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BOAD 350: Entrepreneurship

A course research guide intended for Ringling College students in the for Business of Art and Design (BOAD): Entrepreneurship class.

What is Market Research?

Market research is the process of gathering, analyzing, and interpreting information about a market, including details about the potential customers, competitors, and industry trends. It helps businesses understand the needs and preferences of their target audience, evaluate market demand, and identify opportunities or challenges in the industry.

Types of Market Research

  • Primary Research: Collecting new data directly from consumers (first hand) through surveys, polls, interviews, focus groups, or observations. Generally conducted by startups and companies themselves.
  • Secondary Research: Analyzing existing data from reports, studies, or databases (like Mintel) or government statistics. Aggregated information at broader levels.

Market research is essential for entrepreneurs and businesses to make informed decisions about product development, marketing strategies, pricing, and market entry. It helps reduce risks and improves the chances of success by aligning business offerings with market needs.