Elements of a market study
Posted: Tue Jan 07, 2025 6:37 am
In order for market analysis to allow you to make your company's marketing plan in the best possible way, it must cover certain important elements in the research.
We present more information about each element below.
1. Target audience
Before developing a product or service, it is essential to know how your target audience behaves and what their main characteristics and needs are.
To do this, part of the market study must focus on gathering information about where consumers live, what their tastes are, how much money they earn, what brands they prefer, among others.
Knowing all this will allow you to specifically and colombia phone data effectively address the needs of consumers with your product or service and create strategies to approach them directly.
2. Product
This element focuses on detailing in depth what you are going to offer to the market and how it will satisfy the needs of consumers.
The information obtained here must be directed exclusively to what you offer and not the competition, so the market study will answer questions about the competitive advantages of your product, its quality, its design, among others.
With the conclusions from this segment, you will be able to accurately identify who the ideal consumers of your product or service are, what you need to improve compared to the competition, and determine a competitive price in the market.
3. Competition
All markets have direct and indirect competition, so it is vitally important that your market analysis has conclusive data on what your competitors sell, how they market, their market penetration, their prices and even their reputation.
Of all the elements of a market study, this is the most important to see the growth of your brand, since you may have advantages over your competition that you do not know about and that you can take advantage of.
In addition, from here you can find opportunities to work on the added value of your product , as well as highlight aspects that your business has and others don't.
4. Market
Although it may sound obvious, this segment has a very different approach than what is thought, since in addition to researching the competition and consumers, the market study must also consider a more general level, such as the economy or the social context.
It is important to take this data into account when creating your strategy, as it directly and indirectly influences consumer and competitor behavior.
We present more information about each element below.
1. Target audience
Before developing a product or service, it is essential to know how your target audience behaves and what their main characteristics and needs are.
To do this, part of the market study must focus on gathering information about where consumers live, what their tastes are, how much money they earn, what brands they prefer, among others.
Knowing all this will allow you to specifically and colombia phone data effectively address the needs of consumers with your product or service and create strategies to approach them directly.
2. Product
This element focuses on detailing in depth what you are going to offer to the market and how it will satisfy the needs of consumers.
The information obtained here must be directed exclusively to what you offer and not the competition, so the market study will answer questions about the competitive advantages of your product, its quality, its design, among others.
With the conclusions from this segment, you will be able to accurately identify who the ideal consumers of your product or service are, what you need to improve compared to the competition, and determine a competitive price in the market.
3. Competition
All markets have direct and indirect competition, so it is vitally important that your market analysis has conclusive data on what your competitors sell, how they market, their market penetration, their prices and even their reputation.
Of all the elements of a market study, this is the most important to see the growth of your brand, since you may have advantages over your competition that you do not know about and that you can take advantage of.
In addition, from here you can find opportunities to work on the added value of your product , as well as highlight aspects that your business has and others don't.
4. Market
Although it may sound obvious, this segment has a very different approach than what is thought, since in addition to researching the competition and consumers, the market study must also consider a more general level, such as the economy or the social context.
It is important to take this data into account when creating your strategy, as it directly and indirectly influences consumer and competitor behavior.