What is the purpose of market research?

In a field where it is essential to remain competitive, a commercial enterprise constantly needs to conceive and conquer new markets. Before embarking on a commercial project, it must conduct marketing research. A market study or a marketing study is an analysis of the demand and the offer on a market in order to set up an effective commercial strategy. The data resulting from this kind of study are mainly used in the framework of a project of extension or creation of companies. There are different steps to follow in a supply and demand study.

A supply and demand study

A supply and demand study or a market study is a process of analysis and information gathering. It is a practice whose origins go back to antiquity, even before that time, when commercial exchanges already existed between different human groups or groupings. The processes and approaches used in a market study have evolved and have been modernized especially in the middle of the nineteenth century with the appearance of new communication media such as television. It is a study that is necessary for the proper conduct of a commercial project.

What is the purpose of a market study?

The marketing studies are activities of commercial or marketing explorations whose main goal is to measure the various existing forces and in actions on a market. They are mainly carried out in order to see and ensure if a project or projects are commercially viable. The different objectives of a market study are generally: to test and validate a commercial idea, to analyze the offer (to see if it answers a real need), to evaluate the competition (the means implemented by the competitors) and to reduce the risks as well as the uncertainties related to a commercial strategy. It is a study whose steps are complex and require the respect and the follow-up of several stages.

What are the different steps of a marketing study?

Whether it is during the creation of a company or the extension of this one, a study of the offer and the demand constitutes a key stage in the development of a business plan. The different steps in this study are: the definition of the objectives, the preparation of the resources or means, the collection of information, the analysis of the data and finally the writing of the reports. In addition, there are different types of market research.
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