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:
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? ...|