Market research is a crucial steps in starting a business. It gives the possibility of knowing well the market on which the launching of the company can be based, as well as to persuade the financers. In fact, to succeed in a market study, it is essential to respect an organized approach which allows to answer the main points, in this case, the market, the context of the project, the demand and the offer.
How to define a market study?
In fact, the objective of market research is to verify supply and demand in a targeted market , in order to properly
orient the company's commercial strategy or the marketing action plan. In
addition, market studies are generally appreciated by business launchers when
assessing the sustainability of their project and carrying out their business
plan, and by more acquired companies during the creation of the budget for the
following year. .
The market research begins with a
quantitative analysis, which includes:
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Analyze financial data;
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Analyze economic and demographic data;
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Collect everything on consumers.
Second, a more qualitative analysis is required, the latter is
summarized by a set of procedures, such
as:
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Consumers grouping;
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Telephone interviews;
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Visits to points of sale.
The tools used for carrying out a
market study differ greatly depending on the scope of its execution. So
the cost of a market research can start from a few hundred dollars when it
comes to a very rough survey. Up to several thousand euros for the
realization of a general study which requires a larger and more extensive data
collection.
What are the means to carry out market research?
When a search is conducted on the
internet, it is not negligible to come across various offers. Starting
from the complete realization of a market study, a rather expensive solution,
until the acquisition of report or document already prepared. Two
essential criteria must be taken into consideration by the project owner when
choosing the solution to be opted for, when carrying out his market
study. It is about finding an answer to the following questions:
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How much can we afford to do the market research?
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Do you wish to appear during the realization of the market
research?
In this situation, it is preferable to get involved as much as
possible in a personal way in the operation of the market research. Indeed,
it saves in a significant way during the launch of a
business. But also, to get
involved in the study of the market which allows a company to
carry on an activity.
One of the fundamental points for
a successful launch of a business consists in the perfect control of the field
of activity in the field of intervention, which is definitely not the case in
practice. This step allows the entrepreneur to strengthen his mastery of
the market concerned, to understand his organization and to see the long-term objectives. The
next phase consists of the realization of the business plan, which is the
subject of a chronological continuation of the market study.