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BMG 250 - Principles of Marketing

What is Market Research?

food truck photoThis Research Guide will help you find information for your BMG 250 assignment. 

Market research is the process of learning about your industry, your customers, and your competitors.

Market research data helps you to target your product or service to the right people in the right location. It helps you to stay competitive, provides information on new risks and opportunities, and helps you create effective marketing strategies.

Primary Data

Primary data is information that a firm collects for a specific project including:

  • Focus groups
  • Questionnaires or survey and sampling
  • Talking with key customers/personal interviews
  • Normal interactions with customers

Secondary Data

Secondary data is information that has already been collected by other people, organizations or the business itself.  The data that is used by the websites and databases in this guide is secondary. 

Find Examples of Market Research in Business Plans

  • Per the SBDC, business plans have seven distinct parts:
    • Executive Summary - Summarizes the main components of the overall plan;
    • Business Description;
    • Market Analysis - Describe the industry (size, growth, trends, competition, target market);
    • Marketing/Sales - Describe your product (or service) in terms of what your customers need or want;
    • Management;
    • Operations;
    • Finance