The objectives of the market study, This will be for the entrepreneur to ensure that his project can be commercially feasible. It is hard to imagine starting a business in a declining, unprofitable sector or even hyper-competition from large companies.
The aim is to obtain as much information as possible on the sector of activity concerned and to analyze supply and demand.
An answer must be provided, thanks to the market study, to the following main questions:
Concerning the sector and its regulations
- What are the regulations applicable to this sector of activity? Are there specific tax provisions?
- How is the market doing and what are its future prospects?
- What are the latest innovations in this sector?
- Is the market regular or are there seasonality?
- In addition, we advise you to read this publication: the study of the target market.
Regarding the request
- What are the characteristics of the target clientele? (geographic area, consumption habit, income, age of the population, etc.);
- What are the needs of the population and their motivation to buy?
- What are their preferences?
- What do they think of the offer proposed by the competitors?
- What could be improved?(These questions are important because they can allow you to stand out from your future competitors);
About the offer
- What products are there on the market?
- Who are my main competitors? (company size, turnover, geographic location, etc.)
- How are my main competitors doing? (sales policy, organization of distribution, target customers, etc.)