Completeting Startup Market Research

Making a start up business has many benefits for the entrepreneur such as following their hobby or interest. However this can lead them to assume that they know the market and what the market wants. This is why it is suggested that a start up business uses market research before entering into the market.

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  • Created by: okjhb
  • Created on: 13-12-10 08:52

Primary Market reserach  (field)

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data collected by the entrepreneur, or paid to be collected, which does not already exist.

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Secondary Market research data  (desk)

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data already in existence that has not been collected specifically for the purposes of the entrepreneur.

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Advantages and disadvantages of primary research

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adv

you are collecting the data specific to what you need it for.

you know it is up to date

you know it is reliable as you know where you got it from

dis

it can become expensive to run

it can be very time consuming

opportunity cost

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Advantages and disadvantages of secondary research

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Adv

can save a lot of time and be a lot cheaper.

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