Analysis of Market Research for Entrepreneurial Opportunities

This assignment is a report that delves into the critical role of market research in entrepreneurial endeavors. It begins by defining and differentiating between primary and secondary research methodologies, highlighting their respective applications and advantages. The report then presents and analyzes data related to biodegradable packaging, including survey results on consumer awareness, preferences, and cost considerations. The data analysis is presented in the form of graphs and tables, and it is used to assess the market potential for biodegradable packaging solutions. The report explores the sustainability period and the advantages that biodegradable packaging offers to businesses. Overall, the report aims to provide a comprehensive understanding of market research techniques and their application in identifying and evaluating entrepreneurial opportunities.

Identifying
Entrepreneurial
Opportunities

• Present data needed to support gap analysis
• Interpret data for providing evidence of market
potential
Content

Present data needed to support gap analysis
Market research refers to a process of analysing, interpretation the
available information related to market and product of an company. For
success of an business its important to do market research effectively. In
relevance of entrepreneur its very important to do market research for
analysing the acceptance of their product in market. Market research in
relevance of entrepreneurial idea is mention below:

Secondary research
It refers to a type of research methodology which is based on
secondary data (Turner and Gianiodis, 2018). It means that data or
information which is already exists in market. Entrepreneur can get
these data with the help of newspaper, magazine, past data, books,
internet and so on. Research based on secondary data require less cost
and time of entrepreneur as compare to primary sources.

Primary research
It refers to a type of research methodology in which researcher use fresh
and first hand information for their market research (Lombardi and et.
al. 2020). It helps entrepreneur to identify needs and wants of their
customers. Various sources of primary research are personal interview,
survey, questionnaire and so on.

Interpret data for providing evidence of market
potential
Q1 Do you know the meaning of Biodegradable packaging? Frequency
Yes 15
No 5
Q2 Will you choose biodegradable packaging? Frequency
Yes 17
No 3
Q3 Select a point which will reduce cost of Biodegradable packaging? Frequency
Adopting cost-effective raw material and machinery 12
Adopting a efficient process of production 8
Q4 Is biodegradable packaging help companies in increasing sales of
product?
Frequency
Yes 16
No 4
Q5 What is the period of sustainability of biodegradable packaging? Frequency
Short-term 14
Long-term 6

THEME 1
Q1 Do you know the meaning of Biodegradable
packaging?
Frequency
a)Yes 15
b)No 5

Graph

THEME 2
Q2 Will you choose biodegradable packaging? Frequency
Yes 17
No 3

Graph

THEME 3
Q3 Select a point which will reduce cost of
Biodegradable packaging?
Frequency
Adopting cost-effective raw material and machinery 12
Adopting a efficient process of production 8

Graph