What is a Market Research?
The market research is a tool that is designed to support business ideas or companies of any size that are starting or that have been operating for a while to help them define their value proposition, understand where is the growth going and understand the behavior of their target market; as well as knowing their which strategies they must have compared to their competitors. This market research validates a business idea.
What is the purpose of a Market Research?
This business tool has different functionalities; however, the main ones are listed below.
– The industry. Total value, growth and size; as well as share within the market, trends, threats, risks, etc.
– Target market. Growth and size, opportunities, trends, behavior, etc.
– Competitors. Direct and indirect competitors, their respective share, products and services, marketing strategies, strengths, value added, opportunity areas, analysis from their customer service, etc.
– Analysis and detailed information from the industry, competitors and target market.
– Opportunities and trends.
– Forecasts and challenges.
– Smart decisions.
– Continuous improvement.
This information is obtained through secondary sources through national and international data bases, articles, reports, etc; direct research though calls, emails and ads. With a market research you can anticipate risks and changes in the market while creating business strategies.