Market Research is very crucial in a business. It will give you the idea of a perfect product and services that you can provide to a specific target market who needs it. You will also be able to know the demand and the population of your potential customers and clients. Which means, you will know early on if your business will be profitable or not. 

Market research should investigate four areas: customers, customer needs, competition, and trends. These Types of market research should answer questions like:

Customers. Identify their:
* Age 
* Income 
* Occupation 
* Family size

Customers wants
* Is the product needed for a limited time (diapers, for example)? 
* Are customers looking for quicker service? 
* Do customers want guarantees with the products? 
* Will customer come frequently (for example a grocery store) or seldom (a car dealership)?

* Are customers looking for a wider distribution or more convenient locations?

Competition 

* What is the competitions' market share? 
* How much sales volume do they do? 
* How many similar firms exist? 
* What attracts customers to them? 
* What strengths do they advertise? 

Trends

Are there: 
* Population shifts? 
(Baby boom, for example) Legal or regulatory
developments? 
* Changes in the local economic situation? 
* Lifestyle changes? (single parents, working women, smaller family size)

Where to get it ?

There are two general sources of information that can be gathered: data already available and data that can be collected by the business.

The following sources may provide already accessible data: 

* Philippine Chamber of Commerce 
* Trade associations in the line of business
* Professional market research services 
* Local library Data can also be obtained by the business' own research efforts through the following means: 
* Telephone surveys 
* Local and national newspapers 
* Surveys sent by mail 
* Questionnaires 
* Local TV and radio stations 
* Interviewing 
* Customer service cards

You can also try the survey examples of Surveymonkey.com on their website.

One of which is for the Target Market Demographics..
You can also watch this Video for more information about Market Research made by Tony Mariano






If this article have helped you in any way, then please share it on facebook or you can like our page