Market Research For Business Planning

Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is complete it can be used to determine how to market your specific product. For starting up a business there are a few things that are

Market information

Market information is making known the prices of the different commodities in the market, the supply and the demand. Information about the markets can be obtained in several different varieties and formats.

Examples of market information questions are:

• Who are the customers?
• Where are they located and how can they be contacted?
• What quantity and quality do they want?
• What quantity and quality do they want?

Market segmentation

Market segmentation is the division of the market or population into subgroups with similar motivations. Widely used bases for segmenting include geographic differences, personality differences, demographic differences, use of product differences, and psychographic differences.

Market trends

Trends are the upward or downward movements of a market during a period of time. The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments.

But besides information about the target market you also need information about your competitor, your customers, products etc. A few techniques are:

• Customer analysis
• Competitor analysis
• Risk analysis
• Product research
• Advertising research

Tags: Market research