At the present time, society has become more competitive and changing; Market Research is very important, as it helps us to know how our customers and competitors are evolving.
A Market Research is an investigation carried out to learn about the opinions of a certain public about a service or product. This study verifies the existence of a need within the market and what products currently exist to satisfy that need and how.
The Market Research allows the subsequent development of a marketing plan, adapted to the reality of the sector and will therefore influence the decisions to be made about the characteristics of the product or service, its price, the communication strategy, online marketing and commercial distribution. Many times, a Market Research study is included within a business plan.
Through Market Research, 5 important aspects are analyzed and should not be overlooked:
Study of the product or service.
Analysis of the offer.
Analysis of demand.
Analysis of prices.
Analysis of distribution and marketing channels.
Thanks to Market Research, we will have a clearer idea of what our target audience really needs.