Sample interview questions: How do you approach conducting market research for new market entry or expansion?
Sample answer:
Approaching Market Research for New Market Entry or Expansion:
1. Situational Analysis:
– Assess the current market conditions, competitive landscape, and industry trends.
– Determine the specific target market and their needs.
– Identify potential growth opportunities and challenges.
2. Primary Research:
– Conduct surveys and interviews to gather qualitative and quantitative data from potential customers.
– Utilize focus groups to delve into customer perceptions and preferences.
– Engage in field observations or test marketing to gain real-world insights.
3. Secondary Research:
– Analyze market reports, industry publications, and government data to identify trends and market size.
– Review case studies and best practices to learn from similar market entries or expansions.
4. Competitive Analysis:
– Conduct a thorough analysis of competitors’ strategies, market share, and customer base.
– Identify their strengths and weaknesses to develop effec… Read full answer
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