Overview of Market Research
You have an idea you are
ready to turn into a product or service. You are on your way to starting
your own business. Before you invest your savings and try to convince
others to invest in your new venture, you will need to assess its
potential marketability. Assessment and market planning have five
key components:
- Defining your market
- identifying your customers
- Sizing up the competition
- Testing your product
- Building a marketing
plan
Analyzing the market for
your product is one of the most important phases of preparing to start
a business. You can avoid costly mistakes. You can gain insights about
your customers and how your product meets their needs. Getting to
know your customers, their needs, what they value, where they are
and what they are willing to pay for your product, is all part of
marketing research. Getting to know your competition, what they offer,
what customers like about their products, what customers wish they
could change about their products is also important for making marketing
decisions and building a plan.
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