Market Research

Market research enables a business to keep in touch with what consumers think about it's products or services and those of it's competitors, and to monitor their actions in the market place.

It provides reasonably objective information on which to base decisions and forms a lifeline between the consumer and the business.

The key questions which your market research should uncover are:

1) How do consumers evaluate your products and/or services against those of your competitors?

2) What are consumers looking for in this market and how far are you in providing this effectively?

3) How are consumer tastes or preferences changing?

4) What are consumers buying in the market place, from whom, why and how often?

5) How do consumers react to your marketing activities?

6) How do consumers find out about the products and/or services that you (and your competitors) provide?

See also Understanding Generations

Back to Target Markets from Market Research
Back to What's in a Business Plan from Market Research
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