Whether you hire a professional market research firm or take on the task yourself, your market research should clearly answer the following questions:
- Who will buy my product or service?
- Why will they buy it?
- Where will they buy it-specialty shops, department stores, mail order?
- What do I need to charge to make a healthy profit?
- What products or services will mine be competing with?
- Am I positioning my product or service correctly? (In other words, if there's a lot of competition, look for a specialized market niche.)
- What government regulations will my product or service be subject to?