We need to research for many reasons
* Identify potential customers:
* Who is going to use your product/service?
* Understanding your existing customers:
* Why do customers choose your product over competitors?
* Set realistic targets.
* Develop effective strategies:
* How to price your product/service.
* Identify business opportunities.
To get the information we need to know if our new innovating product will succeed, we need to analyze the market, and if people will use or service and buy our products.
The first approach will be based on questioning; we will proceed to two different steps.
Primary Research Activities
* We will set up surveys to create market data.
* Create a social media site to get feedback and opinions about our new products.
It is not necessary to have a large sample size. We are going to base a quantitative survey, and it will be an online survey so we can reach more people, also eliminate the people who doesn’t use internet, because as we said we are an e-business, so we need internet users.
Our research will be based on:
Awareness: Let the market know that the product or service exists Targeting: Reach the target segments with the highest profit potential Acquisition: Optimize the marketing message, offer, and price that will close the sale Retention: Generate repeat purchases from current customers
Secondary Research Activities
* Review and analyze the existing data on your target markets available from published research studies, and government publications
* Evaluate the competition.
Secondary Research Methods
Many of the resources such as magazines, trade associations and government resources, have materials available online, so we don´t waste time, and also we can check online our competitors how they are selling their products or promotions they use.
Also we have to realize...