Amarket study allows to know the key characteristics of the audience and competition before the launch of a service or product. You may also be interested in: Executive Master in Marketing, Sales and Digital Strategy Management We must first review the characteristics of the sector we want to enter, Bahamas Phone Number List both before starting to invest in product development and in advertising campaigns or strategies . Without information, without data or without a study that allows us to know the possibilities we have, we will be risking too much, without being able to understand the real needs of people and without knowing the possibilities of success.
As an approximate figure, of the total products that go on the market, only 20% of these are positioned. Whether it is due to the need for our own product or not, we are going to develop and see in this article an introduction about what a market study is . From its concept to the benefits that we will obtain and its costs. VIDEO What actions to prioritize for a recovering market Download INDEX OF CONTENTS What does it really mean? If we speak in economic terms and according to some sources, we can say that “market studies determine the viability of any economic activity.” The market study is the beginning and the previous foundations of any Marketing strategy .
We will analyze all the data to define among others: Position within the market of the product or service Most salient characteristics of supply and demand Audience segmentation Price analysis Possible distribution and marketing channels What is it for? The main objective of the market study is to validate the economic profitability. Demonstrating the viability of an activity will maximize profits from the start and even attract investment. Another of the relevant objectives of this study is to anticipate the possible response of customers and competition. Differences with the concept of market researchThis point is a constant when we ask ourselves what should I do? There is usually confusion between study and market research. Both strategies are different, especially due to the stage in which each of them must be used. Market research is done BEFORE and market research AFTER. The market study as marketing initiative, collects and analyzes information from customers, suppliers and competitors. It is a strategy carried out before, in order to verify the viability of the venture and formulate (later) a business plan. In the case of a market research , it is a method to obtain the interpretation of commercial data. That is, it is done after the launch of a product or service (and with some maturity to be able to have consistent data).
Thus, the necessary forecasts and decisions will be made to improve the process. They can be used as resources: surveys, interviews and competition studies to collect the information. Steps to carry out a Market Study Among the needs that the study must cover we find:Market entry barriers or difficulties. The level of competition in each territory The objective of the product / service in the market The needs of the target within the marketThe special regulations in each country Segmentation For this reason, we have wanted to expand these needs that the market study must cover through the following steps. Define surveys It is convenient to dedicate the necessary time to formulate well the questions and details about which we want to know the answer. The most appropriate methodology or survey must be selected that allows us to investigate and obtain the information we are looking for. Let us remember that, based on these results, conclusions and decision-making can be seriously affected.