If you want to create a business and want to do a successful market study, continue this article.
The idea of creating a successful market study is one of the most important stages that a person must do before starting the implementation of his project, but this process is somewhat complicated for most people, so they should seek the assistance of a specialist or see the most important basics and stages of making a successful market study. That I will show you in this article.
Definition of the market
The market or as some people know the store is the place where the buyer meets the seller in order to buy what he wants and the indication of the word market is that it is the total demand of potential consumers for a specific good or service and the market contains a group of sellers involved in providing supplies and products to consumers for the purpose of selling and making money.
Steps and stages of doing a successful market study
As we mentioned previously, a successful study of the market is one of the most important steps that must be taken before starting implementation of any project because it is considered the only thing that determines the method of marketing because marketing does not take place unless the producing facility reaches the desired market to complete the exchange process with customers and this process is called Targeting the market Moreover, the market study for a new product is done through targeting, which is usually done in one of two ways:
Targeting the entire market without looking at the differences between its members.
Targeting a specific segment after the market hashed into parts whose members are similar in characteristics.
Steps to make a successful market study
First, you must search for the appropriate market for your project or products. For example, you can search for the Egyptian or Saudi market in terms of region or in terms of specialization, then you can search for the mobile phone market or cosmetic products. And you can make this step with ease, by looking at the economic statistics that exist in magazines or searching on the Internet.
Second, analyze the results to verify the areas of weakness and strengths of the information gathered.
Third, you will have to write a detailed report on the market study of a new product or project, knowing that this report should contain the risks and threats that you may face as well as the main success factors. The SWOT strategy will help you write this report.
The last step you should talk about money before going into any project. And always remember that no investor will think of your project before answering the cost and potential profit.