Issue link: https://docs.hic.us/i/403552
Market Research Researching your market is perhaps the easiest way to assess it. Market research does not have to be costly, nor does it have to be a complex process. It can be as simple and as easy as surveying a cross-section of your consumers to get their opinions about the product or service you will be offering, or conducting a telephone or mail survey. The disadvantages of using the telephone or mail survey method are that the individuals you contact may not be interested in responding to a survey. Other market research techniques include analyzing demographic data, such as: • population growth/decline rate • age range • sex • profession • income level • educational level • residence Finally, brainstorming with family and friends, and focus group interviews are also useful methods for gathering market data. Whatever method you use, your focus should be on gathering enough information to determine to answer the following question: • Who are your customers and potential customers? • What kind of people are they? • Where do they live? • Can and will they buy the product or service you're offering? • Are you offering the kinds of goods or services they want - at the best place, • the best time and best amounts? • Are your prices consistent with what the buyers view as the products' values? • Are you applying the promotional programs in a way that will bring about • success? • What do customers think of your franchise? • Who are your competitors? • If a franchise, how does your operation compare with the competition? It should be noted that there are some disadvantages to market research, such as: • It can be a costly, time-consuming process. • It can build in biases that distort information. • It sometimes ignores answers or lets arrogance or hostility cut off • communications at some point in the marketing process. www.hsi.us care@hsi.us 47