Market research involves gathering facts and statistics about the potential market that a given product or service will market to. The purpose of market research is to find out if a business plan is viable. Examples of market research are: identifying your target market; profiling the demographics of your target market and the geographical area that you are marketing to, so you see if there is a match; finding out who your competition is and how much they charge and how much they earn so that you can see if you can compete. Finally, market research includes figuring out if the market is saturated, or if there is room for your business to compete.
Is there still an unmet need in the community? If you are considering a market research career, you may have a love of marketing strategy. But for a market research career, you must first and foremost love the process of doing research. You must also enjoy to work with tables and graphs so that you can present your information. Market research usually gets presented in business plans to banks and investors. In your market research career, you will probably be encouraged by your bosses to frame the data in a way that suggests the most positive outlook for the business you are working with. You will be a very important part of the team that assembles a business plan to submit to banks and investors. Investors need to know that the business is viable, and your market research is the main thing that tells them if it is or not. You may want to ask your friends if they think a market research career is right for you, or seek out a mentor who has a market research career and ask them what they like and dislike about their job.
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