A study is to take various measures to discover something. This concept enables also to refer searching for knowledge and to carry out intellectual and experimental activities to increase the information on a certain subject.
Market, on the other hand, is the social environment for the exchange of goods and services. It is an institution where sellers and buyers maintain a business relationship with the aim of exchanges, transactions and agreements.
The market study is therefore the process that makes the commercial exploitation. This process must be systematic (with a predetermined plan), organized (specifying details of the study) and objective (conclusions must exclude the subjective impressions).
When conducting a market study, the analyst must collect, process and analyse different aspects of marketing and marketing-related information. The goal is to develop a strategic plan to launch or position products.
Economy, sociology, psychology and communication sciences are some of the specialties that provide theories and techniques for the development of a market study.
A market study well-conducted helps to understand what is happening in the market, to identify what are the key trends that are competitors, how the products are positioned and what are the needs of consumers. With these data, decisions become easier for the leaders.