Checklist of How to Market Research

  • You find yourself with a good idea or a good product or even a new service that you wish to offer to the market. You then want to find out whether you are ready for the market or whether the market is ready for you. You start to check out the competition and you see if your product is already out there being sold. If it is, then you want to know whether your product is better, either in design, quality or price.

  • You start to interview friends and associates and see what their views are. You present your products or ideas and ask for feedback. You start to look at the target market that you have in mind and try and ascertain what the buying habits of the customers are.

  • You then go through all this data and try to arrive at some conclusions. From those conclusions you then make decisions. A major conclusion is whether there is a market, and if one exists for your product, service or idea, then how are you going to be able to obtain a share of that market. In other words, how can you make money from the need that is sitting out there in the marketplace?

  • Your market research consists of doing everything possible to dig up as much information as you can about the market you are trying to reach. This will include learning about your potential customer’s habits and tastes as well as trying to assess the strategies and thinking of your competitors.

The questions that you have to keep in mind when conducting your market research are:

  • Where is the largest market for my product
  • What trends are currently being observed
  • Which markets are growing the fastest
  • What are the conditions and practises in the current market
  • Who are my competitors
  • What problems or opportunities are present in the market place
  • Have my customers needs and wants changed

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