compile a list of competitors in the digital networking platform space catering to IT professionals. This can be done by exploring industry directories, online search, and professional networks.
- Pricing Analysis: Gather information on the pricing models and subscription plans offered by competitors. Compare their pricing structures, including subscription tiers, pricing ranges, and any additional features or benefits associated with each pricing tier.
- Business Model Analysis: Study and analyze the business models employed by competitors. This includes examining how competitors generate revenue, whether through subscription fees, advertising, partnerships, or other means. Assess the scalability and sustainability of their business models.
- Unique Value Proposition (UVP): Evaluate the unique value propositions of each competitor. Identify the key features, functionalities, or services they offer that differentiate them from MR2 Solutions, Inc. Determine their target audience, positioning in the market, and the specific value they bring to IT professionals.
- Market Share and Customer Base: Research the market share and customer base of each competitor. Explore their reach, user demographics, and customer testimonials or reviews. Analyze their growth trajectory and market penetration to assess their overall impact and potential.
- User Experience and Interface: Assess the user experience and interface of each competitor's platform. Evaluate the usability, navigation, aesthetics, and overall user satisfaction. Identify any strengths or weaknesses in terms of user engagement and functionality.
- SWOT Analysis: Conduct a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis for each competitor. Identify their strengths and weaknesses in areas such as platform features, customer support, brand reputation, marketing strategies, and market positioning. Analyze the opportunities and threats they face in the current market landscape.
- Business Strategy Development: Based on the findings from the market research, assist MR2 Solutions, Inc. in developing a business strategy. This may involve identifying opportunities for differentiation, refining their unique value proposition, optimizing pricing and subscription plans, and devising marketing and growth strategies.
- Recommendations and Action Plan: Present the research findings, insights, and recommendations to MR2 Solutions, Inc. Provide actionable steps and suggestions for refining their digital platform, enhancing their competitive edge, and capturing a larger market share.
Students will work closely with Ron Salazar, who is supervising and available for questions. This will also include occasional progress meetings where adjustments to the students' tasks and duties can be made if necessary.
About the company
MR2 is a technology broker and a trusted advisor of various technology solutions designed to help transform businesses to next generation IT. We help companies solve complex technology challenges and deliver the desired business outcome through innovations and automations.
We have the most advanced platform that provides the framework for making sound decision on technology investments. We offer an IT-decision making platform consisting of portfolio, process and people.