The media market is highly competitive and market research is an important part of any business strategy. Market research is a key factor to get an advantage over other businesses promoting a similar product. Market research provides important information to identify the:
- Market Need,
- Market Size,
- Competition.
When promoting something new, you have to know as much as you can about your target audience for it to be a success.
For example, if you are promoting a sports magazine, you would obviously target people who are interested in sports.
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The image above is an example of researching the products that already exist. In this case, the NRS is looking at how popular newspapers are with their readers...
This kind of information is useful because if you are wishing to bring out a new product, it is best to look at similar items to see how popular they are.
As you can see from the information above, there isn't really much room for another tabloid newspaper. The ones that are out now are already popular enough for people to want to change what they read.
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