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.