Use secondary data to describe consumers in your industry. Define the consumers: consider demographics, geographics, psychographics, lifestyles, and behavioral characteristics (how they use the product; why they use the product; how much they use the product). You’ll need to decide which of those segmentation variables are relevant in this industry. What market segments exist in this industry?
Identify consumers’ needs/wants regarding your product category.
How do consumers make decisions in your industry? Is it a low involvement or high involvement process for most of them? Is it an individual decision or do others (spouse, children, etc.) play a role? If others play roles in the decision, describe the roles.
Given previous sales, industry trends, competitive forces, and any foreseen future changes in environmental and company factors, what is your forecasted demand for this product?
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