Anyone, who takes part in economic cooperation, works on any market, which is the economic system of relations between producers and consumers. Low sales figures may be the result of poor marketing or other factors, so you need to conduct marketing research on the product market.
It has the following indicators that are important in the analysis:
- Capacity. This is the amount of goods or services, which implements a specific segment of the market.
- Customer needs on the basis of which demand is generated.
- Geographic location. The market can be local, regional or global which extends to all countries.
Why is marketing research necessary?
The combination of supply and demand is an important parameter in the characterization of the marketing market. When demand exceeds supply, the seller simply makes no sense to invest money in marketing, as his goods will be purchased in any case. If the situation is the opposite, then it is the buyer who sets the tone, so the manufacturer needs to come up with additional ways to interest the consumer in order to sell his products. In this case, marketing research is important.
The analysis allows you to identify free market niches, to better understand consumer needs. The main objectives of the study are:
- determination of the share of the company products in the market segment;
- market trends study;
- study of basic consumer needs, demand, consumer expectations and behavior;
- identification new sources of sales, as well as free niches;
- assessment of competitors' performance to identify their strengths and weaknesses;
- analysis of pricing policy in the studied segment.
How is the marketing analysis of the product market carried out?
This process includes several main stages, the implementation of which will allow you to achieve the desired result.
The first step is to define the main goal of the analysis. It will be necessary to examine the target audience, the company's products, market structure, competitors, price and so on.
The second stage is the study of services or goods. By means of a survey or observation, the needs of buyers are determined. This gives an idea, what customers like or dislike about the product.
The third stage is determining the market capacity. The study allows you to understand, what product is becoming more or less popular. Calculations are made for a specific product and region.
The fourth stage is segmentation. It allows you to find the part of the customers, who are most interested in your product.
These are just a few of the first stages, which marketing research of the target product market involves. The analysis also assesses consumer behavior, the study of distribution channels, advertising effectiveness etc. If you need a comprehensive research, please contact ResearchView team to get professional advice, competent results and save your time and money.
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