- Bush Technology
- Unlock and Surf
- Telstra unveils Next G mobile broadband WiFi router
- Good Ebay Affiliate Advice - Ebay Partner Network Works!
- Entrepreneurs
- How to write your Financial Plan for your New Business
- The Market Research Process Explained
- How to get the best exposure using RuralStar.com to promote your business
- Home Business
- How to calculate Advertising Rates and Percentages
- How to get the best exposure using RuralStar.com to promote your business
- How to write your Financial Plan for your New Business
- House & Garden Design
- How to do Spring Clean Your Life Everyday
- An introduction to Natural Decorating
- How to make a stunning canvass with an ordinary photo
- How To...
- How to get what's coming to you!
- How to write your Financial Plan for your New Business
- How to make a stunning canvass with an ordinary photo
- Internet Tips
- Good Ebay Affiliate Advice - Ebay Partner Network Works!
- Beware of Paypal.com Scammers
- Is your website banned by Google?
- Marketing Advice
- From your bed to the office - home based business tips
- How to develop a Customer Profile.
- Ideas for Promoting your Business
- Pet Lovers
- Dog House Training - Dealing With Separation Anxiety
- Pet Rescue Australia
- New York Magnate Leaves Billions to the Dogs
- Reading & Writing
- Changing the Way You Think About Your Words
- Job Applications: Two A Week For More Than 40 Years 1961-2003
- Real Estate
- How to pay off your Home Loan faster
- The Home Front V2 - WA's Property Boom or Bust?
- Moving House , take out the stress.!
- Recreation
- 51 Tips Low Risk Drinking - Optimal Thinking - Relaxation - Sleep - Spiritual - Tension Busters
The Market Research Process Explained
05/07/2008 - By Natalie van Veen
To assist you with your market research you should start with an understanding of the five broad categories of market research that help you find out as much as possible about your industry, competition and customers:
1. Market Segmentation
2. Purchasing Power and Buying Habits
3. Psychological Aspects of the Market
4. Marketplace Competition
5. Environmental Factors
Market Segmentation
Market segmentation studies provide information about the characteristics shared by your customers. This data provides answers to questions such as:
Who are my customers?
What is the size of their population?
What percentage is female?
What are their ages, races, income and education levels?
What are their occupations, skills, interests and hobbies?
How many children do they have?
Do they have pets?
Where do they live and work?
Purchasing Power and Buying Habits
Purchasing power and buying habits information uncovers the financial strength and economic attributes shared by your target market. Some questions to be answered include:
What is the average dollar amount spent on purchases or products or services similar to mine?
What are the financing needs of my target market?
What is their current usage of my services?
When do they purchase?
Where do they shop?
Why do they decide to buy?
How often do they buy?
How much do they buy at a time?
Do they own or rent their homes?
What types of cars do they drive?
How often do they eat out?
How do they typically spend their disposable income?
What methods of payment do they use?
How strong is their credit?
Psychological Aspects of the Market
Psychological aspects of the market are information regarding the perceived opinions and values held and shared by consumers in your market. Questions to be answered:
What is the reaction of the market to my programs or services?
How does the market compare my company to other businesses?
What qualities and characteristics do my customers deem important?
Who makes the decisions to buy in the family or company?
What are the deciding factors in making a purchase?
Do they only want the best for their family?
Are they looking for convenience and time-saving devices?
Are they concerned with how they're perceived by others?
What are their unmet needs?
Do they demand intensive customer service?
Are they only concerned with the lowest price?
What media (magazines, radio, TV, newspapers, and Internet providers) are they exposed to?
What confuses my customers and prospects?
Marketplace Competition
Marketplace competition is information about the other companies within your area of business. Research answers these questions:
Who are my primary competitors in the market?
How do they compete with me?
In what ways do they not compete with me?
What are their strengths and weaknesses?
Are there profitable opportunities based upon their weaknesses?
What is their market niche?
What makes my business unique from the others?
How do my competitors position themselves?
How do they communicate their services to the market?
Who are their customers?
How are they perceived by the market?
Who are the industry leaders?
What is their sales volume?
Where are they located?
Are they profitable?
Environmental Factors
Environmental factors information uncovers economical and political circumstances that can influence your productivity and operations. Questions to be answered include:
What are the current and future population trends?
What are the current and future socio-economic trends?
What effects do economic and political policies have on the target market or my industry?
What are the growth expectations for my market?
What outside factors influence the industry's performance?
What are the trends for this market and for the economy?
Is the industry growing, at a plateau, or declining?
