Tools for Market Research & Product Concept Development

The "Tools for Market Research and Product Concept Development (Tools)" are one of the outputs of an action research project by Concern Worldwide and the Springfield Center for Business in Development.

The tools:

• Provide a summary framework for collecting in-depth and accurate market information in a timely and cost-effective manner;
• Intend increasing the success of microfinance interventions in dynamic and complex war-affected environments;
• Give organizations a head start by ensuring that they have a sound understanding of their clients and the environment;
• Are useful guides to action, taking users through the different stages in undertaking market research.

The tools comprise qualitative and quantitative methods of data collection, which guide a research team in:

• Collecting information on the environment in which they operate;
• Finding out the wants and needs of potential clients;
• Bringing this information together in the microfinance product design process;
• Testing whether or not the proposed product concept is indeed helpful to the target group.

The characteristics of the tools that make them useful in war-affected areas are:

• They assume little institutional knowledge of the local area;
• They keep data collection simple;
• They respect the concept of microfinance markets and encourage organizations not to undermine already fragile markets.

The tools analyze:

• The macro-environment;
• The local environment;
• Current attitude towards, use and perceptions of microfinance;
• The product design process;
• Product concept and price-sensitivity test.