Market research, as we have previously seen, is the process of collecting information to help you find out if there is a market for your proposed product or service.
“Successful businesses have extensive knowledge of their customers and their competitors. Market research is the process of gathering information which will make you more aware of how the people you hope to sell to will react to your current or potential products and services.”
Market research can help you:
- understand your customers
- identify opportunities
- recognise and plan for changes
- monitor the competition
- mitigate risk
What is market research?
- Read this Guide to market research and analysis.
- Focusing on the section ‘How to conduct market research’ in the article above, and thinking about your own entrepreneurial idea, which type of market research would suit your needs best?
- Although there is benefit in sharing, there is no need to share the details of your entrepreneurial venture unless you want to.
- Take one of the examples from the Resource bank and decide which type of market research they should have used.
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If you would like to improve your marketing skills after completing the Introduction to Entrepreneurship course, consider taking the OERu’s Principles of Marketing course comprising the following micro-courses:
- Core foundations of successful marketing
- Market research and customer insights
- Launching products and generating market demand