Product market research is a basic requirement, because you need to know the position of your brand or product in the market and the target group you want to address. The latter is important because 20% of all consumers is responsible for 80% of your turnover.
To determine the target group for your product, you first have to segment the market.
This means you divide the market into small fragments and choose your target group according to variables such as:
It’s important to know who would buy your product and what your product should look like to satisfy that target group. Now is the time to gather information about behaviour, attitude and motivation of the target group. Once you’ve done this, you can determine their specific needs and adjust the product if necessary.
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