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Market Research

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 marketing strategy.

Typical Questions of Market Research

  • What geographical area needs my product or service?
  • 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 have?
  • What are their capabilities?
  • How do they structure their pricing?
  • How do they deliver their product?
  • What is their level of technology and staffing?
  • What will their strategy be in the coming years and how should I respond?
  • How will they react to competitive threats?

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 consultation, a 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.

For information on developing a basic market plan, visit our business marketing page.

For general business resources and financing information, visit the Business Resources section on our web site.

Contact us now for a free, no obligation evaluation to determine the best solutions for your needs.

 

 

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USA (239) 821-4575

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