Market research consists of gathering information that can help determine whether a venture will be profitable or not. Researchers look at a variety of factors to see if a product or service is viable.

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MARKET RESEARCH
for New Businesses

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FOR NEW BUSINESSES
MARKET RESEARCH
Market research consists of gathering information
that can help determine whether a venture will be
profitable or not. Researchers look at a variety of
factors to see if a product or service is viable.

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Factors
to Consider
The factors that market researchers consider include looking at who
the target demographic includes, what price they might be willing to
pay, and how frequently they are likely to purchase the product or
service. Researchers also identify the competition and the strengths
and weaknesses of others offering similar products or services.
Primary and
Secondary Sources
Information can be gathered
in two main ways – either
from primary sources, or sec-
ondary sources. Researchers
working with primary sourc-
es are gathering information
directly from the potential
customer base. Secondary
sources are those where the
information has already been
collected by someone else.
Customer Profiling
Effective market research
identifies a customer profile,
looking at factors including
gender, age, geographical
location, level of education,
social status, hobbies and in-
terests, income bracket, social
mediapresence,consumption
of other media and where
they shop, so the product
or service can be effectively
marketed to the right people.

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