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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?

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