Market research can help in creating effective business strategies by providing valuable information about customers. It can gather demographic data to discover opportunities and limitations for customer growth. This data can include age, income, family, and interests. By answering questions such as the desire for your product or service, the number of interested people, the income range and employment rate, the location of your customers and your business reach, the availability of similar options to consumers, and the price potential customers pay for these alternatives, you can get a good sense of your market. This information can then be used to formulate strategies that cater to your target market's needs and preferences.
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Using market research to find customers – gather demographic information to discover opportunities and limitations for customer growth (examples: data on age, income, family and interests). Then answer these questions to get a good sense of your market: Is there a desire for your product or service? How many people would be interested in your offering? What are the income range and employment rate? Where do your customers live and where can your business reach? How many similar options are already available to consumers? What do potential customers pay for these alternatives? The methods you can use to do direct research are surveys, questionnaires, focus groups and in-depth interviews.
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