Best Ways to Do market research

1

Select a Purpose of your Market Research

If you want to avoid vague market research, make SMART market research goals. The term SMART goal means that the goal should be Specific, Measurable, Achievable, Realistic, and Timely.

There are always reasons for market research, your goal might be reducing costs or creating more customers. Define what you want to accomplish through this market research and organize your efforts to meet the goals.

Before you begin the research, make a research plan, and decide on a budget. If you need a specialist, print questionnaires or will have to travel for research purposes, make a market research budget and try to manage everything within the budget.

Select a Purpose of your Market Research

VOTE:
REPORT
Written by Monique Hernandez
8 months ago
2

Take Your Competitors Seriously

Chalk out the names of all your competitors. Your competitors are the businesses that might steal your customers or vice versa. Do a SWOT analysis of each competitor and find out everything they are doing? 

What is their business turn-over, what prices do they offer and how many customers do they have? What are their weaknesses and what are their strengths? You need to know everything. 

If you sell bicycles in a town and you have only one competitor near you. If he starts selling his products at a 30% discount for a month, it can disturb your entire month’s sale. If a competitor’s business decisions can affect your business, you need a plan to counter-attack.

VOTE:
REPORT
Written by Michael Zimmerman
8 months ago
3

Identify the Available Target Market

If you are selling honey flavored peanut butter in a city, you need to know how many people in that city eat peanut butter. How many of those people like honey flavored peanut butter and how can you make them buy your product. Who are other people who don’t eat peanut butter but can buy your peanut butter? 

Understanding the Target Market further requires you to do an in-depth analysis based on the age, gender, occupation, location, marital status, and income of these individuals.

VOTE:
REPORT
Written by Rene Wright
8 months ago

Do you know the BEST WAY TO Do Market Research?

This topic is tagged

marketing

Share this page

Related topics

image for topic 'Pitch an idea'
Best Ways to

Pitch an idea

image for topic 'Promote your business'
Best Ways to

Promote your business

image for topic 'Name a business'
Best Ways to

Name a business

image for topic 'Prospect on linkedin'
Best Ways to

Prospect on linkedin

image for topic 'Make money from home'
Best Ways to

Make money from home

image for topic 'Help others'
Best Ways to

Help others

image for topic 'Inspire others'
Best Ways to

Inspire others

Add new topic

Do you have a suggestion on a new topic? Please contribute!
Best Ways to
This site is protected by reCAPTCHA.
The Google Privacy Policy & Terms of Service apply.

Explore other topics

Disclaimer: This web site gathers "Best Ways" to do things from contributing users. Any application of ANY recommendations set forth on this site is at the viewer's discretion and sole risk. Examples (non exhaustive): Some of the topics relates to health (physical or mental). The recommendations set forth on such topics (or any other topic) are not intended as a substitute for the medical advice and supervision of your personal physician. Other topics relates to economics, investments and legal issues. None of the recommendations set forth on such topics (or any other topic) are intended as investment, tax, accounting or legal advice. Your use of the Information presented to you is at your own risk. The Information is provided 'as is' and without warranties, either expressed or implied.
For https://best.ways.to to operate properly cookies are needed. By surfing further on this site you consent to us setting cookies in your browser as well as to our privacy policy and our terms of service. Click this button to accept / remove this message.