You will never get right answers however, if you don't know right questions. So with this in mind, I from time to time write an article, which is consists of mostly questions! Questions covering a single subject, which I hope will provoke you into independent thought, thus creating productive output. Our topic is what? Marketing Research!

Marketing Research is a very important step in evolution of your business. Without research, you have no basis on which to answer even most basic questions; questions that you must answer if you truly desire to successfully market your product or service.

1. Your Market.

A. Do you know whom your target market is?

B. Who are your current customers and do they fall into your target market?

C. Are your current customers loyal to your product? Why or Why not?

D. If not, how can your create a loyalty strategy?

E. What is current size and geographic spread of your target market?

F. What will it be in future?

G. Will you be able to maintain a product and company growth rate to match that of projected growth rate of your target market?

H. Is your product part of a trend market that has a volatile base, which can collapse or increase rapidly?

I. Are you prepared for this? How?

1) State your Objectives:

Companies usually set objectives in terms of desired profit, total sales, or market share. Profit tends to be most popular company focus. Market share refers to how much of market you snag compared to your competitors. Other objectives can be your total sales, number of loyal customers, or customer satisfaction. Company objectives always provide a time frame and are verifiable which is why objectives are usually stated in percentages and dollar signs.

2) Situation Analysis:

Looks at current business environment and can be elaborate or very simple. The components examined are competition, size of market, types of customers, channels of distribution, and economic conditions. By taking an overview of whole picture and stating your strengths and weaknesses, you'll have a clearer understanding of how well your company will compete.

3) Target Market:

Who are your customers? Your company can't sell to everyone, so you need to decide what part of market segment you're going to serve. A thorough understanding of who your customers are and how to find them are imperative to your company's success. Look at demographics such as how much money they make, where they live, how much education they have, etc.