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Market Study

Research, study, and information gathering
At this point, you are presumably already identifying the idea of the project you want to create, and you want to gather the most information to evaluate the idea on the one hand and understand the target group and competitors on the other. And then use all this information in building the project plan.

The main sources of research, study, and information collection:

  1. Internet
  2. Market

Aspects you need to research, study and gather information about:

First aspect: study the target group of your project

  1. What is the size of your project's target group?
  2. What is the gender of the target group?
  3. What is the age group of the target group?
  4. What is the geographical distribution of the target group?
  5. What is the physical level of the target group?

Second aspect: studying competitors

  1. What is the size of the competition?
  2. What strengths do top competitors have?
  3. What are the competitors' weaknesses?
  4. What are the reasons for the success of the top competitors?
  5. What are the common elements of most competitors?

Third aspect: studying the nature of the market you intend to enter

  1. Is the market in which I intend to enter going growth and expansion, or is it fixed at some level?
  2. What is the size of the order for the goods?
  3. What is the nature of the prevailing payment system (cash or for) in the market?
  4. Who are the top and most important suppliers in the market I would like to enter?