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
- Focus groups
- Product tests
- Test marketing
- Published information and statistics
- 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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