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- Herausgeber: 50Minutes.com
- Kategorie: Lebensstil
- Serie: Coaching
- Sprache: Englisch
Ready to take your business to the next level? Find out everything you need to know about effective market research with this practical guide.
If you are considering setting up your own business, then market research should be the first thing on your mind. How else will you identify your market, your competition and your potential clients? This helpful guide will tell you all there is to know about the basics of market research, allowing you to move into the world of business as prepared as you can be!
In 50 minutes you will be able to:
• Identify your target clientele and set your pricing and positioning accordingly
• Understand how to carry out effective market research
• Learn the best type of format to use for market research and whether you should do it yourself or leave it to professionals
ABOUT 50MINUTES.COM | COACHING
The Coaching series from the 50Minutes collection is aimed at all those who, at any stage in their careers, are looking to acquire personal or professional skills, adapt to new situations or simply re-evaluate their work-life balance. The concise and effective style of our guides enables you to gain an in-depth understanding of a broad range of concepts, combining theory, constructive examples and practical exercises to enhance your learning.
Das E-Book können Sie in Legimi-Apps oder einer beliebigen App lesen, die das folgende Format unterstützen:
Seitenzahl: 33
Veröffentlichungsjahr: 2017
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How to carry out market research
Problem: how can I carry out market research that will give me a good idea of the competition and the market before launching my product or service?Use: effective market research provides strong foundations and a method to anyone who wants to start up their own business or launch their own product. Professionaluse: marketing, coaching, network development, business creation, project management.FAQs:Is market research really necessary? How should I format my market research? What is the difference between market research and a business plan? How can I carry out research if I only sell my products or service on the internet? How much does market research cost? How do I know if my research is accurate? What method should I use if my project is extremely innovative?Market research is a concept which can seem daunting. When creating their own business, many people get discouraged even before they begin to investigate what it is all about.
However, it is a crucial step which, far from simply comforting you with the idea that your project is viable, should allow you to compare your projections and intuitions to the realities of the outside world. This is the perfect name for your market: “the outside world”. Like all domains, it works in its own way and has its own rules and regulations. It is also home to your competitors and your customer base. By comparing all of these different elements, you can determine your positioning, your predicted revenue, your business policy, and so on.
All this jargon may look a little frightening, but its aim is to allow you to set out armed with the knowledge of what is waiting for you. Market research will prevent you from losing precious time if you find out that your idea does not correspond to the needs of the market. It will also help you to make your project viable in the long term by forecasting changes in the market.
Whether you are an expert in your target sector or a complete beginner, this stage is absolutely essential, even if only to define a provisional amount of revenue, refine your sales technique or create a convincing business plan for your financial partners. Indeed, although it is not a definitive prediction, and is not necessarily 100% accurate, market research is still the cornerstone of all good business.
This guide aims to put you on the right path and allow you to turn market research from a chore into a personalised springboard for your project.
Preliminary reflections
A market, and what else?
A market is a place (either physical or virtual), where individuals called clients or buyers meet other individuals, called sellers, who can respond to their desires and sometimes even kindle them. This description therefore applies just as well to your local fruit and vegetable market as to the job market (in this case, the sellers are the companies and the buyers are the jobseekers).
GOOD TO KNOW
According to a study carried out by APCE (Agence française pour la creation d’entreprises, or “The French Agency for Business Creation”), in 2005 more than 70% of new business failures were due to trade problems, which is to say an incorrect estimation of revenue and the appropriate business strategy, the two factors which stem from market research.
