Market investigation

The analysis of your market and its business plan is a crucial step in the creation and success of your company. These two steps are often neglected by many entrepreneurs who are not aware of its usefulness.

Although it is not a guarantee of success, its primary function is to reduce the risks as much as possible and to better understand the future environment, allowing you to make relevant decisions.

This step will help you to identify the market you are targeting in detail and to convince potential investors and external funding.

For a market study to be effective, 4 key steps must be respected when setting up your project:

1. Define your market

• • Identification and its evolution
  • Direct or indirect competition: products or services
  • The players

2. Analyze the request

• • Overall evolution of demand
  • Customer and user behaviour
  • Segmentation of demand

3. Analysis of the offer

• • • Overall development of supply
    • Characteristics of the offer and of competing companies

Analyse the environment

his involves analysing the following 6 dimensions (PESTEL):

• • Politics
  • Economic
  • Social
  • Technological
  • Ecological
  • Legal

The following questions should also be considered and answered in order to have the most complete market study possible:

1. Know the players (competition), the main market trends and check the opportunity to launch
2. Set turnover assumptions by drawing up a solid business plan
3. Make the best choices to achieve your objectives
4. Obtain the most coherent marketing mix (with the 4Ps) possible
5. Provide concrete elements that will be used to draw up the provisional budget
6. How to carry out your market study

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