What is a market study and how to do one in 5 steps
Posted: Tue Jan 07, 2025 6:40 am
A market study is a research that allows companies to review and analyze the state of a certain market segment and the needs of consumers in that niche.
Before starting any business idea, it is very important to know what the needs of consumers are and their main characteristics in order to target them with your product or service.
By knowing what the main gaps in a niche are, you will not only gain important insights into how to address these needs with your brand, but you will also have the opportunity to stand out from the competition.
This is where market research comes in : precise research on a niche of consumers or part of the market that allows you to delve deeper into all the aspects we have mentioned and colombia phone data others that you will learn about by reading this article.
Ready to learn how to conduct market research ?
What is a market study?
A market study is a research carried out in order to understand the specific conditions of a niche or sector in which a company wishes to place its products or services.
Typically, the focus of market analysis is directly centered on the target audience that consumes a product or service related to the business you want to do.
Within the information collected from a market study you can find:
Purchasing and consumption habits
Information about preferences
Contact information
Consumer trends
Market leaders
Consumer behaviors
To obtain this information, market studies seek to answer questions such as: what do they buy?, who buys?, where do they buy?, what brand do they choose?, why do they buy/choose it?, among others.
When to conduct market research?
Market research is usually conducted before launching a product or service and is part of a company or startup's business plan .
They are one of the fundamental pillars for developing cost, marketing and sales strategies . However, it is advisable to continue periodically analyzing the market and the competition to stay abreast of new trends in the business.
New studies can also be generated when planning to launch a new product , expand a brand or introduce it to a market other than the one you already handle, for example a new country or region or a different sector of the population.
Now that you know what a market study is and when to do one , let's see what uses are given to this research.
Before starting any business idea, it is very important to know what the needs of consumers are and their main characteristics in order to target them with your product or service.
By knowing what the main gaps in a niche are, you will not only gain important insights into how to address these needs with your brand, but you will also have the opportunity to stand out from the competition.
This is where market research comes in : precise research on a niche of consumers or part of the market that allows you to delve deeper into all the aspects we have mentioned and colombia phone data others that you will learn about by reading this article.
Ready to learn how to conduct market research ?
What is a market study?
A market study is a research carried out in order to understand the specific conditions of a niche or sector in which a company wishes to place its products or services.
Typically, the focus of market analysis is directly centered on the target audience that consumes a product or service related to the business you want to do.
Within the information collected from a market study you can find:
Purchasing and consumption habits
Information about preferences
Contact information
Consumer trends
Market leaders
Consumer behaviors
To obtain this information, market studies seek to answer questions such as: what do they buy?, who buys?, where do they buy?, what brand do they choose?, why do they buy/choose it?, among others.
When to conduct market research?
Market research is usually conducted before launching a product or service and is part of a company or startup's business plan .
They are one of the fundamental pillars for developing cost, marketing and sales strategies . However, it is advisable to continue periodically analyzing the market and the competition to stay abreast of new trends in the business.
New studies can also be generated when planning to launch a new product , expand a brand or introduce it to a market other than the one you already handle, for example a new country or region or a different sector of the population.
Now that you know what a market study is and when to do one , let's see what uses are given to this research.