Frequently Asked Questions
+ What is Market Research?
Market research is the process of collecting valuable information to help you find out if there is a market for your proposed product or service. The information gathered from market research helps budding entrepreneurs make wise and profitable business decisions. The key to any successful business is to understand what it is that your customers want and giving this to them in a way that is profitable for you.
+ What types of Market Research are there?
There are two main types of market research you can carry out for your business:
- Primary Research (otherwise known as ‘Field Research’): this is information you gather first hand yourself through exercises like customer questionnaires or polls.
- Secondary Research (otherwise known as ‘Desk Research’): this means collecting and analysing information that is already available and has been collected by someone else e.g. reports, statistics, websites etc…
It is important that you carry out both types of research to help you decide if your business idea is viable.
+ Do I need Market Research?
Why should you do market research? How can market research help your business?