A market study also called market analysis or market research is a process that consists of collecting and analyzing data and information about a certain market in order to know its supply and demand , prices, needs, potential customers , competition , etc. Thus, the market study or analysis offers the necessary knowledge to make future decisions and establish different marketing policies . In addition, the market study is a pre-investment review carried out by companies to find out what is convenient and viable for their benefit. Characteristics of the market study The main characteristics of the market study are the following: Analyzes information about the supply, demand, prices and commercialization of a market.
It is a fundamental process to determine the direction of an organization It is used to determine if a market is profitable or not for a company and to understand the potential clients of a project. It allows to know the competitors and to know how [Se connecter pour voir le lien] they act within the market. It is necessary to take this into account when establishing the prices of a product. Steps to carry out a market study The steps to follow to carry out a market study are the following: Steps to carry out a market study. Steps to carry out a market study. Collect information : as a first step, it is necessary to collect all possible information, and then analyze it. This implies going to different sources, such as surveys , media, interviews, internet, etc.
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Analyze customers analyze the needs of customers, who can be potential customers what they are looking for and what they lack. Analyze the competition here it will be necessary to carry out an investigation and analysis of the competition, what it is doing well and what it is not, and based on this, define opportunities together with strategies for the business. Define objectives : once the information has been processed, it will be possible to define how the market is made up. Through this, a strategy to be followed must be developed based on the objectives that must be met. Establish Conclusions – As the end result, a conclusion of the entire analysis, a final report, should be developed.