LEARNI
NGOBJECTI
VES
Byt
heendoft
hissect
ion,
youwi
llbeabl
eto:
Di
sti
ngui
sh bet
ween pr
imar
y and secondar
y mar
ket
r
esear
ch
Def
inea r
esear
ch goaland t
hei
mpor
tance ofr
esear
ch
desi
gn
Under
stand how t
o choose a sampl
e,and col
lectand
anal
yzedat
a
I
dent
if
ycommonsour
cesf
orsecondar
ymar
ketr
esear
ch
Under
standhow t
oident
if
ythet
argetmar
ketwi
thi
nthe
t
otalav
ail
abl
emar
ketandser
viceabl
eav
ail
abl
emar
ket
Nowy
ouknowt
hecomponent
soft
hemar
ket
ingmi
x.But
,asan
ent
repr
eneur
,bef
orey
oucanmakedeci
sionsaboutt
hem,y
ou
needt
orol
lupy
oursl
eev
esanddosomer
esear
ch.Thi
sty
peof
r
esear
ch i
s si
mil
ar t
othe concept
s cov
ered i
nIdent
if
ying
Ent
repr
eneur
ialOppor
tuni
ty;howev
er,t
hatr
esear
chf
ocusedon
whet
heranent
repr
eneurhaswhati
sneededt
omov
efor
war
d
wi
thani
dea.Thi
sresear
chi
smor
emar
ketf
ocused,andi
t’
s
doneaf
tert
heent
repr
eneurhasdeci
dedt
omov
efor
war
dand
st
artt
heent
erpr
iseorl
auncht
hepr
oduct
.Essent
ial
lyi
tisabout
t
hepr
oduct
,nott
heent
repr
eneur
’sr
eadi
ness.
Mar
ketr
esear
chi
sessent
ialdur
ingt
hepl
anni
ngphasesofany
,st
art
-up;ot
her
wise,y
ou’
re shoot
ing i
nthe dar
k.On a basi
c
l
evel
,mar
ketr
esear
chi
sthe col
lect
ion and anal
ysi
s ofdat
a
r
elat
edt
oabusi
ness’
star
getmar
ket
.Mar
ketr
esear
chcanent
ail
ev
ery
thi
ng f
rom i
nfor
mat
ion on compet
it
ors’pr
oduct
stot
he
i
nter
pret
ati
on of demogr
aphi
c dat
a r
elat
ed t
o pot
ent
ial
cust
omer
s.
The mai
n pur
pose of mar
ket r
esear
ch i
s t
o gai
n an
under
standi
ng ofcust
omerneedsand want
sin an ef
for
tto
r
evealpot
ent
ialbusi
nessoppor
tuni
ti
es.Wheny
ouhav
eacl
ear
pi
ctur
eofwhaty
ourt
argetmar
keti
sandwhati
twant
s,y
oucan
mor
e ef
fect
ivel
y desi
gn y
our mar
ket
ing mi
x t
o engage
t
hatdemogr
aphi
c.
I
magi
net
haty
ouar
ecr
eat
ingacosmet
icl
inet
hati
sor
gani
c,
cont
ainsv
itami
nsandmi
ner
als,
andi
seasyt
oappl
y.Yourt
arget
mar
keti
s women who ar
eint
erest
ed i
n hi
gh-
qual
it
ybeaut
y
pr
oduct
sthatar
enothar
mfult
othemsel
vesort
heenv
ironment
.
Butaf
terconduct
ingext
ensi
vemar
ketr
esear
ch,y
oul
ear
nthat
womenagedei
ght
eent
ofor
ty-
fi
vey
ear
stendt
obei
nter
est
edi
n
t
hebenef
it
syourpr
oductl
inepr
ovi
des,
butt
hatwomenov
erf
if
ty
y
ear
sofagear
enot
.Inl
ightoft
hesef
indi
ngs,y
oucanei
ther
adj
usty
ourl
ine’
s benef
it
sto ser
vet
he mar
kety
ou i
nit
ial
ly
want
edt
oser
ve(
allwomen)
,ory
oucancat
ert
otheneedsofa
,smal
leraudi
ence(
eight
eent
ofor
ty-
fi
ve-
year
-ol
dwomen)
.
Agoodexer
cisef
orbet
terunder
standi
ngy
ourt
argetmar
keti
s
t
odet
ailt
heev
ery
dayl
if
eofy
ouri
dealcust
omer
.Youcandot
his
bydescr
ibi
ngi
ndet
ailasetofpossi
blecust
omer
swhowoul
d
buyy
ourpr
oduct
.Det
ail
scoul
dincl
udedemogr
aphi
cinf
ormat
ion
suchasgender
,age,i
ncome,educat
ion,et
hni
cit
y,soci
alcl
ass,
l
ocat
ion,andl
if
ecy
cle.Ot
heri
nfor
mat
iont
hatwoul
dbehel
pful
woul
dincl
udepsy
chogr
aphi
cs(
act
ivi
ti
es,hobbi
es,i
nter
est
s,and
l
if
est
yles)aswel
lasbehav
ior(
how of
tent
heyuseapr
oductor
howt
heyf
eelabouti
t)
.Thebet
tery
ouknowy
ouri
dealcust
omer
,
t
he bet
tery
ou can f
ocus on capt
uri
ng t
hei
rat
tent
ion by
mat
chi
ngt
hei
rpr
efer
enceswi
thy
ourof
fer
ings.
Mar
ket r
esear
ch al
so hel
ps y
ou under
stand who y
our
compet
it
orsar
eandhowt
heyser
vet
het
argetmar
kety
ouwant
t
o engage.Themor
eyou know abouty
ourcompet
it
ion,t
he
easi
eri
twi
llbet
odet
ermi
neanddi
ff
erent
iat
eyourof
fer
ings.
Let
’sdi
vei
ntohow mar
ket
ersgat
heral
loft
hesedat
aandt
he
v
aluet
hedat
apr
ovi
det
oent
repr
eneur
s.
Pr
imar
yMar
ketResear
ch
Pr
imar
yresear
chent
ail
scol
lect
ingnew dat
afort
hepur
poseof
answer
ing a speci
fi
c quest
ion or setof quest
ions.Whi
le
, conduct
ingy
ourownr
esear
chcanber
esour
cei
ntense,
iti
sal
so
t
he bestwayt
o getanswer
sspeci
fi
ctoy
ourbusi
nessand
pr
oduct
s,especi
all
yify
ouwantt
openet
rat
eni
chemar
ket
sthat
hav
enotbeenst
udi
ed.I
tal
soal
lowsy
out
ogetspeci
fi
c.By
aski
ngt
her
ightquest
ions,y
oucandet
ermi
nepeopl
e’sf
eel
i
ngs
andat
ti
tudest
owar
dyourbr
and,whet
hert
heyl
ikey
ourpr
oduct
desi
gn,whet
hert
heyv
aluei
tspr
oposedbenef
it
s,andwhet
her
t
heyt
hinki
tispr
icedf
air
ly.Fi
gur
e8.
5showst
hest
epscommon
i
nconduct
ingpr
imar
ymar
ketr
esear
ch.
NGOBJECTI
VES
Byt
heendoft
hissect
ion,
youwi
llbeabl
eto:
Di
sti
ngui
sh bet
ween pr
imar
y and secondar
y mar
ket
r
esear
ch
Def
inea r
esear
ch goaland t
hei
mpor
tance ofr
esear
ch
desi
gn
Under
stand how t
o choose a sampl
e,and col
lectand
anal
yzedat
a
I
dent
if
ycommonsour
cesf
orsecondar
ymar
ketr
esear
ch
Under
standhow t
oident
if
ythet
argetmar
ketwi
thi
nthe
t
otalav
ail
abl
emar
ketandser
viceabl
eav
ail
abl
emar
ket
Nowy
ouknowt
hecomponent
soft
hemar
ket
ingmi
x.But
,asan
ent
repr
eneur
,bef
orey
oucanmakedeci
sionsaboutt
hem,y
ou
needt
orol
lupy
oursl
eev
esanddosomer
esear
ch.Thi
sty
peof
r
esear
ch i
s si
mil
ar t
othe concept
s cov
ered i
nIdent
if
ying
Ent
repr
eneur
ialOppor
tuni
ty;howev
er,t
hatr
esear
chf
ocusedon
whet
heranent
repr
eneurhaswhati
sneededt
omov
efor
war
d
wi
thani
dea.Thi
sresear
chi
smor
emar
ketf
ocused,andi
t’
s
doneaf
tert
heent
repr
eneurhasdeci
dedt
omov
efor
war
dand
st
artt
heent
erpr
iseorl
auncht
hepr
oduct
.Essent
ial
lyi
tisabout
t
hepr
oduct
,nott
heent
repr
eneur
’sr
eadi
ness.
Mar
ketr
esear
chi
sessent
ialdur
ingt
hepl
anni
ngphasesofany
,st
art
-up;ot
her
wise,y
ou’
re shoot
ing i
nthe dar
k.On a basi
c
l
evel
,mar
ketr
esear
chi
sthe col
lect
ion and anal
ysi
s ofdat
a
r
elat
edt
oabusi
ness’
star
getmar
ket
.Mar
ketr
esear
chcanent
ail
ev
ery
thi
ng f
rom i
nfor
mat
ion on compet
it
ors’pr
oduct
stot
he
i
nter
pret
ati
on of demogr
aphi
c dat
a r
elat
ed t
o pot
ent
ial
cust
omer
s.
The mai
n pur
pose of mar
ket r
esear
ch i
s t
o gai
n an
under
standi
ng ofcust
omerneedsand want
sin an ef
for
tto
r
evealpot
ent
ialbusi
nessoppor
tuni
ti
es.Wheny
ouhav
eacl
ear
pi
ctur
eofwhaty
ourt
argetmar
keti
sandwhati
twant
s,y
oucan
mor
e ef
fect
ivel
y desi
gn y
our mar
ket
ing mi
x t
o engage
t
hatdemogr
aphi
c.
I
magi
net
haty
ouar
ecr
eat
ingacosmet
icl
inet
hati
sor
gani
c,
cont
ainsv
itami
nsandmi
ner
als,
andi
seasyt
oappl
y.Yourt
arget
mar
keti
s women who ar
eint
erest
ed i
n hi
gh-
qual
it
ybeaut
y
pr
oduct
sthatar
enothar
mfult
othemsel
vesort
heenv
ironment
.
Butaf
terconduct
ingext
ensi
vemar
ketr
esear
ch,y
oul
ear
nthat
womenagedei
ght
eent
ofor
ty-
fi
vey
ear
stendt
obei
nter
est
edi
n
t
hebenef
it
syourpr
oductl
inepr
ovi
des,
butt
hatwomenov
erf
if
ty
y
ear
sofagear
enot
.Inl
ightoft
hesef
indi
ngs,y
oucanei
ther
adj
usty
ourl
ine’
s benef
it
sto ser
vet
he mar
kety
ou i
nit
ial
ly
want
edt
oser
ve(
allwomen)
,ory
oucancat
ert
otheneedsofa
,smal
leraudi
ence(
eight
eent
ofor
ty-
fi
ve-
year
-ol
dwomen)
.
Agoodexer
cisef
orbet
terunder
standi
ngy
ourt
argetmar
keti
s
t
odet
ailt
heev
ery
dayl
if
eofy
ouri
dealcust
omer
.Youcandot
his
bydescr
ibi
ngi
ndet
ailasetofpossi
blecust
omer
swhowoul
d
buyy
ourpr
oduct
.Det
ail
scoul
dincl
udedemogr
aphi
cinf
ormat
ion
suchasgender
,age,i
ncome,educat
ion,et
hni
cit
y,soci
alcl
ass,
l
ocat
ion,andl
if
ecy
cle.Ot
heri
nfor
mat
iont
hatwoul
dbehel
pful
woul
dincl
udepsy
chogr
aphi
cs(
act
ivi
ti
es,hobbi
es,i
nter
est
s,and
l
if
est
yles)aswel
lasbehav
ior(
how of
tent
heyuseapr
oductor
howt
heyf
eelabouti
t)
.Thebet
tery
ouknowy
ouri
dealcust
omer
,
t
he bet
tery
ou can f
ocus on capt
uri
ng t
hei
rat
tent
ion by
mat
chi
ngt
hei
rpr
efer
enceswi
thy
ourof
fer
ings.
Mar
ket r
esear
ch al
so hel
ps y
ou under
stand who y
our
compet
it
orsar
eandhowt
heyser
vet
het
argetmar
kety
ouwant
t
o engage.Themor
eyou know abouty
ourcompet
it
ion,t
he
easi
eri
twi
llbet
odet
ermi
neanddi
ff
erent
iat
eyourof
fer
ings.
Let
’sdi
vei
ntohow mar
ket
ersgat
heral
loft
hesedat
aandt
he
v
aluet
hedat
apr
ovi
det
oent
repr
eneur
s.
Pr
imar
yMar
ketResear
ch
Pr
imar
yresear
chent
ail
scol
lect
ingnew dat
afort
hepur
poseof
answer
ing a speci
fi
c quest
ion or setof quest
ions.Whi
le
, conduct
ingy
ourownr
esear
chcanber
esour
cei
ntense,
iti
sal
so
t
he bestwayt
o getanswer
sspeci
fi
ctoy
ourbusi
nessand
pr
oduct
s,especi
all
yify
ouwantt
openet
rat
eni
chemar
ket
sthat
hav
enotbeenst
udi
ed.I
tal
soal
lowsy
out
ogetspeci
fi
c.By
aski
ngt
her
ightquest
ions,y
oucandet
ermi
nepeopl
e’sf
eel
i
ngs
andat
ti
tudest
owar
dyourbr
and,whet
hert
heyl
ikey
ourpr
oduct
desi
gn,whet
hert
heyv
aluei
tspr
oposedbenef
it
s,andwhet
her
t
heyt
hinki
tispr
icedf
air
ly.Fi
gur
e8.
5showst
hest
epscommon
i
nconduct
ingpr
imar
ymar
ketr
esear
ch.
