How to study the market

Market research is necessary for all those who are going to create their own business. Market research for these purposes includes market research, forecasting growth and development trends, and a study of the competitive environment.

Instruction manual

1

Everyone who is going to create their own business asks themselves questions - will my product be competitive? Who will buy it? Is there a free niche in the market or is it already occupied? For this, the future business owner needs to conduct market research.

2

Market conditions - this is the situation that develops in the market at a certain point in time, in which there is a process of sale and purchase of goods. A good knowledge of market conditions will reduce your risks, because without this knowledge you will not have a primary idea of ​​the market situation with goods similar to yours.

3

The next step after studying market conditions is forecasting. After analyzing the trends that are available on the market for goods similar to yours now and comparing them with those that existed a year or two ago, we can draw certain conclusions about how this market segment is developing in principle.

4

It is also important to be able to evaluate your competitors: your market strategy depends on the level of competition. If there are many competitors, then you will need more aggressive advertising, website promotion, etc. To evaluate competitors, it will be necessary to study three indicators:

1. the actual products of competitors;

2. their marketing strategies;

3. The differences between yours and their product.

5

Thus, market research involves the analysis of information about various companies producing and selling goods similar to yours. Sometimes it seems that it is quite difficult to do this, since many companies hide most of the information about themselves and their own products. However, company websites, the business press, and professional forums can often provide at least a minimum of information. Do not forget about other ways to study the market: for example, if you are planning to open a hairdresser, then, perhaps, the method that will give you the most information will bypass the institutions of competitors.