Prior to the launch of any new product, companies engage in exhaustively thorough market research in order to gauge its probability of success. If your subjects are properly selected, you can gain valuable information that may allow you to better temper your product for the intended target audience. What are your considerations prior to starting market research?
Demographics of your target geographical area – are you targeting the right region?
Price range and profit margin – will you make enough money from each sale?
Intended production volume – if you intend to take a higher volume approach, do you have the facilities to back it up?
Age range, marital status, family – do you have a detailed sketch of your ideal customer in mind?
Income and Lifestyle range – how much money will your average customer make?
Males, females or both – which sex are you focused on?
Seasonal, cyclical nature of your product – is your product marketable year-round or only on certain occasions?
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These may be bewildering questions at first. However, a well-run company should have a marketing manager to coordinate appropriate market research with a marketing researcher. The researcher and the manager define the objectives to be attained through the research.
A well known acronym in the world of marketing research is “DECIDE”, which is a quick way to remember the steps of research.
Define the marketing problem
Enumerate the decision factors
Collect relevant information
Identify the best alternatives
Develop and implement a marketing plan
Evaluate the final decision
The marketing team should then develop the plan and outline the costs, to be presented to the marketing manager for approval.
Now, with an approved market research in place, it’s time to address the two main forms of market research:
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