Think about who these products might be aimed at:
The best way of identifying a target customer or market is to undertake market research.
Methods of primary and secondary market research:
Primary research is the gathering of first-hand data that is specific to a firm's needs.
You could use: surveys or observation to collect information.
Secondary research is information collected from second-hand sources such as Google, reference books, government statistics or market intelligence reports.
Quantitative research means research using pre-set questions among a large enough sample size to provide statistically valid data.
An example would be using a questionnaire to question 200 people in a particular market segment.
An example would be using a questionnaire to question 200 people in a particular market segment.
Qualitative research is in-depth research into the motivations behind consumer behaviour or attitudes. It may include the use of focus groups.
Sampling: choosing a group of respondents selected to be representative of the target market as a whole.
The choice of sampling method and size of the sample will be influenced by:
-the finance available.
-the nature of the product.
-the risk involved.
-the target market.
What method of sampling and what sample size would you have used before bringing this product to market?
Market segmentation - analysing a market to identify the different types of consumer.
The main ways a market can be segmented are:
Demographically e.g. by age, social class or sex.
Psychographically (by attitudes and tastes).
Geographically, by region.
