Steps To Market Research And Development

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December 22, 2013








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PROFILE: Economic Level – Psychological Make-up- Age – Sex – Income Level – Buying Habits – 2. LOCATION: Live – Work – Shop – 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...
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Research Secondary Data That is…look at information gathered by others first (much of it is already compiled and often free through your Community Futures Office). STEP 4. Analyze The Information and Make Decisions - Go over research info and compile all useful information - Interpret what the raw numbers mean regarding prices, products, place - Look for opportunities, needs that are not met by a competitor - Take action based on what you learnt As a result of this market research you should fundamentally understand your market...
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