Steps to market place Research bar 1. Establish The Goals of Your Market Research What decisions should it help you make? Your Goal should focus on helping you make crucial decisions about how to meet your customers needs. footprint 2. Determine What Information You Need About…. Your Customers: Who atomic number 18 they? Where are they? Why do they buy? Where do they buy at once? WHO ARE MY customerS? 1. PROFILE: Economic Level Psychological see-up- get along with Sex Income Level Buying Habits 2. LOCATION: Live puzzle out Shop 3. MARKET SIZE: 4. COMPETITION: 5. OTHER FACTORS: CUSTOMER NEEDS WHAT CAN I OFFER? Your Competitors Who are they? What do they cater? What are their competitive advantages? Etc. Your Environment What will fleet to the industry? Will the economy change? Am I on the right side of the trend? Etc. STEP 3. Research Secondary Data That is…look at schooling gathered by others first (much of it is already compiled and often superfluous through your Community Futures Office). STEP 4.
Analyze The Information and Make Decisions - Go over research info and compile only useful information - Interpret what the raw numbers lowly regarding prices, products, place - Look for opportunities, needs that are not met by a competitor - Take action based on what you learnt As a result of this market research you should basically understand your market. Above all, you must thoroughly understand who your possible customer is and what makes them tick. Likewise, you should be able to describe where you are in relation to the customer, your environment and your competition. If you want to get a salutary essay, order it on our website:
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