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Market Research Tools - BUSN 1510: What is Market Research?

Learn how to conduct market research using the Hennepin Tech Library and other internet tools.

BUSN 1510 - Entrepreneurship

In this guide you will learn:

  • How to use the market research tools available in the HTC Library
  • The market research tools available on the Internet.

What is Market Research?

What is Market Research?

Market research involves gathering data and statistics on the many aspects that affect (or have the potential to affect) a new or existing business.

This typically includes defining: Who will your customers be?  How will you recruit and retain them?  How does your business and your potential product or service fit into the local market and the industry at large?  Who is your competition? What makes your business, product, or service unique?  

Market research is an essential part to any business plan, and the soundness of your market research is something your potential investors will look at as they consider funding your business venture.

3 Areas of Market Research

Market research can usually be divide into three areas:

  1. Understanding your target market (aka potential customers)
  2. Analyzing the current state of the market or industry you are in or wish to enter.  This includes identifying where your potential products or services would fit in with the local market.
  3. Viewing the competitive landscape of the industry you will be entering, including local competition.

Use the tabs above to learn more about using the HTC Library and other open Internet tools to find market research sources.

Ask a Librarian

Got a Question? Need Research Help?

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Call or email the library!

Jennie Simning (Librarian): 952-995-1533 or Send Email
Brooklyn Park Campus Library: 763-488-2929
Eden Prairie Campus Library: 952-995-1650