Market Research and Business Viability Strategies

Posted on Jul 12, 2025 in Marketing

Market Research: Foundations and Methods

Market investigation involves collecting and analyzing information about the market in which a company will operate. It is an organized, systematic, and objective process whose main purpose is to encourage decision-making, set goals, and design action policies.

Sources of Information

  • Primary: Information collected directly by the company through surveys, focus groups, or interviews with potential consumers or experts.
  • Secondary: Information already collected in other studies and investigations by other entities, often found in reliable public content and publications. Examples include:

Types of Market Research

  • Quantitative: Aims to collect objective and measurable data, allowing for statistical treatment. The method involves selecting a representative group of people (a sample) from the population being studied. A study is then conducted on this sample, and the results obtained are considered generalizable and extensible to the entire population it represents. The most common tool for quantitative research is the survey.
  • Qualitative: Analysis based on the motivations and desires of the individuals studied. It allows participants to express their opinions freely, without the limitations of a closed format. However, the results cannot be taken as generalized or extensible to a wider population. This type of research is used when we want to understand how people feel about a product or cause.

Qualitative Research Tools

The tools used in qualitative research include:

  • Observation: A research technique based on observing and studying facts and behaviors of interest.
  • Experimentation: Involves intervening in reality by changing certain variables (e.g., price, quality, taste) and studying how these modifications affect other variables (e.g., sales, satisfaction level). For this, testing is performed on a small-scale group of people.

This technique is often used to test new products, new packaging, and promotional actions that influence purchase decisions. The following experiments are commonly used:

  • Blind Tests: Participants are given products with no possibility to distinguish them by their brand. This ensures that the product’s inherent properties are valued.
  • Packaging Tests: Participants are shown packaging prototypes to gather their opinion on aesthetics and functionality.
  • Simulated Shops: A store environment is recreated, and certain elements are modified to observe how these changes affect consumer behavior.
  • Mystery Shopper (Phantom Client): This involves making a purchase from a competitor to collect information about the normal functioning of a company similar to one we intend to create. The investigator acts as a client in a real situation without revealing their identity as an investigator.

Research on Product or Service Feasibility

  • If a product or service already exists and is similar: In this case, a study of the current consumer should be conducted.
  • If the product or service is totally novel: The first step is to determine its potential acceptance.

Company Viability: Ensuring Business Success

The analysis of a project’s feasibility involves conducting a business study on the possibility of carrying our business into practice and ensuring that it lasts over time.

The business project has utility, both internal and external:

  • Internal: Helps partners to plan their project, allows for reflection on the possibilities of success, and identifies the strengths and weaknesses of the company. It analyzes the feasibility of the project with a minimum of consistency and accuracy.
  • External: The project serves as a cover letter for the company to third parties, helping to find partners, suppliers, investors, or entities that may grant credit or a guarantee.

The business plan is a dynamic document, meaning it can be modified.