The first step for your market research to begin is creating a plan to effectively locate the data you are looking for. You want to understand consumer needs and desires and how you can fit them. In order to find this information, you need to know what to look for. There are a few factors that you can use as tools to help you find what you need.
Market Information: Knowing how other businesses or products are using prices that compete with yours.
Market Segmentation: Dividing your target market into subgroups whether it be by demographics, psychographics, technographics or other kinds of metrics.
Market Trends: Realizing upward or downward shifts in a market over time and capitalizing on the timing of research and your business plan.
SWOT Analysis: Outlining the strengths, weaknesses, opportunities, and threats that your business has and how these factors can help develop your marketing mix strategy.