The strategy revolves around generating a market research report on the toy industry in Vietnam for the years 2025-2026. The approach is divided into three parts: conducting secondary research, primary research, and synthesizing collected data for forecasting and recommendations.
In the secondary research phase, existing data from industry reports, government publications, and online databases are gathered to understand market size, growth potential, and consumer behavior. For example, understanding pricing trends and regulatory requirements through existing reports sets the foundation for a comprehensive analysis.
Primary research involves conducting surveys, interviews, and observational studies to fill gaps in secondary data. By engaging directly with consumers and industry experts, deeper insights into market trends and preferences are achieved. For instance, setting up focus groups with local consumers can provide invaluable feedback on toy preferences and buying habits.
Finally, the strategy emphasizes synthesizing collected data into actionable insights. This includes assessing market growth potential, evaluating distribution channels, predicting pricing trends, and recommending strategies for market entry or expansion. By analyzing patterns and forecasting demand, the strategy aims to equip businesses with informed decisions for the future.
The strategies
⛳️ Strategy 1: Conduct secondary research to gather existing data and reports
- Identify key sources of existing market data, such as industry reports and government publications
- Gather information on the market size, trends, and growth potential using online databases and journals
- Research local consumer behavior and preferences through existing surveys and reports
- List major local and international brands currently operating in the Vietnam market
- Analyse distribution channels by reviewing reports from retail chains and online platforms
- Study pricing trends and types of toys in demand from existing sales and trend reports
- Review government regulations on toy safety and imports by accessing legal resources and government websites
- Investigate challenges like counterfeit products through news articles and business challenges reports
- Explore opportunities like the rising middle class using economic forecasts and reports
- Compile and summarise secondary research findings to form a comprehensive base for the report
⛳️ Strategy 2: Conduct primary research to fill gaps in secondary data
- Design and distribute a consumer survey to understand local behaviour and preferences
- Conduct interviews with industry experts and retailers to gain insights into market trends
- Visit local toy stores and conduct observational research on available products and pricing
- Engage with major local and international brands through direct communication for insights
- Network with distribution channels to understand the market reach and customer preferences
- Set up focus groups with local consumers to discuss toy preferences and buying habits
- Conduct competitor analysis through primary research methods like store visits and interviews
- Collaborate with local research firms to administer comprehensive market surveys
- Assess government influence by consulting with legal experts in import/export regulations
- Gather insights from educational and parenting groups on the acceptance of educational toys
⛳️ Strategy 3: Synthesize and analyse collected data for forecasting and recommendations
- Organise collected data into categories such as market size, trends, and consumer behaviour
- Use statistical tools to analyse growth potential in the Vietnam toy market
- Identify patterns in local consumer preferences and forecast future demand
- Evaluate the position of major brands and suggest strategies for increased market penetration
- Assess the efficiency of distribution channels and recommend improvements or alternatives
- Analyse pricing trends to predict future pricing strategies and competitive positioning
- Review government regulations and suggest compliance strategies for market entry
- Evaluate the impacts of challenges and suggest actionable solutions for businesses
- Identify opportunities and recommend market entry or expansion strategies
- Draft business recommendations and forecasting based on all collected and analysed data
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
