How to Conduct Your Marketing Study?

Analyzing your market is not as simple as identifying your consumers. Your purpose of market analysis is to thoroughly acquaint yourself with all aspects of your market so that you can formulate a plan to capture a share of it. This includes your target market, general market description, demand determinants, factors affecting your market, demand and supply analysis and marketing strategies and programs documented. It is a must that you analyze your market since this is the key point of your success.

Why? Your market is your primary goal – you must provide and satisfy your market’s needs, wants and demands so you would be able to sell and earn.

Target Market

Target market is a group of individual you have chosen and aim your marketing and distribution efforts. In other words, they are your potential buyers of your products, your future user and influencers. When you focus on chosen group of buyers, you will then save your marketing expenses and efforts from wasting your time on consumers who have no interest in buying from you. And, defining well your target market will help you keep your marketing organized.

It is important that you identify your target consumers for you to have concentration and a straight forward strategies, programs and direction which are your stepping stone to success.

General Market Description

Defining your general market will provide you a concrete outline about your business. Reviewing and evaluating your description would give you ideas on formulating strategies of marketing your business and products, and alternative approach for anticipation of success and troubles.

Your general market description must have a clear illustration of the following:

  • Physical business boundaries of your market
  • Geographic size and distribution of your market
  • Names, properties, description and users of the product
  • Number of households to be served
  • Other communities affected by your business and market

Demand Determinants and Factors Affecting Your Market

Identifying demand determinants will guide you what, where, why, when and how will you offer your merchandise. This is necessary since this factors will give you a glimpse of your business future’s success and predicament, other than that, the factors will give you ideas to strategize on how will you work on your potential buyers and consumers, especially your primary goal to satisfy their need, wants and demands that would as well lead you to your objective – to establish your business and maximize your profit. Among the important determinants are the following:

  • Population of your target market
  • Income of your target market
  • Price preference and purchasing power
  • Changes in the user’s taste
  • Government policies and budget
  • Product alternatives

Demand and Supply Analysis

Demand analysis presents an estimate of the past, present and projected level of demand for the product to be offered. Demand indicates how much of your good consumers are willing and able to buy your product’s offering and price. You must not forget that, the higher the price the lower your consumer demands, while, the lower the price the higher your consumers demands.

Your supply as well indicates how much of your good producers are willing and able to offer for sale at a given period of time. In other words, supply analysis is an evaluation of the existing supply conditions – all you needed for the preparation and operations of your products, raw materials, water, electricity, machinery, etc.

You must never forget to assess your demand and supply conditions, since this will give you signs whether you are gaining or losing. If you have higher demand but lower supply, then you lose your earnings and might as well lose your consumers. And, if you have lower demand but with higher supply, you might as well be wasting your money since low demand and high supply will result to spoiled and out-modeled products which mean loss of earnings. That is why you must always balance your demand and supply to avoid lack and excess demands and supplies.

Marketing Strategies and Programs

Marketing Strategies are those you do to publicize and sell your products. This could be through well defined advertising, promotional campaigns, public relations, personal selling, pamphlets or coupons, free samples, etc. This various promotional tools will help you create customer awareness and attract potential buyers. But, this will depend of course on your product offerings and services, you must ensure that all your claims are what they could obtain on your products never mention anything that is not present on your products and services, or you would create a dubious reputation and might not be trusted anymore.

Why spend money on promotional tools? You may check on the article that I have previously written Why You Must Invest on Advertising, for more details so you would be well-informed about the importance of promoting your business and products.

Always remember that examining your market is important towards your success. Results of your study will give you well defined strategies and ideas on how to attract, maintain and stay profitable. Continue reading with us and share us your thoughts! Was this helpful?


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2 Responses to “How to Conduct Your Marketing Study?”

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