CHAPTER 6 OPPORTUNITIES, IDEAS & THE ENTERPRISING WORK ENVIRONMENT Entrepreneurship.

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CHAPTER 6 OPPORTUNITIES, IDEAS & THE ENTERPRISING WORK ENVIRONMENT Entrepreneurship

ADVERTISING WITHOUT RESEARCH… IS LIKE SHOOTING AN ARROW INTO THE AIR… AND THEN… LOOKING FOR A TARGET TO CATCH IT WITH. Market Research

Market Research & Forecast Forecast  Prediction about the future.  Hard to be accurate.  With careful analysis can help to identify trends.

Conducting Research Primary Research  Interview potential customers by:  Mailing questionnaires.  Telephone surveys.  Personal interviews.  Posting surveys on the internet.

Conducting Research  The questions should: 1. Motivate people to respond. 2. Be easy to understand but not so simple that the questions lose their significance. 3. Provide complete and accurate data. 4. Be brief enough to hold the attention of the respondent. 5. Allow researchers/respondents enough room to record complete answers. 6. Be objective and not encourage people to answer in a predetermined way.

Conducting Research Secondary Research – provides useful information about what has happened in the past to help you identify trends and make predictions.

Steps in Marketing Research 1. Identify Objectives  What information do you need to know? Why? 2. Plan the research program  Will you use primary or secondary research? Why? 3. Select a sample.  Whose opinions will you sample? How many people will you contact? 4. Collect the data.  How will you collect the data? How do you plan to organize it? 5. Analyze the data.  How will you interpret the information? 6. Draw conclusions.  Prepare a summary of your findings. 7. Decide how to proceed.  What decisions can you make based on your findings? What contingency plans can you make in case your first choices don’t work out?

Statistics Canada Assignment Using Community Profiles: Choose two communities in your region (one small and one large) that you want to investigate as possible markets for a bookstore. Using the 2006 Community Profiles, you will find relevant statistics about the population of these communities. Step 1: Go to the Statistics Canada Learning Resources website ( Step 2: In the left sidebar, click on Community Profiles. Step 3: Next, you will find statistics for your two selected communities. As an example, follow the instructions below for two communities in northern Ontario, Red Lake and Thunder Bay. Type in the name of the small community—Red Lake—and select the province—Ontario—from the pull-down list. Click on Search, then select Red Lake, Ontario (Municipality). Step 4: Click on Select Another Region under the Ontario (province) column. Select the large community—Thunder Bay—by clicking on Ontario, then on the letter T. Under Census Subdivisions, select Thunder Bay, City. You can now compare all data tables of census characteristics for the two communities. Step 5: Go through steps 3 and 4, using your own chosen communities. Then complete the chart Hint: To find the requested data, use the "Find" dialog: 1) from the Edit option at the top of the screen, select Find (on this page) or 2) press Ctrl F. Then type a key word or phrase in the "Find what" box.

Statistics Canada Assignment