Market Research for Entrepreneurs

How can an entrepreneur learn about and understand the industry related to their idea for a new business?

• Take a class or course related to the industry.
• Read books and journals about the industry.
• Interview people who currently work in the industry.
• All of these are correct. 

The entrepreneur should profile the potential customers for the new business. This means that the entrepreneur should determine (to the degree possible) the typical customer’s:

• age & gender

• income level

• education level

• all of these are correct

The trading area should be carefully analyzed and evaluated.

• True

• False

Which of the following is a cultural trend that might influence an entrepreneur?

• Athletic wear is worn to many places. 
• The unemployment rate is increasing.     

Which of the following is an economic trend that might influence an entrepreneur?

• Athletic wear is worn to many places. 
• Unemployment is decreasing.

The first step of the Marketing Research Process is

• Gathering primary data.     
• Defining the problem.

This is information that is useful and has already been collected for another purpose.

• Primary Data
• Secondary Data

This is information that is collected for the first time to solve the problem being studied or for use in achieving the goal of the project.

• Primary Data
• Secondary Data

This is the gathering and interpreting of information about a market, about a product or service to be offered to that market, and about the customers for that product or service.

• Market Research     
• Industrial Management

This is a planned set of questions to which individuals or groups of people respond. 

• Survey
• Invoice