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BUS 211: Market Research (Hargis): Target Market

Let's Get Specific - Define Your Target Market

  •  Who pays for current solutions? (any demographic, geographic, psychographic)
  •  How much do they spend a year?
  •  What are the market trends for the industry?
  •  What factors seem to be changing the market, or changing the business?
  •  What developing trends can make a difference?
  •  How frequently they will spend on this solution? (Is there info that explains this out there? / may need to be a primary research question)  
  •  How they find out about this solution?
  •  How they decide to buy this solution? (Is there info that explains this out there? / may need to be a primary research question)  
  •  What do they value? (quality, service, uniqueness, convenience, status, selection, safety, price, brand, etc.) (Is there info that explains this out there? / may need to be a primary research question)  

Information to Discover with Primary Research

  •  What is their problem? Or need?
  •  Do they currently use a product/service that addresses this problem?
  •  How effective is the current solution(s)?
  •  What can be improved in the current solution(s)? What is missing? What “pain” is still experienced even with the solution?
  •  How much do they pay?
  •  What geographic area do they come from?
  • How frequently do they will spend on this solution?
  • How they find out about this solution?
  • How they decide to buy this solution?
  • What do they value? (quality, service, uniqueness, convenience, status, selection, safety, price, brand, etc.)

Information to Discover with Secondary Research

  •  How is this problem currently being addressed? What products/services are currently in the market that address this problem?
  •  Who currently provides solutions to this problem? (find competition)
  •  Describe how the solution is currently being implemented/delivered?
  •  How effective are the current solution(s)? (Is there info that explains this out there? / may need to be a primary research question)  
  •  What can be improved in the current solution(s)? (Is there info that explains this out there? / may need to be a primary research question) 
  •  Who pays for current solutions? (any demographic, geographic, psychographic)
  •  How much do they spend a year?
  •  What are the market trends for the industry?
  •  What factors seem to be changing the market, or changing the business?
  •  What developing trends can make a difference?