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Oboulo.com offers numerous market studies, written by students, professors or professionals which are reviewed by an expert team to meet high quality standards. Please use our search engine to find the study you need. A market study enables you in analyzing a market, to present your study as a convincing answer to various questions involved in a market, and patterns and prospects related to the market. Broadly speaking, the quality of your market study will depend on its clarity and consistency, the quality of data collected and your ability to use them. Finally,, the market study should y provide a diagnosis, often intended to formulate a problem and a strategy on a market. If the market study is not the key factor of success of a project, it nevertheless allows assessing the risks associated with market and adjusting decisions based on an environment. Market research is an essential tool to any strategy. A market study addresses the analysis of four areas:
- 1. Market definition
- 2. Demand
- 3. The offer
- 4. Environment
How to write a market study
Market study is what you do to get information about the needs and preferences of your customers. A market, in its simplest meaning, is a physical place where goods and services are bought and sold. But when you study a market, you study more than the activities of a physical marketplace; you study the various movements and trends in the factors that influence a market, such as pricing, competition, market share, and past and future trends. The following paragraphs have pointers to help you in writing a market study.
Determining the objective of the study
Unless you are clear about the purpose of a study, you will not be able to embark upon the study. Before you begin to study the market, define the purpose of your study. Set out the scope and outline the question or the problem that the study is seeking to answer or solve.
Collecting and analyzing the data
After setting out the goal of your market study, determine the areas that you need to cover to understand the market and gather the required information. You might want to refer to sources such as the internet, industry reports, or books to gather the data you need or you might speak to industry experts and get their views. Make the study as real as you can - never fabricate facts, always quote figures that can be independently verified, and consider running your own market survey with a sample population. After you have collected all possible information, analyze it and weed out the information that may be contradictory or unsubstantiated by facts and figures.
Presenting the market study
Create that glossary!
Make sure you do not alienate your non-technical readers. If you are using specific terminologies or terms that might not be understood by a layman, create a glossary so that the reader knows, unambiguously, what you are talking about.
Begin the presentation of your market study by giving an overview of the product, service, or industry that your market study pertains to. You might want to highlight some points about the industry in general, and then move on to being specific about the product or service in question in relation to the whole market. For example, if your study is based on Microsoft Corporation, you could start from when Microsoft Corp was born and then proceed to the kind of products they sell, the position in the market today, and how their actions have influenced the computer market. While presenting your market study, organize your information in an analytical manner, and include pie-charts and graphs so that visual learners can quickly grasp the findings of your study. This way you will cover 2 -3 mediums of communication like written, charts, pictures etc. Conclude your study by presenting the learnings that can be drawn from the market study, and by listing suggestions and recommendations for the problem or questions you have studied through your market research.
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