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Market Research, besides, about, helps find, approach, helps, which, which…

- - - - identify purpose
        
        external
        
        For example
        
        convincing lenders of a business loan
        
        Internal
        
        For example
        
        improving business operations
  - - - Indicates company direction
        
        includes
        
        size
        
        trends
        
        projected growth
        
        Shows
        
        Investors
        
        Lenders
        
        If the industry is worth their time and money
  - - - Find
        
        age
        
        income
        
        gender
        
        location
        
        marital status
        
        education level
        
        occupation
  - - - Identify
        
        Competitors target market
        
        determine
        
        Own companies advantages and marketing position
        
        Competitor offerings
        
        locations
        
        Disadvantages
  - - - layout information
        
        organise
        
        enables
        
        forecasting
        
        gross margin
        
        customers' buying habits
        
        Cash flow cycle
  - - - must be
        
        factual
        
        use
        
        credible sources
        
        relevant
        
        Unbiased
- - - - Outsourcing a Company
        
        Most expensive method
      - Use of Employees
        
        Costly and cumbersome
        
        Must schedule and account for during work hours
        
        Questionnaires
        
        Interviews
        
        Examinations
      - Asking a few individuals
        
        NOT ENOUGH
        
        respondents opinions
        
        which are
        
        SUBJECTIVE
  - - - More costly for company
    - - Answered by Volunteers
        
        Within given time period
        
        in order to
        
        gain a competitive advantage over competitors
      - Examined by employees
- - - - Dissatisfied customers
        
        shortcomings of competitors
        
        through
        
        asking target customers
        
        Allows businesses
        
        to
        
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        their product reviews
      - Undiscovered segments
        
        revelation
        
        about
        
        market segment neglected by competition
        
        which provides
        
        a new customer segment to reach out to
      - Unaddressed needs
        
        identify
        
        customer pain points
        
        NOT addressed by competition
        
        businesses can
        
        include results in own marketing
        
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        desires
  - - - Learn
        
        who your customers are
        
        such as
        
        Demographics
        
        small businesses who help them
        
        these businesses for mutually-beneficial joint promotions.
    - - Know customer buying behaviour
        
        come up with
        
        add-ons
        
        product bundles
        
        increases average value of each order
        
        upsells
        
        persuading a customer to buy something additional or more expensive
    - - target customer geographical locations
        
        businesses to create a compelling target campaign
        
        which is
        
        customised
        
        needs and culture of the area
- - - - Focus on
        
        Brand Reputation
        
        Refers to
        
        How is your brand perceived by your customers?
        
        Customer Opinions
        
        Buying Behaviours
        
        Use of products/services by consumers
    - - Measure
        
        Market Size
        
        defined by
        
        How big your market is in terms of sales transactions?
        
        Supply and Demand
        
        Serves as
        
        starting point for your research
        
        because it will
        
        provide insights on the availability of similar products and services in your market
        
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        Trends
        
        Asks the question
        
        What are the main trends in the market that can have an impact on your products and services?
        
        For example
        
        are there alternative products being launched in the market
        
        Growth
        
        Refers to
        
        If the market is growing or contracting compared to previous years
        
        In terms of
        
        Sales Transactions and Increased Competition
        
        Distribution
        
        What
        
        main distributing channels
        
        Where
        
        Sales occur
        
        Mainly in-store or online?
        
        are there
        
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        Profit
        
        Considers
        
        profitability of transactions
        
        and
        
        Purchasing power of customers in that market
        
        Volume of sales
        
        PESTEL
        
        Operations Impacted by
        
        Aspects of Market Environment
        
        Social
        
        Technological
        
        Economic
        
        Environmental
        
        Political
        
        Legal