The study of the market is an essential point which is indispensable in the study of any economic feasibility for any proposed project that is because it shows the success or failure of any investment project in the provision of services or products to the largest number of consumers. It also shows the power of a project in continuation where it determines the degree of competition, policies of pricing, among other important matters to any project that adopt the slogan of continuity and success.
Therefore, it is obligatory on investors to make a detailed survey for the market with the purpose of obtaining all the needed information that show the success of the project before starting of investment and money investment.
Steps of marketing study:
First: About the project:
It includes the name of the project, its services, the cause of setting up that project along with clarifications related to the singularity of the project.
They are studied through:
1- Competitors' data table:
The place of the project
2- Prices and products table:
Then based on the previous two tables, we analyze the points of strength and weakness of competitors and trying to benefit from both.
3- Promotional means:
Where we search the promotional means accredited by competitors, such as:
A- Direct contact with consumers.
B- Sales and offerings.
C- Policy of installments.
D- Style of Ads.
Gathering information about consumers, which include:
Fourth: General section:
As called in marketing study, it includes general and basic information, which are:
1- Requesting the product or service in terms of time, and a researcher should discriminate between:
• Demand the commodity throughout the year.
• Seasonal demand on the item.
• Demand for the commodity in times of events and holidays only.
2- Demand for the commodity or service in times of place.
3- It requires the study of the targeted geographical area in order to market the proposed product or service, and show whether the target geographical area is:
• Exporting abroad
4- Size of sales:
Number of sold units per year
Number of units * price
Based on these information, we determine the following:
1- Competitors and the degree of competition.
2- The project share in the market.
3- Promotional styles and the marketing campaign of the proposed project.
4- Total pricing policies and pricing each product in case of the multiplication of products.
5- Consumers' tastes in terms of quality, shape, taste, and psychological factor, among others.
6- Time and place of demanding the proposed commodity.
7- Size of sales during the studied period.
After obtaining the needed information, we have conducted a realistic applied study for the target market. Based on this realistic study, we draw the marketing strategy for the presented product or service.
The west follows a good economic approach, therefore they are advance. I hope we follow the same approach to arrive as they did.
I want to establish a project could you help me?
Too good and very useful...
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