Marketing research of the market

Marketing research of the market aims at establishing an information and analytical base to take marketing decisions and hence to reduce a level of related uncertainties.
The outcome of market research in marketing is understanding of competitors’ activities, a market structure, economic trends in the market, study of technical achievements and many other factors, which make up a business-climate that allows to be closer to consumers, understand and feel their needs and tone.

Stages of market research

  • Define goals and main objectives of market research
  • Compose a consistent plan of marketing research of the market
  • Define realistic deadline and maximum budget for market research
  • Define methods of market analysis and information sources about the market
  • Conduct needed marketing research of a goods or services market
  • Prepare a descriptive analysis of aggregate information with outcomes
  • Compose a consolidated report on market research
  • Prepare a presentation on the conducted marketing analysis of the market

Principal types of marketing research of the market:

  • Market potential
  • Customer segmentation
  • Goods and pricing trends
  • Sales channels
  • Competitive situation
  • Regional aspects
  • Issues of regulation and taxation
  • Analysis of key indicators of company activities based on juxtaposition with sectoral standards
  • Define areas in need for improvement, and main growth stages
  • Sectoral analysis: current state and perspectives
  • Competitive analysis: main players and their strategies
  • Select a business model of market access
  • Risk analysis
  • Legal regulation and industry taxation
  • Analysis of market access options (starting a company from “scratch”, acquiring an existing business, joint ventures and etc.)