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Any company that wants to remain competitive in today´s market, which is characterized by a globalized economic world should be governed by customer demand, the market itself, and and organizations own capacity to respond and adapt to these requirements.


The purpose of a market research study is to determine whether your intended product or service business has enough value streams to meet the financial projections of your business model.

The complexity of today’s current business decisions requires thorough knowledge of the various markets, especially yours. Administrative experience and judgment are, of course, important ingredients for making decisions, but should be strengthened and expanded with empirical data, both qualitative and quantitative, from practical field research.

Market research has an obligation to assist in effective planning and decision-making in both general and individual customer markets. This due diligence can take many forms and secure trending user activities ranging from consumer, commercial, and institutional.

A market research study objectives is to determine the market potential for products or services, taking as base criteria that the financial projections developed by the Directors of the Company Franchisor for business, are likely to be met.

Market research on a project, service, or product, is to discover what will be the marketing objectives of the organization. Then determine if the planned actions are beneficial for the company to achieve its overall marketing objectives The goal of these objectives must consider the available resources that the company can, in fact, provide, but should never include resources that the company is not able to provide.

In companies with a set of objectives that affect the potential market research on a project without being limited. These objectives are:

1. Population size relative to the target market of the company
2. Socioeconomic analysis of the target
3. Measurement of homes vs. workplaces (area)
4. Vehicle and pedestrian traffic
5. Analysis of distances and access roads
6. Competition from other businesses currently located in the intended market area

Estimated market size defined as (target population), by (average cost of consumers), by (frequency of consumption), projected annually to eliminate the potential seasonality factor.

These studies include maps, charts, and graphs that promote appropriate decision-making. They also make the most desirable areas and points to carry out advertising campaigns.

MARKET RESEARCH STUDY ON A PROJECT

Market research refers to the availability of resources necessary to carry out the objectives or goals identified, the market analysis is based on three key aspects:

1. Operations.
2. Technical.
3. Economic.
  
The success of the project is determined by the degree of market research which is available in each of the above three aspects.

A market research study is used to collect information related to the development of a project and based on that make the best decision, to proceed to his study, development or implementation.

A. Purpose of a Market Research Study:
1.  To assist an organization achieve its objectives.
2.  Cover the targets with current resources in the following areas

a). Technical Market Research.
 ● Improving the current system.
 ● Availability of technology to meet the needs.

b.) Economic Market Research.
 ● Time required for the analysis.
 ● Total cost of expenditures required for the study.

c.) Operational Market Research.
 ● Operation guaranteed.
 ● Use guaranteed.
 

These studies include maps, charts, and graphs that promote appropriate decision-making. They also increase the most desirable areas and points to carry out advertising campaigns.

The success of the project is determined by the degree of market research which is available in each of the above three aspects.

A market research study is used to collect information related to the development of a project and based on that make the best decision, to proceed to his study, development or implementation.

In companies with a set of objectives that affect the potential market research on a project without being limited. These objectives are:
 
●Error reduction and greater accuracy in the process.
●Cost reduction through optimization or elimination of unnecessary resources.
●Integration of all areas and subsystems of the company.
●Updating and improving services to customers or users.
●Acceleration data collection.
●Reduced processing time and task performance.
●Optimal automation of manual procedures.

RESOURCES OF MARKET RESEARCH STUDIES

The identification of resources for a market research study follows the same pattern seen previously seen by the objectives, which should be reviewed and evaluated if it becomes a task. These resources are discussed in terms of three aspects:

a) Operational Market Research.

Directs assessment to resources that encompass some action (processes) that will depend on human resources involved in the operation of the project. During this stage, identify those activities that are necessary to achieve the desired objectives to evaluate and determine everything that is needed to carry it out.
 
b) Technical market Research:

Refer to resources such as tools, knowledge, skills, experience, etc.., Which are required to undertake the activities or processes required for the project. We often refer to tangible (measurable). The project should consider whether the current technologies are sufficient or need to be supplemented.
 
c) Economic Market Research.

Refers to the economic and financial resources necessary to establish or carry out the activities or processes and / or to obtain the necessary resources to be considered is the cost of time, the cost of implementation and cost of acquiring new resources.
  
Generally the financial market research is the most crucial component, and that through the other gaps are solved other resources, is the most difficult to obtain and requires additional activities when not possess.

Market research has a responsibility to assist in effective planning and decision-making, in both traditional and unique customer markets. This due diligence can take many forms and involve trending consumer activities ranging from industrial, commercial, and institutional.

Marketing research must be considered a one of the most significant activities in any business, irrespective of its size or service. An organization will have no chance of success if it has not completed a thorough market research study to determine the requirements of their existing and potential customers.

 

About the author

John R. Daly

John R. Daly

John R. Daly was born in the Bronx borough of New York City. When…

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