Firms and other businesses need to understand their service offerings and their customers to ensure that their services will be adopted as solutions to consumer needs. In order for the firms to recognize the needs of the market or the customers, they need to conduct market research. In science, market research is similar to a research paper in which the entrepreneur will act as researcher who will need to investigate before making a conclusion. Entrepreneurs will need to do research before starting or establishing a business in a certain area in order to reduce the chances of failure.
In this module, students are expected to:
1. Explain what market research is;
2. Understand the meaning of data gathering;
3. Identify the different data gathering techniques;
4. Appreciate the importance of market research.ENTREP12_Q1_M4_MARKET-RESEARCH