What is Market Research?
- Market Research is a process of collecting consumer data about your target consumers, competitors, and industry as a whole.
- Marketing Research is a primary step in marketing a product.
Once you identify your target market in terms of demographics, such as income, age, family structure, you can begin to develop a product.
Answering these questions should help you get started:
- Who is my potential customers?
- What will my customers be willing to pay for my product?
- What factors do my customers consider when buying my product?