Stratton Research
Market research services and website makeovers

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Frequently asked questions

Basic market research questions
How should I prepare to work with you or any market researcher?
What geographic areas do you work in?

Website services questions

 
How should I prepare to work with you or any market researcher?
First, have a focus.  What do you really need to know?  What questions do you want the research to answer?  Give some thought to these questions before calling in the market researchers.  The more focused the questions are the better and more useful  the study will be.
Second, know the ultimate purpose for the study:  Is the study for you and your close associates only?  Or do you need a study to take to the bank or for other presentation purposes?  A study designed for internal use might look at issues and make recommendations that would not be appropriate in a study destined for wider distribution.
Third, include market research in your project's budget:  How much are you willing to spend for market research?  How much should you be prepared to pay?  Remember that spending a few thousand dollars for research at the beginning of a multi-million dollor project is reasonable and expected.  The actual fee depends on the scope of the study, of course.  But normally, you aren't going to get much for less than about $3,000.    The price that a consultant sets for a study will be based on the time, effort and experience that is needed to prepare it. Normally, the consultant will also ask to be reimbursed for expenses, such as for travel, data and other research-related costs.  
 
How do I get started with Stratton Research?
Call us, after you have some idea about what exactly you need the research for.  Or call to discuss how to define the scope of work if you are not sure what to focus on.
We will discuss the problem with you and respond in a day or two with a written proposal setting forth the background for the study, the research goals and scope of work, the timing and an estimate of the fee and expenses.
You will be asked to return a signed copy of the proposal together with a check for a portion of the total fee as a retainer.
Most of our studies require travel.  We will arrange to meet you in the study area, if practical, when we initiate the field research.
We will make progress reports as the study proceeds.
Usually, the study is completed in a matter of weeks.  We normally furnish two copies of the report.
A final invoice for fee and expenses is sent with the report.

 
What geographic areas do you work in?
All 50 states.



 
What is the difference between a market study and a feasibility study?
A market study is designed to quantify the demand for a certain product.  It involves several procedures, including:
defining the product (using qualitative and quantitative factors such as size, price, design, color, location, utility, etc.);
describing the target market (age, income, lifestyle, etc.),
quantifying the demand for the product (measuring the market);
analyzing the competitive environment

A feasibility study is focused on financing.  It is designed to project the cash flow that a product has the potential to produce over time.  A product that appears to be marketable may or may not be financially feasible.  For example, it may cost too much to produce, given the price that the market will pay for it.

 
What is a study of absorption potential?
This is a term normally used in analysis of real estate markets.  Absorption potential is an estimate of the number of units (houses, apartments, square feet)  that the market can be expected to soak up (buy or rent) at a given location.   Absorption is a function of location, design, price, marketing and how much competition there is--all of which go into determining the market share.  It is essentially given by the following equation:
(Market share) x (Total demand) = (Absorption potential)

 
What is a target market?
The target market is the group of individuals that is most apt to want the product or service being offered.  Target markets can be very broad or very tightly-focused.  For example, the target market for pantyhose is women.  But, sometimes interesting things happen with target markets.  They can change shape.   For example, an unexpected and  more tightly-focused market for pantyhose has recently emerged:  Men.  Specifically men who work outdoors in cold weather or who spend many hours on their feet.  A recent Wall Street Journal article highlighted this emerging segment of the pantyhose market.  Now some pantyhose manufacturers are designing products specifically for this target market.  

 
What can market research be used for?
Many possible reasons to conduct market research come to mind:
The test the marketability of a new product or service
To measure the demand for a certain type of product in a certain area
To assist in creating marketing messages
To determine who the target market actually is for a product (who is actually buying the product?)
To assist in designing new products by testing the market's response to different characteristics of a product
To keep abreast of major market trends
To keep abreast of changes in the fundamental factors that support demand (the economy, demographics, income)
To learn about the strengths and weaknesses of the competition



 
What are your website makeover qualifications?
I have created websites from scratch, such as this one and Cooper-Stratton Designs.
I have received 12 weeks of highly interactive training from Marcia Yudkin.  The training involved many website reviews and several complete makeovers for Marcia's clients.

 
Can you create my new website for me and publish it?
It depends on what you need, how soon and your budget.  Let's talk.

 
Can you work on all types of websites?
Absolutely.  I have worked on websites for artists, realtors, writers, self-storage operators and others.


 
What is the turnaround time for website services?
It really depends on the scope of the project.  A simple review can be done in a few days.  A complete makeover can take a couple of weeks.

 
How much do website services cost?