Market research
Defining goals
and analysis tasks
- Identification of customer needs:
- Understanding exactly what market analysis is needed for (for example, launching a new product, expanding a business, entering a new market, assessing competitiveness).
- Formulation of key issues: Identification of specific aspects of the market that need to be investigated (for example, market size, target audience, competitive environment, pricing).
Data collection and analysis:
Desk research:
Analysis of open sources of information: industry reports, statistical data, media publications, data from search engines, databases.
Research of competitors' websites and their marketing materials.
Analysis of data from government sources and specialized resources.
Field research:
Surveys (questionnaires):
Conducting online or offline surveys of the target audience to collect information about their needs, preferences, and attitudes towards the product/service.
Interviews:
Conducting in-depth interviews with market experts, target audience representatives, distributors, etc.
Focus groups:
Organization of group discussions with representatives of the target audience to identify their opinions and reactions.
Analysis of open sources of information: industry reports, statistical data, media publications, data from search engines, databases.
Research of competitors' websites and their marketing materials.
Analysis of data from government sources and specialized resources.
Field research:
Surveys (questionnaires):
Conducting online or offline surveys of the target audience to collect information about their needs, preferences, and attitudes towards the product/service.
Interviews:
Conducting in-depth interviews with market experts, target audience representatives, distributors, etc.
Focus groups:
Organization of group discussions with representatives of the target audience to identify their opinions and reactions.
Analysis of the received data:
- Determining the size and capacity of the market: Estimating the current and potential market volume in monetary and physical terms.
- Market segmentation: The division of the market into consumer groups according to various criteria (demography, psychography, behavior).
- Target audience analysis: A description of the main characteristics of the target segments, their needs, motivations, and purchasing behavior.
- Competitive analysis: Identification of the main competitors, analysis of their strengths and weaknesses, market share, pricing policy, marketing strategies.
- Analysis of market trends and prospects: Identification of key trends affecting the market, forecasting its development in the near future.
- SWOT analysis: Assessment of business strengths and weaknesses, opportunities and threats from the market.
- Pricing analysis: The study of the current price situation in the market, the pricing of competitors, and the determination of an acceptable price for a product/service.
- Sales channel analysis: Research of existing sales channels and evaluation of their effectiveness.
- Legislative analysis
Preparation of the report and recommendations:
- Preparation of an analytical report: Systematization of the data obtained and the results of the analysis, their presentation in a clear and understandable form (graphs, tables, diagrams).
- Formulation of conclusions: Summary of the main research results.
- Recommendation development: Providing specific recommendations to the customer on marketing strategy, product positioning, pricing, sales channels, etc.
- Presentation of results: Defending research results and answering customer questions.
Depending on the specifics of the project, market analysis may also include :
- Value chain analysis.
- Analysis of companies' image and reputation.
- Risk assessment.
- Development of a marketing plan.
It is important to note that qualitative market analysis requires a professional approach and the use of proven techniques. Therefore, when choosing a company that provides market analysis services, you should pay attention to its experience, the qualifications of specialists and the research methods used.
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