FOUR AREAS TO INVESTIGATE (Market Research)-II

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Market research should investigate four areas:

customers, customer needs, competition, and trends.

1. Customers 

Market research identify customers:

  • Age
  • Income
  • Occupation
  • Family size
  • Marital status
  • Residence

 

      .Interests and hobbies  

2. Customer needs

time period ( is the  product/service needed for a limited time ; e.g  baby accessories)

– Do customers want guarantees?

Are customers in search of  fast services?

Are customers looking for a wider distribution or more convenient locations?

3. Competition

What competition’s’ market share?

-How much sales volume is?

 -Number of similar firms existing?

point of attraction for  customers?

Strengths shown by advertisements?

4.Trends

– Population shifts?

-Legal or regulatory developments?

-Changes in the local economic situation?

-Lifestyle changes?

( sources for gathering these information: next post)

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