business stage / Market Research
Description
Market research is like putting on your detective hat and digging deep to uncover valuable insights about the people who might buy what you're selling, how big the market is for your product or service, who else is out there offering something similar, and how much people are willing to pay for it. It's basically like being a super sleuth for your business, gathering all the critical information you need to make smart decisions and stand out from the crowd.
By diving into market research, you get a crystal-clear picture of your target customers' wants and needs, figure out how you stack up against your competitors, and set the perfect price that attracts buyers without leaving money on the table. It's all about arming yourself with the knowledge to not just survive, but thrive in the business world by giving you the inside scoop on what makes your audience tick and how you can position yourself as the go-to choice in a sea of options.
Other tools for Market Research
The tools below could be useful during this stage of a business.
- 4P's of Marketing
- 6 Market Dynamics
- 6 Steps to Developing a Unique Selling Proposition (USP)
- Abell Framework
- Affinity Diagrams
- App Store Optimization
- Available Market
- Backcasting
- BEANE Test for Product Adoption
- Benchmarking
- Blue Ocean Strategy Canvas
- Blueprint for Growth
- Bowman's Strategy Clock
- Brand Pyramid
- Business Ecosystem Modeling Tool
- Business Model Canvas (BMC)
- Business model scalability
- CAGE Framework
- Calculated risks
- Catchball Process
- Cause and Effect Analysis
- Classification of Market Entry Strategies Framework
- Co-opetition
- Communication Systems
- Competitive Blind Spots
- Competitive Intelligence
- Competitive Pricing
- Competitive Profile Matrix
- Competitive Scenario Planning
- Continuous Improvement
- Creating a Distinct Value Proposition
- Critical Question Analysis
- Cross-Border E-commerce Strategy
- Cross-Industry Innovation
- Customer Analysis
- Customer Experience Mapping
- Customer Focus
- Customer Journey Analytics
- Customer Lifetime Value
- Customer Relationship Management (CRM)
- Customer-Driven Innovation
- Data-Driven Decision-Making Framework
- Decision Trees
- Deloitte's Growth Framework
- Design Thinking
- Diamond Model
- Diffusion of Innovations Curve
- Digital Ethics Frameworks
- Digital Trust Framework
- Early Warning Scans
- Economies of Agglomeration
- Ecosystem Strategy Framework
- Efficient Mobile App Marketing Strategy
- Eight Simple Steps for New Product Development
- Emotional Intelligence
- Ethical AI Framework
- Familiarity Matrix
- Fishbone diagram
- Five Whys
- Game Theory
- GAP Analysis
- Heptalysis
- Hofstede's Cultural Dimensions Theory
- Inclusive Business Model Canvas
- Industry Analysis
- Influencer Partnerships
- Innovation prioritization
- Innovation Radar
- International Market Assessment Tools
- Iterative Design and Feedback Tools
- Jobs to be Done Framework (JTBD)
- Kaizen
- Kanban
- Kano Model
- Kapferer's Brand Identity Prism
- Kay's Distinctive Capabilities Framework
- Kepner-Tregoe Matrix
- Lauterborn's 4Cs
- Lean Canvas Model
- Lean Startup Methodology
- Legal Lean Canvas Model
- Life Cycle Analysis
- Market Entry Strategy Framework
- Market Gap Analysis
- Market share capture
- Marketing Research Mix
- McKinsey's Seven Degrees of Freedom for Growth
- MECE Framework
- Minimum Viable Products (MVP)
- Mobile App Marketing Strategy
- Mobile Food Vendor Component Analysis
- Mullins' Seven Domains Model
- New Product Development Model
- New Service Development Model
- NUDGE Theory
- Ohmae's 3C Model
- Online Reputation Management Tools
- Open Market Innovation
- Pareto Analysis (The 80/20 Rule)
- Penetration Pricing
- Perceptual Mapping
- PEST and PESTEL Analysis
- Platform Canvas
- Porter's Five Forces Analysis
- Porter's Four Corners
- Positioning Map
- Price-Benefit Position Map
- Privacy-by-Design Framework
- Product Diffusion Curve
- Product Life Cycle
- Product Opportunity Evaluation Matrix - Poem Matrix
- RACI Matrix (responsible, accountable, consulted, and informed)
- Resource Audit
- Responsibility Matrices
- RFM Segmentation
- Risk Management Framework
- Risk Management
- Root Cause Analysis
- Sales Funnel
- Scenario Planning
- Segmentation, Targeting, and Positioning Model (STP)
- Simplex Process
- Six Market Dynamics
- Skimming Pricing
- Smarter Startup
- Social Media Campaigns
- Social Media Listening and Engagement Tools
- Stakeholder Mapping Tools
- Strategic Alliances
- Strategic Innovation Canvas
- Strategic Resilience PlanningStrategic Scenario Planning
- Sweet Spot
- SWOT Analysis
- Systematic Analysis
- Technology Adoption Life Cycle
- Technology Life Cycle
- Three Levels of Business Models
- Three Tiers of Non-Customers
- Trading Agent Competition
- Triple Layered Business Model Canvas
- Using Focus Groups
- USP Analysis
- Value Chain Analysis
- Value Curve Analysis
- Value Proposition Canvas
- Value-Based Pricing
- Values Disciplines Model
- Voice of the Customer Strategy
- War Gaming