Why do we need to conduct market research?
Regardless of the size of the company, doing a good market research is essential, it will prevent the company from wasting a lot of money and time. It also serves to obtain new opportunities in the market.
Before launching any new product to the market, internationalizing the company in another country or undertaking a project, it is more than necessary to test and see how the market behaves.
What are the steps involved in market research?
Each market research is planned and executed according to the requirments of the client, but the steps are usually:
- Determine the need : Why and what it is done for. Is it because of a market opportunity (launching a product, for example) or because a problem arose (sales decrease)?
- Set the objectives : Input from the previous step will be used to determine if it is appropriate to launch the product or to find the solution to the problem.
- Define what is sought : It is the information that will be gathered to analyze what type of action will be taken in the face of the opportunity or the problem.
- Define where you are looking for : Refers to the sources of information, which may be primary (those that answer the questionnaire) or secondary (other studies).
- Establish how it is searched : it is the concrete method of obtaining the information, which can be a survey, interview, observation, market test, focus group or survey.
- Depth Interviews
- Feasibility Studies
- Focus Groups
- Competitor Intelligence
- Reputation Monitoring