Market research is critical to achieving business goals but, like everything else, it can be overdone. The keys to good market research are relevance, focus and economy. This is especially true fro the tea room as a new business.
Relevance:
Initially, the entrepreneur must decide what their target market is. and research that market to collect relevant information. For tea rooms geographic relevance is important. Generally speaking, most customers will visit the tea room within a certain radius of the site.
Demographic information that is readily available should be filtered for geographic relevance.
Other filters for relevance should address issues like gender, purchases of loose leaf tea, standard of living, commitment to a healthy lifestyle, number of gourmet stores in the area and other characteristics.
Focus:
Develop a profile of the specific characteristics of the ideal customer. Focus on those characteristics and match the profile to the relevant data collected. The profile may be changed as more information and knowledge is gained. Continue to use the profile as a basis to evaluate the research.
Economy:...
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