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Steps to create a Market Study
There are organizations that consider that a market study is something not necessary and even sometimes some consider it unaffordable.
1. Collect information
The first step of a market study should be to collect and take advantage of all the information already published about your area.
2. Direct observation
Observe what is happening in the market; we must pay attention to the details. We must watch our competitor’s behavior, their consumers’ behavior as well as their physical characteristics, sex, age. The same examination must be applied with our company and our customers.
3. Interviews and surveys
Know more about your target clients and their behavior: their demographic and socioeconomic characteristics, their opinion about the product or service, their level of knowledge about it, purchase intention and consumer behavior (who purchases the product or service and how does he or she use it? Where and when? What are their motivations?).
4. Research and analyze your competition
Deepen the analysis of your competition. One of the reasons to analyze your competition is to know who is doing things right and who is not. This helps to identify business opportunities, keys to success and market trends.
5. Define your target or target audience
Once you have carried out a good market study, you are able to define your target audience. The information obtained will allow you to define what types of clients make up the market study and segment them into groups of clients with common characteristics: origin, purchasing power, tastes, culture, etc.
6. Dafo Analysis
This analysis allows you to identify the opportunities and threats of the market and the environment, along with your business’s position in it, identifying your strengths and weaknesses.