What is the objective of the research?
The type of information sought from market research will determine how much time and effort a business should invest in it. The objectives of market research may include: Market Attractiveness Evaluation: Market sizing – estimating the size of a total market, how much is accessible by the business, and/or what market share ambitions would be realistic. Competitive presence and customer preference. • Customer spending patterns, budget cycles, and intent. • Channel trends, preferences, and allegiances. Customer Insight: Specific customer needs, aspirations, buying behaviors, usage patterns, decision models, preferences, favourability, intentions, etc Competitive Forces: Current and potential basis of competition in a market. Communications Planning: What information sources do prospective customers pay attention to, how to reach them, opportunities / vehicles for influencing target customers and which are most effective. Product Testing: Evaluation of product improvements, alternatives,
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