The qualitative market study is much smaller than the quantitative study but will be much more thorough.
The objective here is to reduce the sample queried but to increase the number of information collected. We will try to find out more about consumer behavior, what they are looking for first, what they like or do not like, the improvements they would like to find on a particular product or service …
The qualitative study can therefore be likened to an in-depth exploration of the demand that will obtain a lot of information. In return, the sample is relatively small and therefore less representative than a quantitative study.
Ultimately, the idea is to couple a quantitative study with a qualitative study, but this will require more time and / or more money.
The Market Research Documentary
The market research documentary will be done only through searches for documents providing information on the market in question. These include industry reports, interviews and articles, and documentation in professional organizations.
Pitfalls To Avoid A Market Study
A well-conducted market study must make it possible to perfectly identify the needs of the customers belonging to the targeted catchment area, to learn about the main players in the desired market and to analyze the future prospects of the desired sector.
Thus, When Carrying Out The Market Study, It Is Important Not To:
Neglecting the step of analyzing demand in the target market: poor knowledge of the needs and behavior of your potential future customers is detrimental;
Do not correctly delineate the next catchment area. If a market study is conducted at the national level and the company ultimately offers its products or services only in its locality, the risk of failure will be higher because the behavior of a population located in one place A will not be the same as that of the population located at a place B;
Neglecting the analysis of competition : it is imperative to know your future competitors, prices, products and services they offer and their qualities, their commercial policy, their distribution networks … Without this, how can one know if it is possible to find a place on the market and to offer an offer equivalent or superior to the others?
Ignore the regulation of the sector: it would be a shame to set up a business plan and realize late that one does not meet the requirements imposed by law to act on a particular market.
The three pillars of market research ( supply, demand and the environment ) must be analyzed with the utmost care. We can not study the needs of consumers by ignoring what is already offered by existing companies, analyze a market by not caring about the regulations that apply to it …
Tools For Conducting A Market Study
By searching on the internet, you will be able to come across a multitude of offers, which will range from the complete realization of the market research (the most expensive solution) to the purchase of report or pre-established document.
Two parameters will have to be taken into account by the contractor to choose the solution to adapt to realize his market study:
What budget do you want to give to do the market research?
Would you like to get involved in the realization of the market study?
Where possible, the idea is to get involved as much as possible personally in the realization of the market study. This will allow you:
To Make Significant Savings In The Business Creation Phase;
And above all, to get involved in the study of the market in which the future company will operate.
One of the essential elements for the success of a business creation lies in the perfect knowledge of the sector of activity in which one intervenes, which is unfortunately not always the case in practice.