CHAPTER 2
Carrying out market research
With an idea in hand, you want to be clear about the market of customers that is going to buy your product or service. The research should look to discover:
- how many customers are in your market
- their key influencers
- their current suppliers.
Consider the four Cs as your market research guide, shown in the following table.
| CustomersAre your customers of a certain age, demographic or based in a certain area?What is the size of this customer group in the UK and overseas (if international trade is on your mind)? | CompetitorsWho is currently servicing your market?What are they doing well, and not so well? |
| CostsWhat price is the customer prepared to pay?Can you charge this, taking into account your own costs? ... |
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