Entrepreneurship and Small Business Management

Section 1: Doing Market Research

Section 6.1 Summary
Understanding the industry and target market helps ensure that a new business is successful. A market analysis examines you prospective customers and the state of the industry before you enter it. Consumer market segmentation is based on geographics, demographics, psychographics, and buying characteristics. Industrial market segmentation involves business type, size, goods or services sold, geographic location, and products needed. The target market segment for your product or service should be measurable, profitable, reachable, and responsive. Market research is the process used to collect and evaluate market data. It involves defining the research question; selecting a research approach; and gathering, organizing, and analyzing information.

Section 6.1 Reading Organizer
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