To effectively penetrate a new market, it is important for a company to know the characteristics of target customers and profile of key local and international competitors. Conducting a market study also allows a company to gather all the information, enabling it to anticipate the reaction of a new market to the introduction of a product or service. Conducting market research is, therefore, a critical planning activity in any process of business development.
Studies, including market studies, allow a company to change its product based on the information collected about the preferences of the targeted customers on the norms and standards in force in the market studied. A market study will also look at the prices in effect on the target market, and thus enable your company to adapt its pricing strategy based on local competition and market requirements. In addition, market research will allow your company to adapt its distribution strategy, desired profit margins, and channels preferred by local and international competition function. Finally, you will also be able to analyze the most appropriate promotional activities to effectively reach the target audience.
In order to achieve effective market research, it, therefore, is crucial for any business to undertake the development of specific clear and precise objectives. These objectives can also take the form of questions, for example: “What are the preferences of the customers in the target market?” More specific objectives will require more market research to be complete, but is complex to achieve. It is also noted that effective market research should include a balance of quantitative and qualitative objectives.
Conducting market research allows companies to adequately prepare for the development of new markets and avoid unpleasant surprises that could cause adverse effects on business. As an expert in business development, ExportPlus also offers a comprehensive sectorial market studies and very affordable service that will allow your company to effectively assess the size of the target markets, competitive trends, business practices, and the potential for development and distribution channels to focus on target markets. Market research conducted by ExportPlus, therefore, allows your company to support its business development on comprehensive, credible and verified information from reputable news sources worldwide. Contact us for further information, your satisfaction is fully guaranteed!