Market Research

 If you are new to the industry, it is always helpful to do market research before starting a business. Having no knowledge of the market and starting a business can lead to many problems. The purpose for which the industry is started fails and the resulting loss is likely. If you want to start an industry-trade by making branded goods, then you have to prepare raw materials, machinery, space, equipment, manpower, financial planning. It is also very important to do market research by doing a thorough study of the market, i.e. in short market research. Carefully inspect and survey how many products are on the market that will compete with the product you want to produce. The product you are competing with should be closely monitored for price, market value, selling price, packaging, sales speed. How big is the market for the product to be produced, where is the demand for it, are there any traders in the market who will be profitable for their products? Gather information on which distributors to contact for marketing and distribution arrangements. Market research is a must have, for any Affiliate, promoting any program. There are celebrity products in the market that are similar to our products, can we compete with them? Market research must be done to ensure this.

It is important to study and make sure that you get a foothold in the market while launching the product to make sure that the product you choose is a lucrative business. First of all, the product that we are going to produce. See how many companies, which brands of products are in the market. Buy some of these products if you want. Look at their quality. See if we can give better quality than that. In fact, it is only when you bring a product of higher quality than other competing products in the market that it accelerates sales growth and it does not feel the competition of other competing products. If regular consumables or processed foods are part of your product, then you need to maintain a high quality product. Because such products, food items are well known to the consumers, have become a habit. If you bring your product to market and it is not of the quality that consumers want, it will never be able to compete. If you brand a food product as your product and its taste, its quality is the same as other products, then the consumer will not like it much. Consumers know the taste and quality of old bread. So he will buy his favorite brand of old. The unwritten definition of a product as a product that a consumer asks for from a retailer under a consumer name is a bonded product. The customer will not buy a product that he does not know the experience and quality of, if the seller of the product of his choice insists on buying another product without giving it to him. It may be because the seller is familiar, or at the request of the seller, he will buy the product once, but when he realizes its general quality, he will refuse to buy your bread the second time, and the seller will not be able to persuade him at that time. As a result, if sales from sellers decrease, your demand will also decrease and your sales target will not be met. We can sell it to one customer at a time, not the other time, after trying to force it, to make it look like a non-existent quality. To do this, study all the competing products in the market and create a higher quality product.

Find a market for the product you want to create. Find out if she is near or far. Every entrepreneur has to find such a market and create space and space in the market for his products. You shouldn't expect any merchant class that has taken a product and settled in the market to put their product in their store for sale right away. Market research should not be under the illusion that if you take an arbitrary product and sell it directly in the market without studying the market, it will be sold or all the traders will sell it. The distribution system has to be set up with the plan that your product will be available for sale at every counter selling such products, without going for the goal of selling it in one or two shops selling such products while going to the market to sell your product. Give your product distribution to all distribution systems such as retail, wholesale, distribution, without studying the limited market for the product. The merchant demands and if you do not supply him in his time, then the trade stops for you but the customer never stops. It is urgently needed to buy that product. So if the merchant does not give the product he wants, then the customer buys another product that is similar to that product. Because then he needs to buy it. So the merchant, the counter will stop but the customer will not stop. If a customer buys another product because they did not receive it, then you have lost one customer. If a customer buys another product as an alternative, even if he likes it, one of your customers will always stay away from you, but the product he buys from the same customer gets word of mouth publicity and he is afraid of losing more customers.

Marketing is the middle link between the product you produce and the distribution between the customer. So you have to rely on the market to reach the customer. Only by establishing good relations with the market and its merchants and traders can you reach out to the customers. Every entrepreneur's success and advancement is due to his good relationship with the market. The market has to be constantly encouraged by introducing various schemes, schemes, sales growth schemes for the benefit of traders and the market as well as for their own benefit. We have to look for new markets every day without being satisfied with the existing market. The only way to stay competitive and increase productivity and sales is to work harder if you have to keep expanding your reach. There has to be a completely honest, trustworthy and transparent relationship with the market. These difficulties of the traders have to be understood. We need to know what the customer wants and we know what the customer wants from the market. You have to change your product, its quality, packaging, price according to the customer's demand.

Since there is no industry in the world where there are no problems or difficulties, one should at least mentally prepare to overcome the problems that come before entering the business. It is the entrepreneur's job to make progress by overcoming problems and overcoming them. Therefore, the heroic entrepreneur never gets scared of problems, does not get angry but tries his best to get out of it. He becomes a successful entrepreneur. Don't give unnecessary promises, false temptations to the counters where we are selling our products. Make promises that you can afford and that you are capable of fulfilling. Once your product has a clear objective, you should seek expert guidance and advice on the quality of your product, but use a different formula than other products to bring high quality to your product. All sorts of pre-planning, financial planning should be done to determine the market place. Because once you have your product on the market, you are less likely to have time to make such plans. In order to strengthen its position in the market, there must be a balance between supply of raw materials, machinery, their maintenance, trained manpower, financial support, planning of advertisements, distribution of goods to the customers.

While studying the market, you should launch your brand in the market only after doing a thorough study of how your products will find a place in the market along with the existing competing products. What are the prices of other products? How is their packing? How long does it take to deliver to the merchant after ordering? Check out their ad. See how much margin is given to the components in the distribution system from the manufacturer to the consumer. Find out what kind of trained manpower such producers have got for quality, where they get it from. Only if you have such trained manpower will your products get quality, so get such trained manpower by paying a little more honorarium, facilities, concessions and facilities on occasion. Make friends with traders and distributors before you bring your product to market. Keep your own language sweet, upbeat and happy. Win the hearts of traders on the strength of language style. If possible, give a small amount of goods on credit. Bill to bill is one of the customs of such traders. Most merchants are willing to put their goods on their counter if a bill credit is given. Only give credit on credit if you have a financial plan. Because the bill of lading and other goods will come after payment, if all the goods produced at the beginning are given on credit, then you should have a balance of capital plan for raw material, labor salary. If it is not possible for your product to find a place in the market, then by hiring such experienced experts as marketing executives, sales managers, giving them specific targets, give some rewards, incentives, promotions to those who meet the target with honorarium. 

Hire experts to ensure market position, product quality. In today's age of competition, even if the competition is fierce, it is a privilege to be able to get the best out of the competition by paying a good honorarium. Give the entire distribution system a slightly higher margin than the competing products that are in the market. The experience is that distributors accept new product counters only if they give higher margins to customers, wholesalers, retailers at the beginning. So you should give a little more margin to all these. At the beginning of the business, you have to focus on determining the position in the market, not on your own benefit, until you are stable in the market. It doesn't matter if you get a few percent lower profit yourself, but give higher margins to the components in your distribution system. Bring your product to market at a slightly lower price than competing products, slightly lower market value. If the market price is a little low and the quality is high then there will not be much difficulty in launching your product in the market and customers will also get it easily. Market research is not a big deal but market observation. If you are going to produce a product that will compete with a highly competitive product, then you should not start the product without a thorough market observation, thorough study, market research. You have to take the time to study the market and decide on the demand, supply, cost of production up to the sale of raw materials and then their market value. Market introspection is market research