So you have a new product idea? Before you know what step to take next, you will definitely need to conduct some market research to determine how the market will respond to your idea. With this market research, you will then be able to make adjustments to your idea, product, or service so that it best suites the needs of your intended audience.
Instructions
1. Look at the product or service you are offering. You need to conduct research on the cost, the desirability from your target market, your competitors, and the market you intend to reach.
2. Research the cost of the product or service. This concerns the cost to produce, the cost to distribute, the cost to update/repair/modify, as well as the cost you will have to charge the consumer in order for it to be viable. Keep this research on hand for use in your report.
3. Research the target market. Determine the demographics of your target audience. Consider sex, age, race, economic status, marital status, etc. Once you have factored in all of these things, gather a group of people that represents the mass audience. Conduct surveys and studies with them to determine how well your product or service is perceived by the audience. Keep this research on hand for use in your report.
4. Research the competitors. What are they doing? How well are they doing? What differences are there between your services and products that may help you? What differences are there that may hinder you? Determine this information and keep this on hand for your report.
5. With all of this information in hand, you can then determine if you product or service needs to be changed. If it costs too much, do something to reduce it. If the consumers do not like it, change something to make it desirable. If you have too many problems in too many areas then you may consider to not continue with this particular product or service.
6. After you have gathered this information and determined that it is safe to proceed, create a report that details all the information you have, and how you arrived at this information. This is your market research report. From there, you can create a marketing plan that will detail how you will proceed with the launch of the product or service.
