product development

Questions:

1: What is their age range? Which Generation do they fall under?

2: What is their family structure? Single, Married, Etc…
For example: This is important because a single hard-working woman will have more money to spend on herself than single mother with a new child.

3: Where are they living?
For example: Your younger generations may be at the stage of a first time home owner and will therefore have less discretionary money to spend. As compared to your Baby Boomer’s who’s children have moved out and made them Empty Nesters; who typically have a great deal of discretionary income to spend on their grandchildren.

4: What are their interests/hobbies?
For example: What do they enjoy doing in their spare time? Do they still work? Have they retired? Do they own summer/winter homes?

5:What is their annual income?

6:Where do they shop?
For example: There is a significant difference between shopping at Neiman Marcus and shopping at Target. Make sure you know who your customer is.

7:In which stores is this customer most likely to shop? What is the basic price range in which this customer is most likely to spend? What are the customer’s spending habits?

8:What type of clothing would this customer wear on a daily basis? For example, jeans, dress, or suit.

9:What is essential to this customer about the product that they buy? What is not important about the purchased product? For example, Brand name is important, price is important, or quality is important.

10: In addition, mention the various market research methods that you used to collect information about your target market