Market Research

News and Articles About Market Research

6 Signs You Are Not Ready for Entrepreneurship
Entrepreneur Mindset

6 Signs You Are Not Ready for Entrepreneurship

If you really think through what being an entrepreneur entails and decide to keep your job, that's OK.
Kimanzi Constable
How Entrepreneurs Can Benefit From Enjoying a Night Out on the Town
Market Research

How Entrepreneurs Can Benefit From Enjoying a Night Out on the Town

It's all about market research, of course, according to 'Bar Rescue' host Jon Taffer.
Jason Fell
Think Boldly but Validate Your Ideas Before Taking the Leap
Market Research

Think Boldly but Validate Your Ideas Before Taking the Leap

Successful marketers are brash when dreaming new initiatives but humble when testing to see if they are any good.
Brett Relander
Market Research Is Key to Recognizing Licensing Opportunities
Licensing

Market Research Is Key to Recognizing Licensing Opportunities

Done carefully, licensing allows brands to leapfrog into new products and markets with little investment.
Pete Canalichio
There's No Excuse for Making Any of These 7 Fatal Startup Errors
Startup Basics

There's No Excuse for Making Any of These 7 Fatal Startup Errors

There are so many surprises that could kill your startup that it's a shame to fail making obvious mistakes.
Murray Newlands
Why This $34 Billion Company Is Dipping a Toe Into Crowdfunding
Equity Crowdfunding

Why This $34 Billion Company Is Dipping a Toe Into Crowdfunding

Consumer product behemoth General Mills is looking to invest in early stage consumer product startups on the equity-crowdfunding platform CircleUp.
Catherine Clifford
6 Reasons Entrepreneurs Succeed Sooner Taking the Bus
Control What You Can

6 Reasons Entrepreneurs Succeed Sooner Taking the Bus

If driving doesn't have your full attention, it's dangerous. If it does, you can't work.
Jerrid Grimm
How to Hatch Your Golden Egg: The Keys To Product Development
Product Development

How to Hatch Your Golden Egg: The Keys To Product Development

A tested, well-defined business process will turn a great idea into a lasting money-maker.
Moshe Hogeg
Don't Overlook the Sales Power of Knowing Your Audience
Sales

Don't Overlook the Sales Power of Knowing Your Audience

Do your due diligence research and communicate what you know so you can create a platform for building a long-term relationship.
Jill Schiefelbein
3 Signs You're Better Off Abandoning Your Idea
Failure

3 Signs You're Better Off Abandoning Your Idea

The best time to embrace failure is before it becomes catastrophe.
Stephen Tang
How to Use Social Media to Ethically 'Stalk' Competitors and Job Candidates
Social Media

How to Use Social Media to Ethically 'Stalk' Competitors and Job Candidates

People naturally want to put their best foot forward but, sometimes, you really need to know what that other foot is all about.
John Rampton
There Are People You Need to Consult Before Taking the Entrepreneurial Leap
Entrepreneurs

There Are People You Need to Consult Before Taking the Entrepreneurial Leap

You need a clear idea of what you're getting into and so does everybody who will have to go along for the ride.
John Rampton
3 Ways Untested Business Plans Are Worse Than a Waste of Time
Business Plans

3 Ways Untested Business Plans Are Worse Than a Waste of Time

Test your promising idea first. Write the plan after the market determines it will work.
Alexander Osterwalder

If you’re an entrepreneur starting a new business, doing market research can be vital in order to determine the feasibility of your business venture before committing substantial resources to it. Market research -- or the process of gathering, analyzing and interpreting information about a market to determine past, present and future customers for a product or service -- can occur in a variety of ways.

Doing market research means finding out information such as the industry as a whole, your competitors, where you stand in the market, product or service pricing and more.

It typically involves two types of data:

Primary research: This type of research you compile yourself or hire someone to gather for you, through conducting interviews, surveys, questionnaires and focus groups -- over the phone or through email. When conducting primary research, you can gather two basic types of information: exploratory or specific. Exploratory research is open-ended, helps you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents. Specific research, on the other hand, is precise in scope and used to solve a problem that exploratory research has identified. Interviews are structured and formal in approach.

Secondary research: This type of research is already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.

 
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