Market research can help in understanding the desire for a product or service by gathering demographic information to discover opportunities and limitations for customer growth. This can include data on age, income, family, and interests. By answering questions such as 'Is there a desire for your product or service?', 'How many people would be interested in your offering?', 'What are the income range and employment rate?', 'Where do your customers live and where can your business reach?', 'How many similar options are already available to consumers?', and 'What do potential customers pay for these alternatives?', a business can get a good sense of its market. The methods used for this direct research can include surveys, questionnaires, focus groups, and in-depth interviews.
Evaluate your position in the market and familiarize how you compare against competitors to do more...
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