Entrepreneurship Research Guide : Market Research
This guide is a collaborative effort between the Wisconsin School of Business and the Business Library.
One: Characterize the market and industry conditions
What is happening in the market you will sell into?
- What industry are you in?
- Is the market growing?
- How will you differentiate yourself?
- Why are you unique among your competitors?
Two: Sharpening the ability to evaluate the business context
What are the key technology, regulatory, and societal trends affecting your possible business venture?
How many customers can you reach, and what switching costs and other factors will drive their purchasing decisions?
# customers x price x frequency of purchase = market size $
Are there macroeconomic forces like recessions or expansions that might affect your venture or your customers?
What does the balance of power among suppliers, competitors, and buyers look like? Are barriers to competition strong? Or weak?