What is market research?
Market research provides you with essential information to determine whether a market exists for your product/service and if so, what is the nature of the demand. Companies at all stages of development should regularly conduct customer research. As a business starts developing customer relationships, the focus of market research will shift from general industry research to more focused customer research. As your business evolves always keep in touch with the changing wants and needs of your customers so that you may respond.
Can you answer these questions about your market?
- What makes your product or service unique?
- Who is your target market?
- Who are your competitors and what is your competitive advantage?
- What is the purchasing power and buying habits of your primary and secondary target markets?
- What are the economic and political factors that could affect your business?
- If you cannot thoroughly answer the questions above you need to conduct market research.
Do you know how to conduct market research?
- Literature search in the business section of your library
- Internet search
- Competitive Analysis
- Surveys and focus groups of potential or existing customers representative of your target market
- Experimentation and/or product testing
Next Steps:
1. For assistance in conducting your market research, we encourage you to take the Market Research class in the JumpStart Series.
2. If you have started your market research, but require additional assistance, shedule an appointment with a WBDC consultant by calling 312 853 3477 x 0.
3. For more in-depth information about conducting market research, visit the Online Women’s Business Center Marketing Mall.
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