It is easy to skip over the necessity for conducting market research, especially if you are a small producer or entrepreneur and you are already stretched in resources. Beware this assumption, because it only means you will be in the weeds and spending a lot more time, money and effort long term in getting your product or service off the ground.
Market research would categorically determine if there is a need for your product in your intended market. It will not only give you the preliminary data so you can make a decision whether to enter that market, it will also give you an idea of how to position your product for the market, in doing so, giving you an understanding of the Marketing Mix designed to organize your marketing plan. These address the 4Ps: Product (right product for the right buyer), Place (distribution), Pricing Strategy (such as skimming, bundling, penetration etc) and Promotion (how to market).
Market research involves gathering, analyzing and interpreting information. What type of information will you need? You will need both qualitative and quantitative information on customers, socio-graphics, the industry, trends, competition and barriers to entry, and these data can be obtained through primary and secondary sources. More on each of these types of information in our next blog.
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