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Thursday, June 17, 2021

Study and analyze the market.. Steps to accomplish a daunting task

Study and analyze the market
Study and analyze the market

Marketing is a communication process based on understanding; i.e. understanding the product to consumers, but this understanding is not possible without properly studying and analyzing the market; without in-depth and thorough research of the market in which you want to work it is very likely that you will offer a product that does not suit your target customers.

So the first Test through which market analysis shows the importance is to offer a product that is compatible with the needs and desires of customers, but this in itself would not be possible without understanding and studying the customers themselves.

Not only that, but without studying and analyzing the market you will not be able to know who your customers are in the first place. Thus, the study of the market seems to be a fundamental issue, which precedes almost every step; all marketing efforts will be directed according to the results of the research process.

There are, of course, various methods of data collection, analysis and handling, but it is important to realize now that there is no success in marketing in general without a thorough understanding and study of the market.

Study and analyze the market

It can be said, for short, that market analysis is a process of comprehensive qualitative and quantitative assessment of the current market, not to mention the process of collecting information about the market within the industry.

The market study focuses on understanding and analyzing market dynamics, and factors that influence customers negatively and positively; i.e., knowledge of factors that motivate or alienate them from buying.

Market analysis also means understanding the size and value of the market, the segments of potential customers and their purchasing patterns, the position of competitors, the overall economic environment, including barriers to market entry and legislation and regulations governing the industry in general.

The market analysis process goes through four stages, or attempts to answer four different types of questions; first, it attempts to explore, know and identify the overall market situation, as well as the direction of the industry in which it wants to operate, and what its potential future is.

Second, it focuses on customer knowledge-market analysis is customer analysis for the most part-and knowing the most suitable category to target, as well as knowing their needs and desires; that is a fundamental issue.

And third: the market analysis process tries to determine the nature and strength of your competitors in the market, and find out their strengths and weaknesses; their weaknesses are the loophole you will run into the market, through which you can provide added value to customers.

Fourth: the process of market analysis means the issue of pricing, which is very important and explained long, but it is important to realize that market analysis helps to position the company within the market properly, and to offer products at prices proportional to the solvency of the target group.

How to study the market?

If in the previous presentation we stood on what market analysis is and its importance, we must chart the way for how to do this process.

It is important to know that the search-related marketing is one of the hardest parts in the marketing process, and success requires different skills, analytical and Statistical, but, in the end, it must be necessary.

The "ExplanationsPro" steps to study and analyze the market properly as follows..

Determine the personality of buyers

You won't be able to venture into and succeed in a project without knowing who will buy from you, and this is as logical as it is important.

At this stage of the market analysis, you need to know some important elements about the personality of buyers such as age, place of residence, size of income, level of education, quality of work.. Etc.

All of these elements will be an answer to a particular question in the process of preparing a marketing plan.

Customer segmentation

In the first stage of the market analysis process you are concerned with studying the whole market; as long as you have not yet figured out what the customers are, but at this stage you have to divide these customers into similar groups of customers؛ That is, make groups of people of similar qualities and characteristics; such a process will make it easier for you to deal with the segment that you will later target.

Study and analyze the market.. Steps to accomplish a daunting task
Study and analyze the market.. Steps to accomplish a daunting task

Research questions

Each research has its own questions, its different methods of data collection, there are those who use surveys, “focused” focus groups, online questionnaires, or case studies.

Researchers veteran they know when to use each of these tools, and how? But it is important to realize that after selecting and selecting the research tool, it is important to prepare the questions in advance and well, the question is part of the science, as they say, and the wrong question will only lead to wrong data.

So, prepare research questions before actually engaging in market analysis, and make sure that the questions you ask are answered will get you the information you want.

Summing up the results

After putting so much effort into data collection and analysis, the next step of market analysis is to summarize the results; your search should produce several practical results that can be used to make the marketing plan.

After obtaining this knowledge, you understand your customers optimally, and become aware of the processes and transformations of the market in which you operate, and it is easy for you, therefore, to provide added value, and to meet the desires of your customers optimally, and thus you have known the path to success.

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