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Entrepreneurship

The purpose of this research guide is to assist students in the completion of assignments and projects leading to the completion of requirements for a Bachelor of Science in Entrepreneurship.

Recommended Steps for Market Research

The following steps are recommended for beginning your Market research.

STEP ONE: Determine the Market Share and demographic to market your product:

  • Use the recommended databases and books to assist you in your research, such as the IBISWorld database for an industry report.

 

STEP TWO: Consider the following points when gathering information:

  • Read Market Share Description(s) that relate to your product; you may wish to take note of SIC and NAICS codes .
  • Product or services (current and new) comparison (should there be products similar to yours).
  • Price comparison.
  • Who are your major competitors? Research these companies using Business Source Complete to locate a SWOT Analysis (See the Finding Company Information research guide & select the MarketLine Reports w/SWOT page).
  • Current economic trends, including market growth or decline.
  • Forecasting/Future trends, including any factors or threats that could affect your market share.

 

STEP THREE: Research the most effective way to market your product to your chosen demographic and the cost of launching advertisements for your product:

  • A suggested action would be to do an online search. An example of this could be researching a magazine's advertisement initiative. An example search would be: (name of magazine) media kit or, more specifically, (entertainment weekly) media kit.

Market Research Databases

Websites

Books and E-Books

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