Friday, October 9, 2009

Marketing research management

Market Research is the study of groups of people that you would like to sell your products or services to. Spending time to do Market Research minimizes risk and often improves your chances of success. Researching your target market can provide you with sound and objective data. The problem is that market research can be extremely expensive. So how can you do the research if you are on a tight budget? Low-cost market research is not impossible, let me show you how.

First off, let's consider the things we need to look for when conducting our market research. Your target market should have at least four common characteristics. They are:

1. My target market has a particular need.

2. My target market has enough money to purchase my products or services.

3. My target market has decision making power.

4. My target market has access to my products and services.

In order to determine these characteristics you must spend time researching and asking yourself the following questions:

· My customers have a particular need. What is that need?

· My customers have enough money to buy what I am selling. Who needs and can afford what you are offering?

· My customers have decision making power. Who has the authority to say yes to what I'm offering?

· My customers have access to my products and services. How accessible are my products or services to my target market?