Market Research and Opportunity Identification
The aim of this learning module encompasses the development of the learner’s capability to conduct thorough market research within the Creative and Cultural Industries (CCI). The focus is on empowering the learner to identify and capitalize on lucrative opportunities within the CCI sector. Additionally, the scope includes the cultivation of analytical skills, enabling the learner to evaluate the potential demand for their creative products and services within a specific target audience. Through this purpose, the learner is expected to gain proficiency in navigating the CCI landscape, recognizing profitable avenues, and employing analytical acumen to gauge market interest among their intended audience.
Through interactive exercises, the learning experience is designed to be dynamic and engaging. Participants will not only acquire theoretical knowledge but will also actively participate in activities that allow them to apply and reinforce their understanding of entrepreneurial opportunities.
The concept further emphasizes the development of critical thinking skills by incorporating case studies. These real-world scenarios provide participants with practical insights into the challenges and decision-making processes involved in entrepreneurial ventures. Analysing these cases encourages participants to think critically, assess various factors, and make informed decisions, thereby honing their ability to navigate complex business situations.
A specific focus is placed on market analysis, where participants are expected to gain the skills needed to systematically assess and understand the rules and dynamics governing markets. This involves studying market trends, consumer behavior, and competitive landscapes. By doing so, participants will be better equipped to identify opportunities, mitigate risks, and make strategic decisions within the context of market rules.
Learning Objectives
Upon completion of this module, you will be able to:
- Describe the process of market research and its importance in the CCIs
- Identify different target groups for CCIs
- Explain the methods of identifying opportunities for innovation and growth in the CCIs
- Conduct market research
- Evaluate innovative business ideas
Theory Handbook
This document explains concepts and themes of the module 2 topics. Please download and read the document before to start activities.
Topic 1 - Introduction about the positioning of the CCIs in the market
The key concept of the introduction regarding the positioning of Creative and Cultural Industries (CCIs) in the market involves establishing a contextual framework that outlines the role, significance, and competitive positioning of CCIs within the broader market landscape. This introduction aims to provide a foundational understanding of where CCIs stand in relation to other sectors and industries.
Industry Definition and Scope
Economic and Cultural Importance
Market Dynamics
Positioning in the Value Chain
Global and Local Perspectives
Index
2.1.1 Introduction PPT
Industry Definition and Scope
Economic and Cultural Importance
Market Dynamics
Positioning in the Value Chain
Global and Local Perspectives
Define key concept regarding the positioning of Creative and Cultural Industries (CCIs) in the market
2.1.2 Theory_ModuleGuide
Industry Definition and Scope
Economic and Cultural Importance
Market Dynamics
Positioning in the Value Chain
Global and Local Perspectives
Define key concept regarding the positioning of Creative and Cultural Industries (CCIs) in the market
2.1.3 Video Video: Marketing positioning
Explain the Marketing positioning in pills
2.1.4 Closed Questions
Questions related to the topic 2.1 All the above
Introduction
Topic 1 - Activities
Activity 1 – Video Analysis -Marketing positioning
Explain the Marketing positioning in pillsActivity 2 – 2.1.4 Closed Questions
Questions related to the topic 2.1. Please choose whether the following statement is true or false.Topic 2 - Key steps of the market research in CCIs
Market research in Creative and Cultural Industries (CCIs) involves a systematic process to gather, analyze, and interpret information that is crucial for making informed decisions within this unique sector.
The key steps in conducting market research specifically tailored to CCIs are the following:
- Define Objectives and Scope
- Identify Target Audience
- Select Research Methods
- Create and Administer Surveys or Interviews
- Conduct Competitor Analysis
- Evaluate Industry Trends
- Assess Regulatory and Cultural Factors
- Collect and Analyze Data
- Interpret Findings and Draw Conclusions
- Report and Communicate Results
- Iterate and Refine
Index
2.2.1 introduction PPT
- Definition of Market research
- Key components of market research
The importance of marker research in the CCIs Acquire skills to carry out market research in CCIs
2.2.2 Theory_ModuleGuide
- Definition of Market research
- Key components of market research
- The importance of marker research
Acquire skills to carry out market research in CCIs
2.2.3 Video analysis
Video about essential aspects of the market research. Understand in five minutes the importance of market search
2.2.4 Quiz
Questions related to the topic 2.2. Self-assessment about the topic 2.
Introduction
Topic 2 - Activities
Activity 1 – Video and Analysis: Market research
This video outlines the key aspects of market research and its importance for a business success.Activity 2 – Quiz
Questions related to the topic 2.2. Self-assessment about the topic 2. Please choose whether the following statement is true or false.Topic 3 - Market divisions and EU competition rules
- Definition and characteristics of market division
- EU competition rules aim and role to ensure fair competition, prevent anti-competitive behavior, and promote consumer welfare
- Practices that may lead to anti-competitive outcomes
Index
2.3.1 Introduction PPT
- Characteristics of market division
- EU competition rules definition and scope
- Practices that may lead to anti-competitive outcomes
Assimilate the concept of market division and apply the rules for fair competitiveness
2.3.2 Theory_ModuleGuide
- Characteristics of market division
- EU competition rules definition and scope
- Practices that may lead to anti-competitive outcomes
Assimilate the concept of market division and apply the rules for fair competitiveness
2.3.3 Video analysis
Video analysis on competition law. Understand in 2 minutes the key aspects of the competition law.
2.3.4 Case study
Case study about infringements of competition laws. Acquire knowledge about real life case of competition law infringement and its consequences
Introduction
Topic 3 - Activities
Activity 1 – Video Analysis: Competition Law
This video outlines the three main prohibitions in competition low.Activity 2 – Case study
Letter to Creative Industries
Case study theme (what is it about)
The Competition and Marketing Authority (CMA) in UK has written an open letter to businesses in the creative industries, warning them about breaking competition law.
Detailed content of the case study
The CMA, after 2-years investigation (2015-2017) has concluded that 5 model agencies and their trade association have breached the rules of competition law, and imposed penalties over £1.5 million for colluding instead of competing on the prices they charged for modelling services. The model agencies regularly and systematically exchanged confidential and commercially sensitive information and discussed prices in the context of negotiations with particular customers. In some cases, they agreed to fix minimum prices or agreed a common approach to pricing.
What was the issue/ problem being addressed? (if applicable)
The issue addressed is the infringement of competition law by 5 model agencies in the UK that has been investigated by the Competition and Markets Authority.
What actions have been taken in order to overcome the issue?
12 September 2017 – The CMA has written an open letter to businesses in the creative industries, warning them about breaking competition law.
Research done by the CMA has shown that businesses in the creative sector have a particularly low understanding of competition law. This open letter, highlighting the modelling sector case, is to raise awareness of the consequences of colluding instead of competing on price.
The CMA has also written to a number of businesses in the fashion sector to remind them of their obligations under competition law. (Source: gov.uk, “Conduct in the modelling sector”, https://www.gov.uk/cma-cases/conduct-in-the-clothing-footwear-and-fashion-sector)
Topic 4 - Identifying opportunities in the CCIs
Identifying opportunities in the Creative and Cultural Industries (CCIs) requires a strategic and comprehensive approach while
evaluating innovative business ideas is crucial to determine their feasibility, potential success, and alignment with business goals.
- Key steps on opportunities identification in the CCIs
- Key steps to effectively evaluate innovative business ideas
Index
2.4.1 Introduction PPT
- Key steps on opportunities identification in the CCIs
- Key steps to effectively evaluate innovative business ideas
Identify innovative business ideas that satisfy specific market needs.
2.4.2 Theory_ModuleGuide
- Key steps on opportunities identification in the CCIs
- Key steps to effectively evaluate innovative business ideas
Identify innovative business ideas that satisfy specific market needs.
2.4.3 Video analysis about ideas vs opportunities
Understand in the difference and the correlation between ideas and opportunities.
2.4.4 Links
Useful links about job challenges and creative entrepreneurship. Acquire knowledge about job challenges and creative entrepreneurship.
Introduction
Topic 4 - Activities
Activity 1 – Video analysis – Business Ideas vs. Opportunities
This video highlights the main differences between business ideas and business opportunities and their relationship.
Activity 2 – Links
Useful links about job challenges and creative entrepreneurship. Acquire knowledge about job challenges and creative entrepreneurship.
