use of market research

• investigate market size and trends:

  • the number of customers is growing or shrinking
  • potential size of the market
  • the market share and its firm's sales may be potential for growth
• market segments:

  • current and potential customers
  • needs, habits and lifestyles of different group of customers
• customer preferances:

  • what customers want from the products
  • what price they want to pay/willing to pay
  • what methods of promotion might be most effective
  • where customers are likely to buy the products from
• competition:

  • who their main competitors are
  • competitor's market share
  • competitor's strength and weaknesses