Market study entails the gathering of market information which revolves around a particular industry or a sector. The information gathered through a wide range of quantitative and qualitative research methods serves the purpose of providing a comprehensive picture of the latest regional and global market trends in that particular sector, the key players, the impact of the socio-economic development of the region on the sector as well as the preferences and tastes of the potential clients, etc.
Market study in China is an essential process for both new brand names attempting to enter a new market and well-established brands seeking to understand their positions in the market. A market study can provide very detailed pieces of information like how a front-line salesperson is performing in relation to his or her team. You can see from this example how the scope of a market study varies depending on the purpose and the objectives of the study. To conduct a precise market study, several factors need to be taken into consideration:
These factors impact directly upon the study and essentially determine how market strategies are designed. For example, for a cosmetic brand to evaluate its sales strategies, sensitivity towards the location of the points of sale, language ability, gender, cultural differences and tastes of the clients of the brand and that of the intermediaries, as well as the sales strategies of their counterparts have to be analyzed in detail. On the other hand, for a new cosmetic player to enter an existing market, information such as the market segmentation, global and regional trends, existing competitors and their development as well as product differentiation play a vital role in the decision-making on market strategies.
Some common research methods can be found here:
Regarding the objectives of the market study, a market study can be displayed through various ways. For instance, it can be: