You are tasked with conducting a market analysis for a new product launch. How would you approach gathering relevant data and identifying target markets?
- Analyze sales data and customer demographics
- Conduct competitor analysis and industry research
- Conduct surveys and focus groups to gather consumer insights
- Utilize social media listening tools and analyze online trends
Conducting market analysis requires a comprehensive approach to gathering relevant data and identifying target markets. Analyzing sales data and customer demographics provides insights into existing customer segments and preferences. This helps in understanding the current market landscape. Conducting competitor analysis and industry research provides insights into market trends, competitive landscape, and potential opportunities for the new product.
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