Market research is ongoing
Market research is the process by which you understand your customer base or your potential customer base. Market research is the first thing that an entrepreneur must do, and it never stops:
 A simple approach to market researchQualitative understanding
Any business is well served by having a deep understanding of their customers. The primary dimensions of information are depicted in this picture. Connection to planning
The information gather in qualitative market research should drive many elements of the ventures operating plan.
Primary market research is the qualitative research is a process of understanding as much as you can about a particular customer:
- Environment
- Needs, problems, issues
- Alternative solutions
- Buying process
Secondary market research is the process whereby you estimate the number of customers who could possibly buy your product (your "market opportunity"). Good secondary market research is always based on solid primary market research.
Some Tools
Attached to this page are some tools that can help in the process of market research, competitive analysis and market launch. The templates outline the basic questions that you should ask as you go through the process of understanding your market, understanding your competitive position and creating a plan to respond to the market need. These documents are:
- Market Definition Template
- Market Segmentation Template
- Competitor Analysis Template
- Market Launch Plan Template
In addition, there are documents attached from Pragmatic Marketing on the concept of "personas" and their role as a foundation for market research.
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