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.
