Concept of the investigation of markets
23 November 2008 - 16:16
The investigation of markets consists of collecting certain information coming from the market to be analyzed, and then, on the basis of this analysis, to make decisions or to design strategies.
We can realize an investigation of markets, for example, it stops:
- to find a business opportunity.
- to know if a future business could be profitable.
- to know if a new product could be successful.
- to find the reason or solution of some problem, for example, of finding the reason of the diminution of our sales.
- to analyze our competitors.
- to foretell our demand.
- to know if to export to a certain country it could be viable.
- to confirm a hypothesis, for example, the hypothesis that a reduction of 10% of our products, will produce sufficient sales as to compensate this reduction.
- to know information statistical, for example, to know which is my participation in the market.
In the first place we must determine the necessity or the objective to realize the investigation, for example, our reconnaissance target can be to find a business opportunity, or to know the viability to send a new product.
And, once we know in clearly the necessity or the objective of our investigation, we happened to determine which will be the information that we will need to compile of the market, that allows us to realize it.
For example, if our reconnaissance target is to find a business opportunity, the information that we would need to collect could be the one that allows us to know the needs unsatisfied the consumers, the new tastes, the new preferences, the fashions, the tendencies, the not taken care of niches of market, etc.
If our reconnaissance target is to know the feasibility to send a new product, the information that we would need to collect could be the one that allows to know us which would be the reaction of the public before the introduction of the new product, the price that would be arranged to pay by him, which would be its frequency of consumption, etc.
In order to find this information, we can make use of:
- surveys: for example, for the case of the first example on the search of a business opportunity, some questions that we could do in our surveys would be: what products or services it would like that it existed? , what businesses think that they are most profitable nowadays? , what businesses think that they could be profitable in the future?
- observation techniques: for example, for the same case, we could visit the commercial centers and to observe which are the looked for products more, which are the visited businesses more, which are the products with majors tendencies.
- experimentation techniques: for example, for the case of the second example, we could deploy a small point and to know directly which is the reaction of the public before our new product.
And, finally, once we counted on the information required for our investigation, we happened to analyze, to study it, to draw our conclusions; and, on the basis of it, we made the decisions or we designed our strategies.
Labels: Concepts, Study of market, Tools of business, Marketing
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Related contents:
- Techniques of investigation of markets
- Steps to realize an investigation of markets
- The process of the investigation of markets
- Concept of survey
- Concept of the Benchmarking
