Market Research and Analysis
The goal of doing market research is to equip yourself with the information you need to make informed business decisions about start-up, innovation and growth most of which revolve around new product and ideas.
Every business must know its customers inside and out before opening its doors or launching a new product. Those that conduct a thorough marketing analysis first not only gain knowledge of their potential market wants or needs, but also learn whether or not the is room in the marketplace for a new concept. These new concepts are what we consider as Intellectual Property.
To make sound business decisions, you need accurate, up-to-date insights about your customers, markets, and competitors. RFIP will assist you to conduct a market study which will help inventors and investors to answer these and other questions that are critical for the success of a new concept that has qualified and can be considered to be an intellectual property. Some of these questions are:
- What are your customers current solutions?
- Do they make or buy these solutions?
- From which companies?
- Which solutions work?
- Where do your customers need help?
- How can you help customers solve their problems?
- Can customers afford your products or services?
- What external factors, such as competition, standards, regulations, and market conditions could affect your success?
Successful businesses conduct research on a continual basis to keep up with market trends and to maintain a competitive edge. Regardless of whether you’re starting or expanding your business, market research is vital to understanding your target market and increasing sales.
It therefore creates the need to protect very new concept before entering the market place to avoid instances of infringement or brand theft. RFIP will also assist you in registering and protecting all your ideas and products.
