Market research: how is it done and how much does it cost

Some companies and entrepreneurs prefer to act by relying only on luck.

But in order for the business to go uphill, luck alone is not enough. But you can always rely on experience and well-conducted calculations. In the age of information, it is possible to use, in addition to one’s own, the knowledge of other participants in trade and market relations in Russia and around the world. Market research allows you to get answers to the most important questions that a company or entrepreneur faces, and develop the right strategy for the development of an organization or its individual brand.

The content of the article:

  • Market analysis
  • How much does market research cost
  • Sources of information

Market analysis: goals and types

A comprehensive analysis includes studying the market (its structure, free niches and segments, as well as the niche in which the company operates), information about competitors and consumers, demand for goods and services and their prices, assessing possible risks, assessing the consumer and the motives of his behavior . However, it is not necessary to spend resources on searching and processing all the data. In order to correctly design an analysis plan, choose a method and use effective tools, it is important to get an idea of ​​\u200b\u200bwhat the research is for.

That is why a qualitative marketing analysis of the market begins with the definition of its goals. Depending on what the purpose of the analysis will be, its subject is also set, for example:

  • in order to analyze the capacity, conjuncture and evaluate current and future market trends, it is necessary to study its structure;
  • subject analysis of goods / services will help to assess the development of the market and identify the market share of goods / services of the enterprise in the segment;
  • to find new sources of sales will allow the analysis of market segments for unoccupied niches;
  • a comprehensive study of the target segment will determine its attractiveness and make the right choice of the target market;
  • studying the consumer will help to identify the key needs of the market, analyze the demand for products, and also determine the requirements of the target audience;
  • in order to understand the current price structure in the industry and perform price positioning of competitors, economic market research can be carried out;
  • competitors need to be researched to understand the big picture, identify the strengths and weaknesses of companies, and develop their own competitive advantages.

In addition, marketing analysis of the market can be carried out for various business areas. In this regard, it is important to understand how these areas differ from each other:

B2B, or “business to business”, is a type of commercial interaction typical for such areas as engineering, advertising, recruitment agencies, woodworking, and the chemical industry. In these areas, other companies are consumers. At the same time, the number of business customers in such markets is limited, but the average purchase budget is relatively high.
B2C, or “business for the end consumer” – we are talking about all types of production of consumer goods (food, household chemicals, children’s goods, auto products, tires, pet products, household goods, repairs, and so on), shopping centers and chains of shops, about other enterprises that produce goods or provide services to the population. Simply put, B2C markets involve the sale of goods and services to individuals for personal and family use. The average budget and volume of orders may be small, but there are many consumers in this area, and the target audience is as diverse as possible.

B2G, or “business for the state”, is a type of marketing relationship between business and the state. In other words, enterprises sell and government agencies acquire (as, for example, in public procurement). The number of customers is limited.
C2C, or “consumer to consumer”, is a type of information and economic interaction, which is, for example, sales on social networks or through special services, some sales on social networks or Instagram, newspaper ads, and so on. In this case, both the seller and the buyer are individuals. What is important, the sale can be carried out not only via the Internet, but also offline. A feature of the business of C2C markets is the participation of third parties – the owners of trading platforms. This area is characterized by a large number of consumers and low purchase budgets.

Types of marketing relationships

Obviously, each area has its own sales model. This means that market research will also be aimed at finding answers to various questions: for example, how to interest a large number of consumers or how to interest a particular customer, how to find additional points of sale, and many others.