Starting a business enterprise 2
Finding a gap in the market
Market research is the process of gathering, analysing and presenting data relevant to marketing.
Primary market research involves gathering and analysing data that has not been collected before.
Secondary market research involves analysing data that has been collected already.
Market share is indicated by the sales of one product compared to the total market sales.
Lets test your understanding so far...
1. If I was selling sweets to half the students in this class what would be my market share as a percentage?
2. Explain two methods I could use to find out how I could increase my market share to 100%
3. What business sector would my sweet selling business be in?
4. Would this business make me an entrepreneur? Explain yiour answer.
5. From what we have studied this lesson, tell me one action you would take before setting up the business that you mentioned in the starter activity.