The process of the investigation of markets

9 November 2009 - 19:26

The investigation of markets consists of obtaining certain data coming from the market, soon to be analyzed and, on the basis of this analysis, to make decisions or to design strategies.

We can realize an investigation of markets, for example, to find the reason or solution to a problem, to know the feasibility to initiate a new business or of sending a new product to the market, of analyzing the consumers, of analyzing to the competition, of verifying a hypothesis of market, etc.

We see next each one of the stages that conform the process of the investigation of markets, along with a simple example, that will help us to obtain one better understanding:

1. To determine the investigation necessity

The first stage of the process of the investigation of markets consists of determining the necessity of the investigation, that is to say, to determine the reason for which it becomes necessary to realize an investigation.

Generally, the necessity to realize an investigation of markets, arises as a result of a problem or opportunity that has appeared.

If a problem arose, could have the necessity to realize an investigation that allows to find the reason and the solution of this one; and if an opportunity arose, it could have the necessity to realize an investigation that allows to determine if really it is an opportunity, and to know how it is possible to be useful to the maximum.

Example: we have identified the opportunity to send a new product to the market, which consists of a new mark of shirts for men, reason why arises the necessity to realize an investigation of markets that allows to determine the feasibility us to send or to introduce this product to the market.

2. To determine the objectives of the investigation

The objectives of the investigation of markets, arise as a result of the necessity that we have determined; if the necessity arose as a result of a problem, the objectives could be to find the cause and the solution of the problem; and if the necessity arose as a result of an opportunity, the objectives could be to determine the feasibility of the idea and knowledge how to take advantage of it to the maximum.

Example: once we have determined the necessity to realize an investigation of markets that allows to determine the feasibility us to send a new mark of shirts for men to the market, we determined the following objectives:

• to know the possible reaction the objective public before the introduction of a new mark from shirts the market.
• to know the tastes, preferences, customs and habits of the objective public with respect to the purchase or to the use of the article of the shirt.
• to determine the possible sale price that could have each one of the shirts.

3. To identify the information that is going away to collect

Once one has determined the necessity and the objectives of the investigation, it is come to determine which will be the information that is going away to need and to collect which allows to reach the proposed objectives.

Example: in order to evaluate the feasibility to send the new mark from shirts to the market, and to reach the other proposed objectives, we determined that the information that we go to need and to collect will be the following one:

• the acceptance of a new mark of shirts on the part of the consumer who conforms the objective public.
• first to which this one pays attention at the time of buying a shirt.
• its favorite models and colors.
• the places where usually it buys his shirts.
• the amount average that usually pays by a shirt.

4. To determine the sources of intelligence

Once the information is known that is going away to collect for the investigation, it is come to determine the sources of where it is going away to obtain this data.

The sources of intelligence usually are classified in sources you would prevail and secondary:

• Primary sources: they are those that offer information of “first hand” for the present investigation; examples of primary sources: consumers, clients, workers of the company, registries of the company, etc.
• Secondary sources: they are those that offer information that or has been published or collected for investigations different from the present one; examples of secondary sources: data bases, organizations of government, books, newspapers, publications, etc.

Example: once we have determined the information that we are going to collect which allows us to reach our reconnaissance targets, we determined that the sources of intelligence that we are going to use they will be conformed by the consumers who conform our objective public.

5. To determine and to develop the techniques of information harvesting

Once the information has been determined that is going away to collect and the sources of where it is going away to obtain, are come to determine and to design the techniques of information harvesting which they are going away to use.

The techniques of information harvesting are technical or methods that allow to collect the required information; between the main techniques they are the survey, the interview, the technique of observation, the test of market, focu group, and the sounding.

Example: in order to successfully obtain the information that we are going to need, use will be made of the technique of the survey which will be realized to him to a representative sample of the objective public. Some of the questions of the survey will be:

• it is arranged to prove a new mark of shirts?
• what is first that pays attention you at the time of deciding to buy a shirt?
• which are their favorite models?
• which are their favorite colors?
• where usually it buys his shirts?
• how much it is what usually pays by a shirt?

6. Harvesting of information

Once determined the required information, the sources from where one is going away to obtain, and the techniques or methods that will allow to collect it, are come to make the harvesting effective of the information.

For it, previously the ones in charge or people in charge of the harvesting determine themselves, the date in which this one will begin and the time that will last.

Example: once we have determined that we are going to make use of the survey and have designed the questionnaire, we happened to appoint the personnel in charge to make the surveys to the objective public, and to make it effective.

7. Analysis of the information

Once collected the required information, it is come to enter the data, to process it, to analyze it and to draw the conclusions.

Example: once collected the information through the surveys, the data were tabularon, they were analyzed and the following conclusions were obtained:

• to send a new mark of shirts for men to the market is feasible, because sufficient demand exists and the consumer who conforms the objective public is prepared to prove a new mark of shirts as long as he is of good quality.
• first that pays attention a consumer who conforms the objective public at the time of being decided by a shirt is the model and the quality of the fabric.
• a preference by the showy models and the clear colors exists.
• the consumer who conforms the objective public usually buys his shirts in department store.
• the price average that usually pays by a shirt is of US$25.

8. Decision making or design of strategies

And, finally, once the collected information has been analyzed, it is come to make decisions or to design strategies on the basis of the realized analysis and to the obtained conclusions.

Example: once we have analyzed the successfully obtained information, and concluded mainly that to send a new mark from shirts to the market is a feasible business, we happened to take the following decisions and strategies:

• the decision is taken to introduce the new mark from shirts to the market.
• one comes with the design and preparation from the shirts, rendering special attention to the quality of the fabric, and to the design of showy models based on clear colors.
• it is come to make contact with enemy with different intermediaries who serve like points of sale, giving him greater importance department store.
• it is decided that the sale price of each shirt will be of US$20.

Labels: Study of market, Marketing, Step by step

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Related contents:

1. Steps to realize an investigation of markets
2. Concept of the investigation of markets
3. Techniques of investigation of markets
4. Steps to realize a segmentation of markets
5. Steps to realize the analysis of the competition