BUSI 1600 Lecture 4: Entrepreneurship module 4 notes
Document Summary
Market research: the process of gathering information about potential customers of the new venture. Many entrepreneurs lack the financial resources needed to employ the assistance of market research professionals, so the entrepreneur themselves will do it. Whether the market is growing or declining. The market research process: define the information you are looking for. As the previous section pointed out, market research can be used to gather a variety of information. A surprising amount of information you will need as an entrepreneur will be available from already published sources such as trade journals, supplier websites, and so forth. Statistics canada can be a source of valuable information about population, income levels, spending patterns, etc. Service centers are staffed by trained counselors that can help you gather the secondary information you need: carry out primary research. Primary research involves directly contacting a sample of prospective customers.
