What is a market study and how to conduct it?
Posted: Wed Dec 11, 2024 3:20 am
Companies are increasingly equipped with more tools and techniques to understand what their customers want and analyze industry trends . Market research, which we explain below, helps to obtain information to develop new products or marketing strategies.
The European Vocational Training Centre offers various online Higher Degree courses , such as the Higher Degree in Online Marketing and Advertising , which allow training in this sector through innovative and experiential education.
What is a market study?
A market study is a research carried out with the purpose of analyzing the commercial and economic viability of an idea, project, or product. In the business field, this overseas chinese in europe data practice offers vital information about the target audience, competitive challenges, and trends that may influence the marketing of the product.
Main objectives of a market study
When conducting a market study, it is expected to obtain relevant information regarding:
The target audience and their needs.
The most competitive prices.
The profitability of the sector.
The most appropriate marketing strategies and campaigns.
The weaknesses and strengths of the product.
Types of market research
Within the business field, there are three fundamental types of market research . These serve as pillars for understanding and analyzing consumer behavior, market trends, and business opportunities.
Exploratory study: used to gather initial data before carrying out more detailed research. Secondary sources such as specialist journals, published documents or consultation with expert professionals are used.
Descriptive study: analyzes the current market situation based on economic and business indicators .
Casual study: seeks to establish cause-effect connections in the phenomena observed in the market. To do so, it focuses especially on exploring the relationships between sales and the possible objective causes behind them.
How to conduct an effective market study: key phases
When conducting an effective market study, it is necessary to divide the process into five phases and find answers to strategic questions.
Defining the study objective: what is the company's objective?
Developing the study plan: what strategy should be adopted to achieve this objective?
Gathering information: what data should be analyzed?
Analysis of the collected data: How are the collected results interpreted?
Presentation of the results of the study: which marketing strategy is most suitable for the identified trends?
Market research tools and techniques
Among the tools and techniques available to gather relevant market information, we can mention:
Focus groups: these bring together groups of between six and thirty people. They consist of dynamics where discussion is encouraged to find out the opinions of the participants.
In-depth interviews: This approach allows participants' opinions and experiences to be explored in depth through detailed questionnaires that provide a more complete understanding of the topic being studied.
Online surveys or polls: This is a very popular option nowadays. New technological tools make it easy to conduct online surveys and analyse the results quickly and accurately.
Telephone surveys: These are the most commonly used surveys to gather the opinions of more traditional audiences without access to online options.
Observational studies: These involve observing customer interactions with the product to identify possible improvements or changes.
Competitor analysis: A company's performance is evaluated in comparison to other companies. This method allows the company to identify strengths and weaknesses in relation to similar products in order to seek competitive advantages.
Why is it important to have a good academic foundation?
In order to carry out professional and effective market research, it is necessary to have a solid academic background in marketing and advertising .
In vocational training courses, such as the Higher Degree in Marketing and Advertising in Madrid or the Higher Degree in Marketing and Advertising in Valencia from the European Vocational Training Centre, students are taught how to analyse the market, identify customer segments and design effective marketing and advertising strategies.
These courses, and others such as the Dual FP in Marketing and Advertising in Madrid , offer multiple significant advantages, such as:
Practical and up-to-date training provided by industry professionals.
Rapid job placement as it is an eminently technical training.
Wide range of roles within advertising agencies, marketing departments or companies , or even in the world of digital entrepreneurship .
In short, conducting market research is essential to understanding the business environment . Having a solid background in marketing and advertising provides the skills needed to stand out and take advantage of job market opportunities.
The European Vocational Training Centre offers various online Higher Degree courses , such as the Higher Degree in Online Marketing and Advertising , which allow training in this sector through innovative and experiential education.
What is a market study?
A market study is a research carried out with the purpose of analyzing the commercial and economic viability of an idea, project, or product. In the business field, this overseas chinese in europe data practice offers vital information about the target audience, competitive challenges, and trends that may influence the marketing of the product.
Main objectives of a market study
When conducting a market study, it is expected to obtain relevant information regarding:
The target audience and their needs.
The most competitive prices.
The profitability of the sector.
The most appropriate marketing strategies and campaigns.
The weaknesses and strengths of the product.
Types of market research
Within the business field, there are three fundamental types of market research . These serve as pillars for understanding and analyzing consumer behavior, market trends, and business opportunities.
Exploratory study: used to gather initial data before carrying out more detailed research. Secondary sources such as specialist journals, published documents or consultation with expert professionals are used.
Descriptive study: analyzes the current market situation based on economic and business indicators .
Casual study: seeks to establish cause-effect connections in the phenomena observed in the market. To do so, it focuses especially on exploring the relationships between sales and the possible objective causes behind them.
How to conduct an effective market study: key phases
When conducting an effective market study, it is necessary to divide the process into five phases and find answers to strategic questions.
Defining the study objective: what is the company's objective?
Developing the study plan: what strategy should be adopted to achieve this objective?
Gathering information: what data should be analyzed?
Analysis of the collected data: How are the collected results interpreted?
Presentation of the results of the study: which marketing strategy is most suitable for the identified trends?
Market research tools and techniques
Among the tools and techniques available to gather relevant market information, we can mention:
Focus groups: these bring together groups of between six and thirty people. They consist of dynamics where discussion is encouraged to find out the opinions of the participants.
In-depth interviews: This approach allows participants' opinions and experiences to be explored in depth through detailed questionnaires that provide a more complete understanding of the topic being studied.
Online surveys or polls: This is a very popular option nowadays. New technological tools make it easy to conduct online surveys and analyse the results quickly and accurately.
Telephone surveys: These are the most commonly used surveys to gather the opinions of more traditional audiences without access to online options.
Observational studies: These involve observing customer interactions with the product to identify possible improvements or changes.
Competitor analysis: A company's performance is evaluated in comparison to other companies. This method allows the company to identify strengths and weaknesses in relation to similar products in order to seek competitive advantages.
Why is it important to have a good academic foundation?
In order to carry out professional and effective market research, it is necessary to have a solid academic background in marketing and advertising .
In vocational training courses, such as the Higher Degree in Marketing and Advertising in Madrid or the Higher Degree in Marketing and Advertising in Valencia from the European Vocational Training Centre, students are taught how to analyse the market, identify customer segments and design effective marketing and advertising strategies.
These courses, and others such as the Dual FP in Marketing and Advertising in Madrid , offer multiple significant advantages, such as:
Practical and up-to-date training provided by industry professionals.
Rapid job placement as it is an eminently technical training.
Wide range of roles within advertising agencies, marketing departments or companies , or even in the world of digital entrepreneurship .
In short, conducting market research is essential to understanding the business environment . Having a solid background in marketing and advertising provides the skills needed to stand out and take advantage of job market opportunities.