ENPI MODULE 2
   Research Your Idea
  WHAT IS MARKET RESEARCH?
  • Market research:  an organized way 
   to gather and analyze information 
   needed to make business decision
  UNDERSTANDING 
  YOUR MARKET
  • 3 Main Areas of Market Research Focus
    –Business Environment:  social, economic, 
     or political factors that could impact your 
     business; tends to be industry specific
    –Customers:  individual consumers or 
     businesses; successful businesses will 
     satisfy customer wants and needs while 
     making a profit
    –Competition:  identify who your 
     competitors are and how they operate
  MARKET RESEARCH METHODS
  • Primary Research – new information 
   that is collected for a particular 
   purpose (obtained directly from 
   potential customers)
    –Pros:  up to date and focused
    –Cons:  expensive and time intense
    –Sources:  interviews/surveys, focus 
     groups, observations
  MARKET RESEARCH METHODS
  • Secondary Research – existing 
   information that was previously 
   gathered for a purpose other than 
   the study at hand
    –Pros:  cheap and easy to obtain
    –Cons: too general
    –Sources:  Government, trade groups and 
     journals, business magazines and 
     reports, local community resources