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Market research can help in identifying potential areas for business expansion by gathering demographic information to discover opportunities and limitations for customer growth. This can include data on age, income, family, and interests. By answering questions such as the desire for your product or service, the number of people interested in your offering, the income range and employment rate, where your customers live and where your business can reach, how many similar options are already available to consumers, and what potential customers pay for these alternatives, you can get a good sense of your market. The methods you can use to do direct research are surveys, questionnaires, focus groups, and in-depth interviews.
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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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Evaluate your position in the market and familiarize how you compare against competitors to do more of the right things. Use this Competitive Landscap...
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