Market Research | Customer Research

Target markets research – a description of a certain group of people to whom it is planned to sell a product or service.



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Market research on target audience is sequential actions to collect information about markets or consumers. It is a very important component in developing a business strategy. Customer research process should be distinguished from marketing research, since marketing research refers to the target marketing research, while market research refers only to markets.

Customer research should answer the questions of what consumers want, what they need, what they trust. The target of market research may also include a study of consumer actions, behavior at various stages of the buying process, etc.

Target research for business planning

When starting a new business, the following are especially important:

Market Information

The main market information is the prices of suppliers of the market under study, the situation of supply and demand. Such information should be obtained from independent sources, in various formats.

Market segmentation

Market segmentation is the division of the market into subgroups, united by one or more essential features. The following segmentations are often used: geographical, gender, demographic, etc.

Market trends

It is necessary to take into account trends in the growth or fall of the studied market in a certain period. It is quite difficult to estimate the size of the market when starting a new business, since historical statistics and expert data of insiders are necessary. In this case, you can try to get derived figures from the number of potential consumers, dividing them into segments.

The universal sequence of any market analysis:

  • Identify market research objectives.
  • Make a market analysis plan.
  • Determine the timing and budget of market analysis.
  • Choose market research methods.
  • Carry out the necessary market research.
  • Prepare an analysis of the collected market information.
  • Prepare a market review.

Make a presentation on market analysis.

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