Market Research provides important information to identify and analyze the market need, market size and competition. Don’t stay in the dark, get an edge over your competition by revealing their Market Research find out what they focus on, what they are trying to promote and how they plan to do it. Market Research can also provide valuable insight to help your build a stronger business plan:
- Reduce business risks
- Spot current and upcoming problems in your industry
- Identify sales opportunities
This includes social and opinion research and it is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
Determining your objective should be accomplished after the analysis has been performed. This allows achievable goals or objectives to be set for the organization.
- Strengths: characteristics of the business or project that give it an advantage over others.
- Weaknesses: characteristics that place the team at a disadvantage relative to others
- Opportunities: elements that the project could exploit to its advantage
- Threats: elements in the environment that could cause trouble for the business or project
A written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity not only should be used in the creation stage of the company, but could also be used throughout the life of the company. This information is essential to the success of a business.
Market Research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once the research is completed, it can be used to determine how to market your product.
In many competitor analyses, marketers build detailed profiles of each competitor in the market, focusing especially on their relative competitive strengths and weaknesses.
Marketing managers will examine each competitor’s cost structure, sources of profits, resources and competencies, competitive positioning and product differentiation, degree of vertical integration, historical responses to industry developments, and other factors.
Market Research Analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.