{"id":605,"date":"2021-04-27T06:53:40","date_gmt":"2021-04-27T06:53:40","guid":{"rendered":"https:\/\/enorcerna.com\/wiki\/what-is\/market-study\/"},"modified":"2021-04-27T06:53:40","modified_gmt":"2021-04-27T06:53:40","slug":"market-study","status":"publish","type":"post","link":"https:\/\/enorcerna.com\/wiki\/what-is\/market-study\/","title":{"rendered":"Market study"},"content":{"rendered":"
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What is a market study?<\/h2>\n

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,<\/strong> in order to know your supply and demand, prices, needs, potential customers, competition, etc.<\/p>\n

Thus, the market study or analysis offers the necessary knowledge for taking decisions<\/strong> future<\/strong> Y establish different marketing policies<\/strong>.<\/p>\n

Furthermore, market research is a pre-investment review<\/strong> that companies do to find out what is convenient and viable for their benefit.<\/p>\n

Market study characteristics<\/h2>\n

The main characteristics of the market study are the following:<\/p>\n

    \n
  • Analyze information about the supply, demand, prices and marketing<\/strong> of a market.<\/li>\n
  • It is a fundamental process for determine the direction of an organization<\/strong>.<\/li>\n
  • It is used to determine if a market is profitable or not <\/strong>for a company and understand the potential customers<\/strong> of a project.<\/li>\n
  • It allows to know the competitors and to know how they act within the market.<\/li>\n
  • It is necessary to take this into account when set prices<\/strong> of a product.<\/li>\n<\/ul>\n

    Steps to conduct a market study<\/h2>\n

    The steps to follow to carry out a market study are the following:<\/p>\n

    \"Steps<\/p>\n

    Steps to carry out a market study.<\/p>\n<\/div>\n

      \n
    1. Collect information<\/strong>: as a first step it is necessary to collect all the possible information, and then analyze it. This implies going to different sources, such as surveys, media, interviews, the internet, etc.<\/li>\n
    2. Analyze customers (demand)<\/strong>: analyze the needs of customers, who can be potential customers, what they are looking for and what they need.<\/li>\n
    3. Analyze the competition (offer)<\/strong>: here it will be necessary to carry out a research and analysis of the competition, what is doing well and what is not, and based on this define opportunities together with strategies for the business.<\/li>\n
    4. Define objectives<\/strong>: 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 should be developed based on the objectives that must be met.<\/li>\n
    5. Establish conclusions<\/strong>: As a final result, a conclusion of the entire analysis, a final report, must be developed. In it, the analyzed must be established, which is generally accompanied by a SWOT analysis to identify the opportunities and threats of the market, together with the situation of the organization.<\/li>\n<\/ol>\n

      Market study examples<\/h2>\n

      While a market study it is usually a long and detailed document<\/strong>, let's look at the following examples to understand it better:<\/p>\n

        \n
      • A restaurant decides to research the market situation before open a branch in a <\/strong>town<\/strong>. To do this, they go to carry out surveys, interviews and analysis of the competition, together with the economic indices of that city, to define if the market is profitable for their business.<\/li>\n
      • A company identifies a weakness in competition<\/strong> and decides to work on it to gain market within this gap. This action arises from a market study.<\/li>\n
      • Review the economic indices of a specific country to determine if it is profitable to invest<\/strong> in an organization, it is a market study.<\/li>\n<\/ul>\n<\/div>\n\n\n
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        What is a market study? A market study, also called market analysis…<\/p>\n","protected":false},"author":1,"featured_media":606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-is"],"_links":{"self":[{"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/posts\/605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/comments?post=605"}],"version-history":[{"count":0,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/posts\/605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/media\/606"}],"wp:attachment":[{"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/media?parent=605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/categories?post=605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/tags?post=605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}