Are you looking to start a bottled water business from scratch? You will then learn how to conduct market research to ensure the success of your bottled water plant. …
When deciding to start producing bottled water, the first thing you should do is conduct a business marketing survey to see if the project is viable.
What is marketing research?
Marketing research is a process used to obtain information. about business and its industry to better understand the business and future business prospects. Market research can help you find out whether or not a project is worth it.
10 types or methods of market research
and. Individual interview
You will need to ask them what they think about the existing brands in the market, what they don’t like about the brands, and what they think can be done to improve the existing brands in the store. This will give you a clear understanding of the gaps in the industry and how you can fill them.
b. Focus groups -. This involves getting a group of people together, usually around ten, and asking them questions about existing bottled water brands and listening to their comments. Their testimonials and testimonials will give you an idea of what customers want.
vs. Telephone interviews –
d. product testing -: You can actually make a few bottles and give them to the retailers to see how the product will work in the market. If you can sell your products quickly and quickly, you will know people love your product, so you can go on and produce more. It will also give you a clear idea of how much people are willing to pay for your product.
e. Research reports –
F. Government resources / data -: If you are looking for an accurate and reliable third-party market research report, you should go to government research and statistical agencies such as labor and statistics offices or business registration agencies, they may provide you with reliable and reliable data on the bottled water industry.
g. Unions -:
h. Academic institutions -: Students regularly conduct research in various industries and fields of endeavor to broaden their knowledge and offer solutions to emerging problems. You can visit the library department at your nearest university or educational institution to see if you can find the latest research reports on the bottled water industry.
I. Research companies –
j. Newspapers and publications – … Finally, you can do market research for your bottled water company by reading the latest newspapers and publications to get a feel for industry trends.
How to Conduct Market Research for a Bottled Water Business
1. Determine what you want to achieve:
Are you interested in identifying market gaps? Do you want to know your competition or just want to know if the bottled water business is profitable? ? Make sure you write down everything you want to achieve in your market research before you begin.
2. Identify the topics for discussion: you should also write down any questions you would ask and any topics you would discuss that would help you learn what you want to study.
3. Decide how to collect the information.
The method you choose should also be cost effective. Keep in mind that you are trying to start a business and what you spend now will be considered a business expense that could negatively impact your bottom line.
4. Perform a SWOT Analysis – … A SWOT analysis is an analysis of the strengths, weaknesses, opportunities and threats for the bottled water industry. What is the future of the company? Is commercial growth expected? What influence does the government have over businesses ?
5. Study your competition –
6. Analyze your results – … After completing the survey, you should analyze your results to see what your research reveals.
7. Choose an action plan: