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MARKET RESEARCH should be conducted to analyze the demand whether locally or internationally.
You do not have to be a market research expert to analyze customer' needs and figure out how to meet them. Proper market research analyzes market size, competitors, and most importantly, demand for a product. Your market research plan should do six things: measure customer demand, identify trends, analyze buyer behavior, analyze competitor behavior, identify target markets and determine sales potential.
Importance
Market research focuses your marketing strategy on potential customers that want your product. Small and local businesses may find researching their market easier than large, nationwide businesses because their customer base is smaller. Timely information reduces business risks and helps spot sales opportunities. Use your research to identify current challenges and potential problems in the current market to develop your action plan.
Preparation
Before organizing surveys and field studies, experts suggest reviewing customer information that you already have. Sales records, customer complaints, receipts and records regarding where people live and what they buy can improve your marketing immediately. If you offer credit, check consumer credit reports, since they can offer a plethora of information. Talk to your customer service employees because they hear customers' small gripes and complaints that they rarely report to management. Your employees know which items customers request most often and often can supply good customer profiles from their day-to-day contacts.
Primary Research
Any research obtained directly from the source through interview or surveys is primary research. Offering customer experience or satisfaction surveys to your customers gives you primary information. Many stores and restaurants offer a raffle entry, discount or prize to customers who participate. This method offers direct contact with your consumers and provides specific detailed information designed to meet your needs. Since you get to design the survey or interview, you can focus your questions on information you specifically need rather than general opinions.
Benefits of Primary Research
Surveys offer you immediate feedback, especially when used in high-traffic locations. Different questionnaires can analyze the beliefs and attitudes of different customer groups. Direct mail surveys may cover a larger geographic area and can show the product in print and graphics while keeping costs low. Email activated surveys are even less expensive and let customers respond quickly. Telephone surveys let you target specific kinds of customers, and the surveyor may notice additional attitudes and information from the respondents.
Secondary Research
Information gleaned from outside surveys, books or magazines can be rearranged and cross-referenced to meet your needs. Secondary research from local sources such as newspapers and local media is often very helpful. Trade associations and government agencies may have additional information, and public records typically are available at your local public library.
Actually i am not specialized in marketing, but first you have to pass the quality assurance test of the product and cover all assumptions of the requirements. then you need a global survey to analyze the value of your product.
Tryout YouGov.com
Market Survey, Market survey & Market survey. Even though there are various technical methods to analysis, Market survey is the most trusted method followed by most of the global companies.
Market research is widely viewed as a component of the planning stage of a business. Indeed, market research is critical for new start-ups and should be a key element of any entrepreneur's business plan.
Contact your local business network service offering free research materials.
Other sources of research materials include libraries, universities, industry associations and government departments at various levels.
At first you have to do a MARKET STUDY i.e.(survey questioner, interviews, lifestyle living etc.) So you can easily find the demands of product through gathering all the information result that you needed to know. Then do some MARKET RESEARCH regarding on the COMPETITORS, VOLUME SUPPLY, BRAND QUALITY & PRICING.
By Personal visits/Research and Inquired information from extreme reliable sources preferably internal approach than external agency approach.
Hire marketing research experts, especially who are familiar with the countries you are going to enter.
Excellent answers by experts.
Hire an independent specialized highly accurate Market Research firm.
