Market Research

What is a Market Research?

Market Research is the process of gathering intelligent information about the market you want to enter. Market research is the process of figuring out what people want, what they think, and how they behave. Primary market research is directly gathering research from a source, either through your own survey or questionnaire. Secondary market research is gathering information from secondary sources like government reports and industry statistics. 

Why is Market Research Important?

One of the first steps on the path to product commercialization success is to conduct market research. Market research is essential to get a solid understanding of your customers, your competitors, and the current market conditions. The data collected can help make informed decisions and help formulate strategies to differentiate your product or business from your competitors. You don’t want to create a product only to find out there isn’t a market for it.

Market Research Resources

Here are a few online resources and organizations that can help with your market research.

Online Market Research Support

Statistics CanadaStats Canada provides statistics on population, resources, economy, society and culture. In addition to conducting a Census every five years, there are about 350 active surveys covering all aspects of Canadian life.

Statistics BC – BC Stats produces and interprets statistical information relating to all facets of life in British Columbia, including the demographic, social and economic conditions of BC and its population.

Guide To Market Research and Analysis – The Government of Canada created an indepth document on the importance of conducting market research and how to conduct market research effectively.

Centre 4 Growth Research Links – The Centre 4 Growth Knowledge Centre contains links to many different market research resources and companies.

Market Research Support in BC

InfoAction Market Research – The Vancouver Public Library provides small businesses access to their professional market researchers. They are able to quickly find industry reports, statistics and demographics for a small fee.

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