Market Research

Assignment Instructions Market research can give you insight into your market, your competitors, your products, your marketing and your customers. Here are 20 questions market research can help you answer. Who is currently buying your product or service?  What are these people’s lives actually like?  Why are other people not buying it?  Who would be interested in buying it in the future? How many people like this are there?  What general trends are affecting these people’s lives at the moment?  Where would people buy your product or service from?  When, where and how would they use or consume it?  Why would they buy it? What need are they wanting to satisfy?   Who is your real competition?  What image do people have of your brand vs your competitors’? What would be the ideal image for your brand to have? What do they think about the different aspects of your product or service (name, packaging, features, advertising, pricing…)? What improvements could be made to your product or service to meet people’s needs even better? What is the single most important benefit your brand should be seen to be offering – and why would people believe this to be true? How can you best communicate that benefit to the people you’re interested in attracting? What is the right price to charge? What other new products or services could your brand offer people? So what is your vision for your brand? And what would be the best roadmap for getting there? Utilizing the questions above.  Think of a product or service that interest you.  How could you or how would you change it?   First identify the product or service, then answer as many questions above to help direct the public relations/marketing direction the company should take. The assignment this week requires a minimum of two pages (no less than 400 words and no more than 600). The paper is required to be double-spaced and must be prepared in a word processing program.