JMAI’s Market Research services are designed to provide complementary
areas of information about prospective markets. Market Research is the
key first step for new projects and for existing communities considering
expansion of facilities or services. Our Market Research services include:
Market Review
Market Study
Community-Based Services Market Analysis
To determine market depth and appropriate community pricing, JMAI conducts a Market Review, involving:
- team meeting and site review
- telephone surveys with specific Realtors, planners, and gatekeepers
- telephone surveys with competitors
- preliminary market area definition
- demographic analysis
- preliminary pricing analysis and market depth determination
The completed Market Review report provides a summary of our findings and conclusions, giving you a reliable yet economical way to test market strength before moving forward with project plans.
A Market Study tests and validates (or recommends) each of the key elements of a proposed new community, expansion, or acquisition, including:
- site/location
- target market
- specific project characteristics such as payment structure, pricing, unit types, unit sizes, amenities, and services
In addition to all of the tasks included in a Market Review, a Market Study includes:
- Detailed interviews with people who are knowledgeable about the area and its senior residents.
- Visits to competitors, interviews with their marketing personnel, and compilation of detailed information regarding existing and planned competitors’ pricing, services, amenities, and resident characteristics.
- A determination of a market area, based on a review of human, natural, economic, and psychological boundaries for the market, as well as the experiences of competitors.
In addition, a detailed demographic segmentation analysis is conducted, using data developed by Project Market Decisions, Inc. The SrMART ™ report assists us in breaking down and analyzing the market in terms of:
- housing tenures (owners vs. renters) cross-tabulated by age
- household incomes cross-tabulated by age and housing tenure
- home value and monthly gross rent cross-tabulated by age and income
A Market Study also confirms market depth, establishes parameters for absorption of units, and makes specific recommendations for capitalizing on niche opportunities and addressing particular challenges in the local marketplace. The Market Study may be used to support project financing.
Community-Based Services Market Analysis
A Community-Based Services Market Analysis determines market need when an existing community is considering expanding its mission by offering community-based services to area seniors. A Community-Based Services Market Analysis includes:
- delineation of service area
- review of the service area’s demographics
- identification and assessment of competitive service providers
- direct mail survey testing market depth and pricing sensitivity for particular services
The report summarizes findings, prioritizes services to be included in the program, and makes recommendations regarding alliances, joint ventures, and/or acquisition opportunities for additional services.
Market Research is part of our Development Planning services.