Conducting start-up market research
What is market research?
Market research involves the gathering and analysis of data that is relevant to your marketing. For example, you might want to know:
The size of the market
Key market trends
What customers value about product
Market research provides an entrepreneur with information. This is important for effective decision making.
By undertaking market research, entrepreneurs should have a better idea of what people want and how they behave. This should mean that the firm can meet their needs more effectively and avoid wasteful marketing If you can find out who your target market is, what they read, where they shop, what they watch and listen to, then your marketing can be much more effective. For example, there is no point spending money on a big saturday evening television campaign if your target audience is likely to be out clubbing.
Market research can be done before or after a business is set up. Typically, market research is used to:
Identify market opportunities
asses the alternative options open to the business to meet customers needs
assess the effectiveness of a different marketing actions
Secondary market research
The cheapest and quickest way of doing this is to see what information about the market already exists. what data has been collected and published? A tremendous amount of information is available on the internet, in libraries and in newspapers, as well as from other sources.
Using data that already exists is called secondary research. It is particularly useful on general information on the economy, the market and competitors.
While secondary data is usually quite quick to get a hold of, it is not always a guaranteed that it is in the format needed or up to date. Nether the less secondary data is very resourceful. Once you have had a look at secondary sources you can identify what else...