Meaning and applications of a Market Study

A market study allows knowing the key characteristics of the audience and the competition before launching a service or product. In economic terms, market studies determine the viability of any economic activity. 

It is important to recognize the characteristics of the sector that we want to enter, besides all companies seek to maximize costs before investing in product development and in the creation of commercial and advertising campaigns or strategies. 

We must anticipate the chances of success of the service or product before making any type of investment, given that market research allows you to obtain information and data that will really reveal the chances of success. As an approximate figure, of the total number of products that go on the market, only 20% of these are positioned. 

Any marketing strategy needs to carry out a market study from the beginning to lay the foundation for the growth of the company. Within the market study, the following are defined: 

• Position within the market of the product or service
• Most salient features of supply and demand
• Audience targeting
• Price analysis
• Possible distribution and marketing channels

What is the market study for? The main objective of the market study is to validate the economic profitability. Demonstrate the viability of an activity that will maximize profits from the start and even attract investment. 

Another of the relevant objectives of this study is to anticipate the possible response of customers and the competition, so a consultancy can help you manage this information. 

If you want to carry out a market study in Panama, do not hesitate to contact our consultants who will respond to any new marketing and market strategy.