Market research is conducted to determine
whether there is a demand for a particular product, who the competitors are in the
target market, who
would purchase the product, and whether there will be a continuing need for
this product or service. This is the information needed to create a sound
Typical Questions of Market Research
- What geographical area needs my product
- Who is the population within that area
who needs and can afford what I am selling?
- How accessible is my product or service
at the present time to my potential customers?
- Who is offering my product or service?
- How much of the market share do they
- What are their capabilities?
- How do they structure their pricing?
- How do they deliver their product?
- What is their level of technology and
- What will their strategy be in the
coming years and how should I respond?
- How will they react to competitive
There is usually not a standard model of
market research that fits every scenario and each research project is
tailored to the unique circumstances of the client. After an initial
needs assessment is developed that forms the basis for planning.
In general, a
research plan reviews certain basic questions, while a market
research plan requires more complex evaluation.
on developing a basic market plan, visit our
business marketing page.
For general business resources and financing information, visit
Business Resources section on our web site.
Contact us now for a free, no obligation evaluation to determine the best
solutions for your needs.