Date Added: Jul 2010
Deepen market research when you realize that the market is shifting, growing, and becoming more diverse. Identify possibilities for segmenting your markets or identifying a new niche through ongoing conversations with customers and analyses of industry trends. See the benefits and constraints of segmenting markets solely on traditional demographics (age, income, and ethnicity), which are very often geographically clustered. Recognize that income doesn't necessarily indicate willingness to spend; instead, personal priorities are just as likely to dictate consumer behaviors and spending habits.