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Market Research
from:It’s very important to know about your customers or your prospective customers, to understand their preferences and needs. Market research is an organized and objective method of learning about such needs and expectations of the prospective customers. It provides unbiased answers to these questions:
Who is going to buy your product?
What are the expectations and demands of your customers? How much are they ready to pay? What kind of packaging they prefer?
What is the profile your customers? How old are they? What is their gender? What is their income level? Where do they live?
What are the attitudes your customers?
Who are your competitors or in other words who is producing the same or similar product and at what cost? Will you be able to compete with their price, quality, etc?
What is your unique advantage as compared to your competitors?
What are the boundaries or constraints that you have to take care of? What are the start up costs and is there room for your company?
Is the demand for your product increasing or declining? Does trend data indicate increased consumption your product? How might your product people’s consumption of your product?
What is the projection of your business in future?
Why conduct market research?
It is a simple thing to understand that people will not buy the things that they don't want. It is a simple selling people what they do want is easier. In this are market research goes a long way for you to figure out the needs and wants of people.
Market research provides accurate and precise insight of a consumers mind and this information is used to design products and services that are well received by the customers.
Who should do market research?
All businesses whether big or small, old or new, should do market research. Many big business owners feel that they don't need a market research because they believe that they already know what is supposed to be known about their customer market, due to their long experience. However, a complacent feeling can actually be very harmful for their business future as market trends are dynamic and keep on changing. Similarly small business owners can't afford to ignore the importance of market research as an accurate and efficient market research can give them a head start in the launch of their product, saving them a lot of cost. So market research is a very critical tool.
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Fortune 500 Food Group Spends Six Figures on Market Research, Only to Watch ... - MarketWatch (press release)
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Water Supply in Australia Industry Market Research Report Now Updated by IBISWorld San Francisco Chronicle (press release) For these reasons, industry research firm IBISWorld has updated its report on the Water Supply industry in Australia. Melbourne, Australia (PRWEB) May 25, 2012 The Water Supply industry in Australia is expected to generate revenue of $9.87 billion in ... Credit Repair Services in the US Industry Market Research Report Now Available ... Psychic Services in the US Industry Market Research Report Now Available from ... Compounding Pharmacies in the US Industry Market Research Report Now Available ... |
Goldman Small Cap Research Issues Update on TeleFix Communications Holdings Inc. - MarketWatch (press release)
Goldman Small Cap Research Issues Update on TeleFix Communications Holdings Inc. MarketWatch (press release) BALTIMORE, Md., May 24, 2012 (GlobeNewswire via COMTEX) -- Goldman Small Cap Research, a stock market research firm focused on the small cap and micro cap sectors, has issued a company update on TeleFix Communications Holdings, Inc, a minority and ... |
Infonetics Research: Tighter Spending in China and Europe Squeezes Broadband ... - SYS-CON Media (press release)
Infonetics Research: Tighter Spending in China and Europe Squeezes Broadband ... SYS-CON Media (press release) By Business Wire Global spending on DSL, PON, and fiber-to-the-home (FTTH) equipment declined 22% between the fourth quarter of 2011 (4Q11) and the first quarter of 2012 (1Q12), to $1.8 billion, reports market research firm Infonetics Research in its ... Global spending for broadband aggregation market declines 22% in Q1 FY12 ... |