Conducting Start-Up Market Research Essay

1234 WordsNov 6, 20115 Pages
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. For example: www.statistics.gov.uk www.guardianunlimited.co.uk www.upmystreet.co.uk 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

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