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Market Research

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A market research is an initiative developed within the marketing strategies that companies carry out when they intend to study and learn about a specific economic activity.

Through the market research, a specific sector in which the company wants to enter through the production of a good or the provision of a service is analyzed and observed. To do this, you need precise conclusions about the environment in which you want to develop and the result that an entry would have in it given the characteristics of the good or service in which you have worked. All the information obtained will be a forecast of the company, useful when planning an investment or entering a market.

By observing it, the chances of success that would operate in it with a particular good or service offered are raised.

Objective of the market research

The main premise behind market research is to obtain a clear answer as to the number of consumers who would like to get the product, in what space the business would be developed, for how long and what price would be paid to get it.

That is, it's a research work on what is offered, who is offered and who else is offering something similar or similar in that market (market research and competition). For this, it'll be important to conduct a thorough analysis on several key points:

- Where are the potential consumers of my product geographically.
- What are the characteristics that define these people (technically, our target). For this, we will need to know your economic capacity, your tastes...
- How the sector in which we want to enter has behaved and what we think will happen in the future. Knowing the historical prices or the production costs of competitors can be very useful information.
- The role that the company offers in this sector would play; that is, if it's going to be something revolutionary or just another competitor.

Another important detail to take into account when conducting a market research is the study of the distribution channels that normally operate in the sector you want to enter, as well as approaching the way in which they work.

All this information will serve to give the company an idea of ​​the size of the investment you'll need to place your product on the market, as well as knowing where and at what time to do it. Finally, and not least, you'll meet your potential customers, those who in principle would like your product.

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