Business

Market study

A market study is an investigation made by members of a company (or consultants) to find out the current state of the company in its market niche. With the results of this study, the right decisions can be made for the improvement of the organization.

What is it for?

As we said before, in companies you need to make decisions on a daily basis. When there is any difficulty in terms of your earnings or reputation in front of the public (target), it is best to know what your current status is. A market study is one of the best options to better understand the business landscape you are in.

In short, the market study serves to know the demand for the products or services that are sold, better suppliers, prices, define and know the competition and understand a little more the ideal customer. The supply, demand and target are the three pillars on which this study is based.

When to do it?

It can be done just before all products or services are launched on the market, that is, before opening the company to the public. It can also be done before launching a new service or product and thus know how good it can be both for the company and for the public that is already a customer.

This investigation can be carried out at any time of the year and during production , as it can be seen as a kind of audit or analysis that yields very good information that can be used by the organization.

Market study example

The following is the simple market study report from a fictitious company:

Presentation

A 5-year-old children’s clothing sales business wants a Market Study to determine the viability and profitability of introducing a new product section.

Development

Objectives:

Recognize the feasibility and profitability of the introduction of the beachwear (summer) and accessories section in the store.

Scope:

It is expected to recognize the customer data of the store only.

Hypothesis

The target audience for this store is women. They are the customers who most go to the store to buy clothes for their children or give gifts to nephews, cousins ​​or children of their friends. The impact that clothes to enjoy the summer have, especially in this public, will be studied, taking into account that moms, especially housewives, love to go on vacation to forget the routine. The clothes sold in this store are casual and elegant, so it would be a twist to integrate a new style.

Needed information

Find out the percentage of customers who might like the new clothing line.

Action planning

Customer surveys of the store will be conducted to find out their opinion about the new line of clothing and accessories.

The staff will carry out the surveys within a month and the analyst will present the results to the Manager, by means of percentages and mentioning the most viable products to introduce in the new section.

They will be done through the questionnaire in Annex X.

Questionnaire design

Annex X

Sampling process and sample size.

In-person customer surveys will be conducted in the store itself. The sample size will be 60 customers over the period of two months, with at least 1 daily by the staff of the same store.

Plan for data analysis

The percentage of all the responses obtained and the products that most attract the attention of the market was obtained.

Plan for data analysis

The percentage of all the responses obtained and the products that most attract the attention of the market was obtained.

conclusion

A survey was made of women between 20 and 50 years old, clients of the establishment, of which 73% are struck by summer products that include clothing and accessories, the rest were indifferent.

Regarding the pleasure of leaving home in summer to enjoy the beach or swimming pool in or out of the city, 69% admit to making plans during the year, while 30% prefer to rest at home.

In conclusion, most of the ladies are attracted to have the new products in the store. Some of those who were indifferent have among their claims to travel next summer, so it is not ruled out that they will become consumers of the new products.

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