How to Do a Market Study

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Market study is one of the vital components in developing a business strategy which focuses in the gathering of information about the market as a whole and the customers as well.

By knowing the tips on how to do a market study, you can make the process much easier and with more accuracy, thus giving you more advantage over your competitors.

How to Do a Market Study with the Basics?

Market analysis is a very important element when starting a business, improving the business, or expanding your business. In the world of business wherein no one is guaranteed to have complete success, it is crucial for a business owner like you to learn first the market before you go on with your business plans and strategies. By conducting a systematic and comprehensive market study, it is a good step to gather all the information that you need so you can plan well and strategize effectively for the success of your chosen business venture.

The aim of conducting a market study is to accumulate the necessary and essential information with reference to the market as a whole or to the customers in general. Obviously, it is hard for a business owner to conceptualize a business strategy without the pieces of information regarding the latest trend or demand in the market, the actual size of the market, and the current flow of competition. These valuable concepts are needed for the creation of your business plan and marketing approach so your business will be running on the right direction.

According to knowthis.com, in preparing the market study there’s a certain format you need to apply in order to make your research well-organized and understandable for your analysis. Based on the example given, it consists of five main parts such as:

Objectives of the Research – This is the first part that provides a brief but concise explanation about the purpose of the market study.
Description of the Market – This part focuses on the general description of the market being studied, the target market, and the products and services currently appealing to the market.
Market Metrics – This section explains the size and growth estimates of the market
Competitive Analysis – Tackles the issues regarding current competitors.
Additional Information –This is the last part of market study that discusses the extraneous variables and the market trends.

Helpful Tips on How to Do a Market Study Precisely

The above given example is just a guideline on how an actual market study is being organized and there are other ways on how to do your own ideal market study. Generally, there are two types of market research; primary and secondary. Primary research is usually done in a way of conducting interview, survey, sending out questionnaires, or accumulating direct feedbacks from potential customers.

On the other hand, secondary research has the goal of analyzing data from different sources like published books and online links, meaning the information was already been collected and published. The risk of using this type of market research is that the information can be outdated. In addition, when you conduct a primary research, a survey for example, you must ask the real customers concerning their current expectations and desires.

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8 Comments

Mary Kafer said on August 5, 2013
I am working on my business plan and I need information on marketing for pet shops for the state of Wisconsin. I live in Marion, Wisconsin. Thank you for your time.
manish bhatt said on November 2, 2013
i want to start mini oil mill for groundnut and coconut. last time i have worked out on cashew project and started to produce at rajkot, but due to the lack of knowledge of marketing , i have to loose it , please give me the address of marketing agency who sell my product otherwise give me idea of marketing. Awaiting favorable reply. Thanking you.
ASHOK said on March 4, 2014
good introduction to marketing.
ajit jha said on July 24, 2014
I am planning to setup fully automatic spice grinding unit at district Hooghly, west Bengal, india.pl advice me for viability of the project. Awaiting for ur reply asap.
sharif said on September 19, 2014
i have a set up in uniforms marketing and trading would like to know more about the u.a.e. market. thanks & regards
Murtaza said on December 25, 2014
I want to know the market for welded aluminium boats in India. Any tips? alhutaibargon@gmail.com
pritam dey said on January 7, 2015
I wanna set up a wholesale medical shop please advise me about marketing
Rahul kumar said on December 2, 2016
Your product quality is good, price is low than competitor why a distributor not agree to purchase your new brand. Any where in india call for sales and marketing of your product 7301723221. Make good relation.sales is relation base business,

How to Do a Market Study