Market Research Plan
Market research is a planned process to gain a thorough understanding of the current and future potential of the market in which you operate.
Market Research is not just for new start-up business! Established businesses must continuously monitor what is happening within their market to ensure they can foresee future changes, change and adapt their processes to ensure the ongoing viability.
By undertaking the initial phase of Market Research, you should be able to:
* Identify your customer’s needs and wants. Remember its human nature to want something we can’t afford, so it’s a matter of focusing on delivering a want and turning it into a need.
* Understand your products features and benefits. A customer will buy benefits from you before features.
* Identify your target market. You can’t put your entire energy into everyone. You need to concentrate on those people who match your buying criteria.
* Identify your positioning strategy i.e. what image do you want to portray
* Identify your competitors and their market position. What do they do well?. How do they attract customers?
* Manage your legal and regulatory issues you need to comply with when operating a business in Australia.