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The stages of market research.

Carrying out a market research consists of studying the different parties and factors involved
in this market.

The demand (potential customers):

  • Who are the current clients or the people who are looking for products/services
    similar to mine?
  • How many of them are there?
  • Where are they situated geographically?
  • How often do they consume the concerned products/services?
  • What budget do they devote to it (per day, per month or per year?)
  • Which needs are satisfied through these products/services? (achievement needs,
    self-esteem needs, love/belonging needs, safety or physiological needs)
  • How have the above elements evolved over the last few years? What are the future prospects for the coming years?

The supply (the competition):

  • Who would be my competitors?
  • How many of them are there?
  • What kind of information can I get about their financial situation?
  • What is their activity development over the last years?
  • What are their strengths?
  • What are their weaknesses? Would I be able to use their weaknesses to carve out a place on the market?

The suppliers:

  • Who are my potential suppliers?
  • Which products or services can they provide for me?
  • What are their terms of sale? Etc.

The environment (distant elements which can have an influence on the project):

  • What is the political climate and can it have an influence on my business?
  • Is the evolution of the consumption habits favourable for my project?
  • Are there any trade barriers?
  • The regulations
  • Are there any laws, norms, directives, etc (in existence) which govern my business?
  • What are the collective labour agreements of my business? Etc.

Do you want to carry out your own survey?