Researching your market
Why research?
The intention of this taster course is to help you understand the process of market segmentation. So far, we have looked at the different techniques used to segment markets and how each one can be used to gain a better understanding of your current and potential customers. Using the interactive tool, some of these techniques have been put into practice to produce an example of how customer market profiles can be built.
Why research?
These are just a few reasons why research is important:
- to monitor business performance;
- to assist in the definition of target markets, segments, geography, key customers and competitors;
- to help you understand how and why people make their buying decisions;
- to help determine likely demand for a new product;
- to gather intelligence on barriers to purchase, product image, product mix, price perceptions, expectations and communications.
The following section now gives details of some valuable resources that are available so that you will be able to develop your own knowledge of market trends and use the resources available to develop a profile of existing and potential customers specific to your own business environment.