The aim of a Market Study is to evaluate markets, competitors, trends, success factors as well as opportunities and risks in the target market. These findings are essential for strategic business decisions. They show companies how to best use their growth potential and help with the budgeting process for planned projects.
Successful businesses have extensive knowledge of their customers and their competitors. Market research is the process of gathering information. This research will make you more aware of how the people you hope to sell to will react to your current or potential products and services.
Whether you are aware of it or not, as a business owner you conduct market research all the time. When you talk to customers about your business or check out the prices of your competitors you are conducting market research.
Formalizing the process within a Market Study can produce a wealth of information about your products and services, your customers and the marketplace you operate in.