Entrepreneurship, run a market study, investment, PESTEL analysis, report, market actors, customer's behavior, documentary study, benchmark, database, resources, interviews, methodology, sampling, group meetings, competitors, commercial strategy
Creating any company requires a market study done by entrepreneurs for a better understanding of the market they are willing to enter. This understanding of the market will give entrepreneurs the ability to easily convince their future investors. The efficiency of a market study is based on its ability to answer accurately all the questions related to the market, such as the offer and demand, along with the general environment in which the company intends to operate in.
[...] Therefore, entrepreneurs can use the PESTEL analysis in order to study the 6 dimensions of the environment. -Politics Entrepreneurs must know the political environment of the country where the company operates, along with the tensions and political stability. -Economics It is all about determining the economic situation of the country where the company operates, along with the level of the revenue and the unemployment rate. -Social It is all about values, norms, culture, level of education and the consumption habits of the targeted public. [...]
[...] This way, entrepreneurs can easily answer the central question and direct the choice of the subject. Conclusion Generally, each step of the market study requires a well-structured procedure in order to answer the questions. It is a simple method that helps entrepreneurs to have an overall idea about a market or markets, understand them before starting to operate in or before launching a product or service. Through research and collection of data, entrepreneurs can estimate the turnover; identify the actors of the market, determine the factors that will lead to success, along with the exploitation of the opportunities. [...]
[...] Typologies for example help the companies to put in place marketing actions, depending on the types of consumers. This type of study is based on two aspects such as the methodology and sampling. Documentary study It is a type of research conducted through interviews, the internet, and consultation and published documents that are linked to the topic being analyzed. All the information gathered from experts and professionals of the field will be summarized and analyzed in a report. Companies usually engage in such studies in order to understand and explain a buying act or start a benchmark, which requires relatively a low cost. [...]
[...] Here, it is important to know the trends along with the development of the demand. This way, it will be possible to determine the size of the market, the number of clients in the market, the quantities sold and finally, the customer's behavior. Moreover, it is also important to describe the clients by mentioning their motivations, the perception of the product and their satisfaction rate. The goal is to choose among several groups of consumers, the one that will be targeted for the commercialization of a product or service. [...]
[...] This way, they will know how to communicate with their consumers. The market study also determines the quantity of the demand. In fact, it helps determine the size of the market in terms of volume and worth. This also allows the companies to know their growth potential, along with the commercial opportunities to focus on. Concerning the offer, the market study shows the market shares detained by each actor on the market, in order to determine the efficiency of the commercial strategy. [...]
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