Market Research Meaning
What is Market Study:
Market study is the collection and analysis of data that a company or organization performs to determine its position in the industry with respect to its competitors in order to improve its business strategies, thus increasing its competitiveness.
The market study is used to determine the characteristics of the demand and the public of the product or service to be delivered in order to plan or improve strategies of the projected business plan.
See also Business plan.
The market study is important, since it allows to know the real situation of the company in relation to its products or services, target audience and competition in order to generate more profits.
See also Market.
How to do a market study
The types and steps to carry out a successful market study will depend on the area and the characteristics of the business. In general, business management tools are used to increase competitiveness, and marketing tools, such as SWOT analysis, which stands for Strengths, Weaknesses, Opportunities and Threats.
- Business management
A market study of a basic company or institution generally includes: a SWOT analysis, data collection on its competitors or process of benchmarking competitive.
See also Benchmarking.
On the other hand, surveys with specific questions are the most used for data collection, which will later be analyzed to know the perception of the public to whom the product or service is directed.