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Market Research for New Businesses

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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

  1. 1. Ahmed Dahab Business MARKET RESEARCH for New Businesses
  2. 2. Ahmed Dahab 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.
  3. 3. Ahmed Dahab 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.
  4. 4. Visit the blog of Ahmed Dahab to read about sourcing the best business ideas and opportunities.

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