Friday, 14 December 2012

Market research

The most common reply to the question of market research is that my friends and family think it is a good idea. Of course they will, as they want to support you and take a true friend to tell you 'don't do it'.
Effective market research is commonly broken down to Primary and secondary research. So your own specific research could include
  • Questionnaires
  • Interviews
  • Focus groups
  • Product tests
  • Test marketing
  • Published information and statistics
  • Observation
  • Mystery shopping

You should also undertake your own competition analysis to see how your competitors approach the market with their product or service. You may have a different approach, but your competitors have started their business, so we suggest you will not have to re-invent the wheel after reviewing your observations.

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