The market study is a method that helps you to know your current and potential clients. So that knowing the tastes and preferences of customers, as well as their location, social class, education and occupation, among other things, you can offer the products they want at an appropriate price. The above leads to increase sales and maintain customer satisfaction to achieve their preference. So we present here a marketing research example and its analysis of what type of results the company got at the end.
What is a market investigation?
Market research is a technique that allows you to collect data, from any aspect that you want to know, and then interpret them and make use of them. They serve the merchant or businessman to make an adequate decision making and to achieve the satisfaction of their customers.
Objectives of market research
The objectives of the investigation can be divided into three:
- Social objective:
Satisfy the needs of the client, either through a good or service required, that is, that the product or service meets the requirements and desires demanded when it is used.
- Economic objective:
Determine the economic degree of success or failure that a company may have when entering a new market or introducing a new product or service and, thus, knowing with greater certainty the actions that must be taken.
- Administrative objective:
Help the development of your business, through proper planning, organization, control of resources and areas that comprise it, so that it meets the needs of the market, at the right time.
Marketing Research Example of a Pizza Company
Objectives of the market study:
“Plaza Pizzas” considered necessary to conduct a market study to know the opinion of the people regarding the introduction of their product, knowing if they would be willing to acquire it or not. He considered that this study would be a reflection of consumer preference and demand for their product, would know if this, in reality, is fulfilling its mission and if it was what the consumer expected.
According to the number of clients that its competitors have and the number of potential customers that it would have, “Pizzas Plaza” decided to apply the survey to 100 people.
This was applied, during three days, outside the schools, in the schedule of exit; and during the morning, in markets and shopping centers, and at the time of departure of the clerks.
To determine the name of the company was brainstormed with suggestions of all kinds. To have references, different people were asked their opinion about these names. The one that was most accepted was chosen and it sounded more commercial.
Hello! We are students of Engineering in Food Industries and we want you to do us the favor of answering this survey. Answer it with sincerity, since these data are very important for our project.
Application of the survey
The application of the survey was carried out in a personalized way and asking the respondent to answer as honestly as possible, in order to obtain more real results. The surveys were applied to people of all ages and from different professions and occupations: students, housewives, secretaries, teachers, and so on. The total number of people surveyed was 100.
Conclusions of the study carried out
Based on the surveys applied it was possible to appreciate that the consumer is very interested in acquiring increasingly natural, nutritious and cheap products; these were the characteristics of the product that most attracted people’s attention.
Featured image is purchaced from shutterstock by Andrey Popov