MARKET RESEARCH PROCESS
Determine the problem: Determine the problem that needs to be solved through research. For example, a company may want to launch a new food product and need to carry out research to determine the preferences of the target audience.
Determine data collection method: Decide the method of data collection, like a questionnaire or an interview with an expert.
Determine sample size: Determine the sample size or the number of people who will be a part of the study.
Collect data: Collect the required data through reports, interviews, etc.
Analyze data: Analyze the collected data through techniques like statistical analysis, classification, etc.
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Primary market research refers to gathering information through a combination of quantitative and qualitative research techniques.
uNDERSTAND TaRGET AUDIENCE
Understand the requirements of your target audience. Know their demographics, purchasing habits, preferences, etc.
Competitor analysis refers to the analysis of a business’s competitors in the market. One way to conduct this competitor analysis is through SWOT analysis.
Strengths: This refers to the strengths a business has over its competitors.
Weaknesses: Weaknesses refer to the aspects that a brand is dependent upon for its existence/operations.
Opportunities: Opportunities refer to elements in the brand’s external environment that increase its competitiveness.
Threats: Threats refer to the things in the brand’s external environment that affect its overall competitiveness.
Market study refers to studying the characteristics of the market in which the company operates. These factors may be considered:
Level of demand: Consider the level of demand for a product/service in the market.
Market Share: Consider the market share that a product/service takes up of the total market.
Distribution Channels: Consider how the product will reach the end consumers, like a distributor network/ how a service will be delivered to the customers.
Growth rate: Check the growth rate of the market in which your company operates.