What is the target market? How do you conduct market research?

Target market research begins by identifying the target audience. This involves looking at the characteristics of the target audience such as age, gender, location, income level, interests, and needs.

Gather data. This can include collecting quantitative data such as surveys and polls or qualitative data such as interviews and focus groups.

Analyze the data. This involves looking at the data collected to identify patterns and trends in the target market.

Conduct competitor analysis. This involves looking at the competitors in the target market and understanding their strategies, products, and services.

Monitor market trends. This involves keeping track of changes in the target market such as new technologies, economic cycles, and consumer behaviors.

Monitor customer feedback. This involves keeping track of customer feedback through online reviews, social media comments, and surveys.

Test the market. This involves testing new products and services with the target market to gauge interest and feedback.

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