There are several ways to interpret and analyze data gathered through market research. One can use demographic information to discover opportunities and limitations for customer growth. This can include data on age, income, family, and interests. Questions to answer could include: 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? What do potential customers pay for these alternatives? Direct research methods such as surveys, questionnaires, focus groups, and in-depth interviews can be used to gather this data.
Evaluate your position in the market and familiarize how you compare against competitors to do more...
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