2 Gather Data from Secondary Sources-The Most Important Purpose of Reviewing

question 41

Essay

2. Gather data from secondary sources-The most important purpose of reviewing secondary sources is to obtain information that will assist the entrepreneur in making the best decisions regarding the marketing of a product or service. Some examples include trade magazines, newspaper articles, libraries, government agencies, and the Internet can provide much information on the industry market and competitors. The Internet can even be used to gather informal primary data by reviewing social media and blogs. Before considering either primary sources or commercial sources of information, the entrepreneur should exhaust all free secondary sources. Other specific source examples may come from table 8.2.
3. Gather data from primary sources-Information that is new is primary data. Gathering primary data involves a data collection procedure-such as observation, networking, interviewing, focus groups, or experimentation-and usually a data collection instrument, such as a questionnaire. Interviewing or surveying is the most common approach used to gather market information. It is more expensive than observation but is more likely to generate more meaningful information.
4. Analyzing and interpreting results-Depending on the size of the sample, the entrepreneur can hand-tabulate the results or enter them on a computer. In either case, the results should be evaluated and interpreted in response to the research objectives that were specified in the first step of the research process. Often, summarizing the answers to questions will give some preliminary insights. Then data can be cross-tabulated to provide more focused results. For example, the entrepreneur may want to compare the results to questions by different age groups, sex, occupation, location, and so on.
-Prior to the preparation of the marketing plan,the entrepreneur will need to complete the industry analysis section of the business plan.Briefly discuss industry analysis and competitor analysis.

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Definitions:

Mental Strain

Psychological stress or pressure that affects an individual's mental health or well-being.

Expatriate

An individual who lives and works in a country other than their native country, often for an extended period.

Foreign Country

A nation that is outside of one's own country's borders, distinct in governance, culture, and often language and legal systems.

Temporary Basis

Operating or existing for a limited time period, not permanently set.