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Demographic data in market research has several limitations. First, it may not provide a complete picture of the customer's needs and preferences as it only focuses on general characteristics such as age, income, and family status. Second, demographic data can be static and may not reflect changes in behavior or preferences over time. Third, it may not account for cultural, social, or personal factors that influence consumer behavior. Lastly, relying solely on demographic data can lead to stereotyping, which can limit the ability to reach potential customers.
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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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