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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