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Market Research (WeVENTURE)

This research guide is tailored to WeVENTURE students.

What is Market Research?

Market Research refers to the study of the entire market and consumer behavior within that market.  It helps you understand your customers, familiarize yourself with the competition, and what people are prepared to pay for your product or service.    This is done by:

  • gathering and analyzing data about the position of a product or service in a market
  • by looking at demographics, customer income, behavior, needs, preferences, interests, spending habits and geographic locations
  • and, by analyzing the industry,competitors, and economic conditions and trends.

How to conduct market research

To find  Main Research Resources to Consult
Industry or industries your product or service is a part of NAICS Code
Research on your business industry, market and competitors Library databases (which include journals, trade periodicals, magazines) and internet sources
Other sources that cover your industry Market research reports, news sources, customer surveys, blogs written by experts, trade associations
Data and statistics Databases such as Statista, Census Bureau & other Government agencies sites, associations websites, surveys, interviews with experts, etc.

Types of Publications

Trade Journals are industry specific news publications

written for professionals in a given field.

Articles are often short, but very current. These

publications can be very helpful for market research.

Popular magazines are designed to inform readers

with varied backgrounds about a variety of current issues.

They are the least formal in scope and tone. 

Scholarly Journals are peer-reviewed and

written by subject experts. Articles are detailed

and often contain jargon.