Steps To Market Research And Development

Steps to Market Research

STEP 1. Establish The Goals of Your Market Research

What decisions should it help you make?

Your Goal should focus on helping you make crucial decisions about how to meet your customers’ needs.

STEP 2. Determine What Information You Need About….

Your Customers:

Who are they? Where are they? Why do they buy? Where do they buy now?

WHO ARE MY CUSTOMERS?

1. PROFILE:

Economic Level вЂ"

Psychological Make-up-

Age вЂ"

Sex вЂ"

Income Level вЂ"

Buying Habits вЂ"

2. LOCATION:

Live вЂ"

Work вЂ"

Shop вЂ"

3. MARKET SIZE:

4. COMPETITION:

5. OTHER FACTORS:

CUSTOMER NEEDS

WHAT CAN I OFFER?

Your Competitors

Who are they? What do they offer? What are their competitive advantages? Etc.

Your Environment

What will happen to the industry? Will the economy change? Am I on the right side of the trend? Etc.

STEP