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Step 1: Define what you need to do the study for

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Step 1: Define what you need to do the study for

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Clearly define the objectives of the study.

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A market study is an investigation used by various branches of the industry to guarantee decision-making and better understand the commercial scenario that it faces when carrying out its operations.

This type of study is especially useful to analyze aspects such as purchasing habits, region of operation, product requirements or analysis of the competition to ensure good business performance.

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Market research provides us with complete, detailed and accurate information about one or more aspects of the market.

This information is the basis for the success of any business initiative since it provides us with accurate details about the types of customers we have and those we can reach, the competition we face in the market and the industry in which we operate. Thanks to this, market research gives us a reliable picture of the viability of our projects, which will help us understand whether or not it is worth allocating resources to a given project.

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Step 2: Decide on the methodology and types of study you want to implement.

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Step 2: Decide on the methodology and types of study you want to implement.

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The first thing you need to do is to define the methodology and types of study you are going to use.
Do you need to collect primary information through interviews?, do you prefer to rely on secondary information by consulting official statistics about your industry?, do you want to opt for a hybrid process that allows you to combine primary and secondary types of market research? Because of the way in which you define the form of the process to be carried out, this is one of the most important stages of market research.

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Step 3: Defines the use and interpretation of the information and data collected.

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Step 3: Defines the use and interpretation of the information and data collected.

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You must start collecting the information you need. Once you have all the data in your hands, you must analyze the data. Remember that the most important thing is the quality of the information, other words, to have data that respond to the objectives you have defined for your study.

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Step 4: Prepare a report and incorporate it into your business plan.

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Step 4: Prepare a report and incorporate it into your business plan.

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The last step is to prepare a detailed report of the entire process. This report should be available on the company's internal network and should be easy to print.