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Template For Market Research

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Use the template below to develop a Market Research Plan. If your business requires a different template to be used, use it instead and attach it to this section of your Project Portfolio.
Market Research Plan for ABC Company
Date: May 1, 2023
Market research objectives
Develop at least two market research objectives specific to your product and business. Make sure this aligns with the broader market research objectives.
1. To determine the current level of awareness and perception of our product among potential customers in our target market.
2. To identify the most effective marketing channels and messaging to reach and engage with our target audience.
These objectives align with the broader market research objectives of understanding our …show more content…

It will include data on the key factors that influence consumer behavior such as price, quality, brand perception, product features, and customer service.
2. Competitor analysis: This data will help to understand the competitive landscape and identify key competitors in the market. It will include data on the competitor's strengths and weaknesses, market share, pricing strategies, product features, and marketing strategies.
3. Market trends: This data will help to understand the broader market trends that are influencing the industry. It will include data on changes in consumer behavior, emerging technologies, and economic and social trends that could impact the market.
4. Sales and revenue data: This data will help to understand the performance of the product

BSBMKG543 Plan and Interpret Market Research Project Portfolio V1.0 5 in the market. It will include data on sales volume, revenue, and market share. It will also help to identify areas where the product could be improved or optimized to increase sales and revenue.

Data collection methods
Describe at least three data collection methods you will use in your market research. At least one of the methods should include a survey/questionnaire to

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