How to do market research

Business FocusMarket research is a process which collects and analyzes data and information about customers, competitors and the market in general to create a business plan, launch a new product or service, improve and expand existing new markets. All we have to analyze in detail. Market research can be used to determine what percentage of people buy a product or service based on variables such as age, gender, location and income level.

To successfully start the market survey should ask yourself four questions: Who are the customers?, what is its location and how they can be contacted? What quantity or quality you want? And what is the best time to sell?

Market segmentation is the division of the population into different sub-groups with similar motivations, using criteria for classification as geographic differences, personality, demographic, psychographic and differences in the use of products. Very important is also to take into account market trends, which are movements up or down the market for a period of time.

Clearly it is very difficult to determine the size of the market if the company is new, but that must be obtained a number of potential customers or customer segments in order to analyze it. Finally, we must also measure the effectiveness of marketing the product for which you can use techniques such as customer analysis, modeling options, competitive analysis, risk analysis, product research and advertising research. It should also be analyzed together about what the product, the price you have, where it will sell and what publicity will be given.

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