Market research is the collection and analysis of information. Its objective is to identify the specificities of markets while analysing how they function. This study can take place in 2 phases: the general plan and the commercial plan. This is a crucial step in the creation of a company.
What service provider to contact to undertake a market study?
The intervention of a specialist to carry out a market study has several advantages. The manager can save time when he entrusts the task to an external service provider. The company’s employees can concentrate on more important tasks by hiring an external service provider to carry out the study. There are a number of experienced firms and companies willing to do this. It is also important to carry out a market study before setting up your company. Thus, project creators and business owners can contact market research firms, consulting firms, online market research companies, etc.
When choosing a service provider to carry out a business plan or market research, there are several criteria to choose from. For example, the size of the company, the expertise of the agency regarding the nature of the company’s sector of activity, etc. The choice of the research firm also takes into account the type of clientele, price, reputation and know-how. Entrepreneurs will also need to find out about the type of survey carried out and the values conveyed to clients.
Importance of market research
Market research is an essential step in a business creation project. It is one of the key elements in a commercial strategy and marketing organisation. The usefulness of this approach consists in reducing the risks of failure. Thanks to market research, bad commercial strategies can be avoided by trying to sell a useless service or product. By analysing market information, analysis allows company founders to determine the needs and expectations of future customers.
Market research for a business creation or takeover project
The main advantage of market research is that it helps entrepreneurs to carry out their business plan. Thanks to their intervention, experts advise entrepreneurs on the measures that are essential to make the right choices in order to achieve a professional project. In this way, the specialists will be able to determine the best legal form for the new business. They also take care of determining the market.
In this case, they will have to find out about the historical development of the market in order to make the right decisions at the right time. In the course of a market study, it will also be necessary to determine the consumption habits of the future clientele. When setting up a company, it is also necessary to know the standards, laws and guidelines. Find suppliers or find out about competitors.