Market research is a systematic process of collecting and analyzing information about customers, competitors and the type of market that the company will find. Carrying out this task will facilitate the implementation of a business plan, the improvement of an existing product or the launch of a new one, or the expansion to other markets.
The concept of market research is also used to specify what percentage of the population will use a service or item, based on variables such as age, income level, geographic location and gender.
The market study can be of two types: primary or secondary.
Among other methods, it involves conducting tests such as interviews, surveys and field investigations. Thanks to this technique, you can answer questions such as the following:
- What are the market trends?
- What is happening in the market?
- Who are the competitors?
- What do customers think about the products already on the market?
- Do the products already on the market satisfy your needs?
In the case of the secondary study, the company makes use of the data it receives through other sources that may be applicable to an existing or new product.
Unlike the previous model, the information obtained is cheaper and more accessible, but the disadvantage is that the research area is often not specified and the information used can be difficult to validate.
Market research is a very useful technique to find out the demand, tastes and needs of consumers. It can also help you discover how your audience acts. Once the investigation is finished and with the results obtained, it will be possible to determine how to start selling a product. It is essential for any business project.
Therefore, the market study is defined as the study in charge of analyzing the existing supply and demand in a specific activity sector, making a decision about the product or service that we have based on these data. This way we will avoid a possible bankruptcy in the future. Know all the information about the market study, how to do it and its different characteristics.