Start-up Session Review – Know Your Market and Competitors

Integrated as part of Global Entrepreneurship Week, our second start-up session came in the form of market research.  So what is market research? Market research is a process undertaken to find out specific information about markets, customers and competitors.

Researching your customers and markets will allow you to maximise opportunities, minimise the risks and make the correct decisions when it comes to marketing your business.

There are 6 main steps within the research process:

  1. Decide exactly the question you want to be answered by the research
  2. Decide on the type of research to use
  3. Test and refine the research
  4. Conduct the research
  5. Analyse the results from your research
  6. Use the research before it goes out of date.

Types of research

Secondary research is information that already exists. This type of information can be found by searching the internet, local libraries and government reports. Be sure to check that the information is still in date and isn’t biased.

Primary research is information gathered by you or for you specifically. Some common ways of conducting primary research include:

–       Questionnaires

–       Interviews

–       Focus Groups

For further information about Market Research, please visit the presentation from this session.

If you would like specific help with your market research, please book an appointment at one of our surgeries through MyGateway:

Tuesday, 2-4pm in Student Gateway

Thursday, 2-4pm in Student Gateway

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