Making a market study

Making a market study

Market research is the collection and analysis of certain information from the market, usually to determine the feasibility of starting a new business or launching a new product to market.
People often think that making a market study is a complex task that is why we should hire the services of a specialist to help us do it now; However, the fact is that market research is something that any of us can do if we have the will and know the steps.
Let's look at what are the steps to do a market survey (in each step will include a simple example on conducting a study to determine the feasibility of starting a new business):
1. Determine the need to study
First we determine the need for market research;that is, the reason why it becomes necessary to do so.
Generally a market study to determine the feasibility of starting a new business or launching a new product to market is made; however, we can also perform market research whenever we need to collect and analyze certain information from the market, for example, to identify a business opportunity, to find the cause and solution to a problem, to measure customer satisfaction, etc. .
Example: it is necessary to conduct a market study that allows us to know the feasibility of opening a bar, besides knowing the characteristics of the target audience and future competition in order to make better decisions and design better strategies.
2. Establish the objectives of the study
Once you have determined the need for market research, the next step is to set goals that will have the same.
The objectives of market research arise from the need to study, and are often related to the industry or sector in which we will enter, consumers which we will direct, and the competition will have .
Example: after determining the need for market research, it is determined that the study has the following objectives:

    understand and analyze the sector of the bars.
    acceptance know you could have a new bar.
    know the tastes, preferences, customs and habits of consumers who make up the target with respect to the business of the bars.
    know the main strategies, strengths and weaknesses of future competition.

3. Identify the information to be collected
Once you have determined the need for market research and goals we want to achieve with it, the next step is to determine the information we collect.
The information collected should be to allow us, once analyzed, meet the objectives of the study.
Example: To meet the objectives of the study, it is determined that the information to be collected shall be as follows:

    the situation in which the sector is located bars.
    acceptance of a new bar by the target audience.
    the main drinks and meals that the target audience prefers a bar.
    the concept or theme you prefer for a bar.
    Key Competitors bars.
    the main drinks and meals offered by competitors bars, its main strategies to attract and retain customers, and its main strengths and weaknesses.

4. Determine the sources of information
Once you have determined the information we collect to our study, the next step is to determine the sources from which we will obtain such information.
The sources of information are usually classified in primaries and secondary sources:

    Primary sources : are the sources that provide information "first hand" for the current study;for example, consumers, customers, competition, company employees, company records, etc.
    Secondary sources : are the sources that provide information that has already been collected and used for purposes other than current study; for example, databases, government entities, books, newspapers, magazines, etc.

Example: the sources of information where you get the information required shall be:

    primary sources: consumers who make up the target audience, future competition and former workers of it.
    secondary sources: reports and publications related to the sector of the bars.

5. Select and develop techniques for collecting information
Once you have determined the information we collect and the sources from which we are going to get, the next step is to select and develop the techniques that we use to collect the required information.
Among the main data collection techniques are the survey , interviewing, observation , themarket test , the focus group and survey.
Example: data collection techniques to be used to collect the information required shall be:

    technique of observation reports and publications related to the sector of the bars will be observed, is observed to consumers when going to the bars of future competition, and be seen to future competition in respect of care provided, theme and decoration and offered drinks and meals.
    survey technique: it will survey a representative sample of consumers that comprise the target audience. The questions included in the questionnaire of the survey are as follows:
        Do you go to you at bars?
        How often do you go to a bar?
        How often spend on average in a bar?
        What drinks usually ask?
        What foods usually ask?
        What is your favorite theme or concept for a bar?
        What do you like best of a bar?
        What are bars usually go?
        Would you be willing to go to a new bar?
    interview technique: brief interviews with former workers of the future competition, where he consulted on the business of bars as well as the main strategies and strengths and weaknesses of the bar where they worked will be made.

6. Collection of information
Once you have determined the information we collect, sources where we get, and information gathering techniques that we use, the next step is to effectively make the collection of information.
Example: to enforce the collection of information we turn to government agencies and the Internet to review reports and publications on the sector of the bars, and we went to the bars of future competition and observe the behavior of consumers, drinks and meals more orders, the care provided, the subject and the decor, and offered drinks and meals.
Also, we appointed managers make the target audience surveys, coordinate and direct the survey, and contacted former employees of the expectant competition and consult them about the business of the bars, and the main strategies and strengths and weaknesses of bar where they worked.
7. Analysis of information
Once you have collected the required information, the next step is to post the data, process, analyze and draw conclusions.
Example: after having collected the required information, the data were recorded, processed, analyzed and the following conclusions were obtained:

    bars sector is a sector with good prospects mainly due to the promotion of national drinks being made by the government, and has generated result in bigger audiences to places where it is offered.
    consumers who make up the target audience are willing to go to a new bar, provided good drinks and meals are offered, good care is provided, and counted with a friendly atmosphere.
    competition is high, however, most bars do not differ much from the others, so the best way to deal with the competition would have a distinction that could be shaped by innovative drinks and / or a striking theme.

8. Presentation of the study
Finally, we write the development and results of our market research, and present it to the appropriate or, in any case, we include in our business plan .
Example: we write market research we have done (need there was of the study, the study objectives, the information collected, the sources from which the obtained and the techniques used to collect it, including the questionnaire survey and the tabulation of results, and conclusions drawn from the analysis of information), and include it in our business plan in the appropriate section.