Market research

Market research

The core of your business plan is the market research.

You have to analyze whether there is a need of your product or service in the region you choose. Market research is an important factor in maintaining competitiveness over your competitors. It provides important information to identify and analyze the market need, market size and these competitors.

The market research consists of field research (primary sources) and desk research (secondary sources).

market research in the business plan
Field research field research in the business plan As the word ‘field’ implies, this kind of research is done physically in the region where your future customers are. You can think of interviews with people of your target group to evaluate if they need or will use your service or buy your product. A nice thing of interviews is that you can leave a section open so they can suggest adjustments or fine-tuning to your product or service.
Desk research desk research in the business plan The difference between Desk research and Field research is that Desk research can completely be taken place behind the computer. A valuable source of information are websites of trade associations where you can find characteristics and statistics of your sector.

 

Watch the next short video for an explanation of market research