Principles of technopreneurship

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Techno 1 notes

2. Define objectives. What will the information be used for once it has been obtained What questions, if answered, will meet the aims of the research
4. Define information required What new information will be required if the questions arising from the research objectives are to be answered.
6. Collect data 7. Analyze existing and new data
Secondary data

The Research Process
Entrepreneurs tend to regard market and marketing research as long-winded and expensive, but there are many inexpensive ways in which a small business can research the marketplace.
Stages in a market research process

1. Describe the target customer segment.
The description of the customer group under investigation needs to be as precise as possible to avoid wasting resources in gathering unnecessary data.
2. Define objectives.
What will the information be used for once it has been obtained What questions, if answered, will meet the aims of the research

3. Check existing knowledge and data
There is always a wealth of existing data available especially in an ongoing business e.g. customer records, salespeople, sales assistants, invoice records, sales ledgers, financial statistics.

4. Define information required
What new information will be required if the questions arising from the research objectives are to be answered.

5. Decide methods to be used to gather data.
The questions which are posed by the research objectives will determine which methods can be used for collecting the data. Data is divided into two basic categories Primary is new data specifically collected for the project, usually through field

Technoprenuership1 22 research. Secondary data is data that already exists which can be collected by desk research.

6. Collect data

7. Analyze existing and new data
New and existing data is usually raw information which needs collating and turning into intelligent information i.e. data which has been interpreted and summarized.

8. Evaluate and review strategy in the light of information gained through
research
This is the stage at which decisions relating to the objectives of the research can be made. It may involve a rethink about the customer segment under investigation. Does the information support the targeting of the selected segment and, if so, how can this be best pursued. Should the firm’s resources be concentrated on a different segment, in which case which one, and what research now needs to be undertaken.
Secondary data
Research invariably starts with secondary information. Small firms most commonly use secondary data sources because it is immediate and either free or low cost.

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