Basic Marketing Research 8th Edition by Tom Brown,Tracy Suter,Gilbert Churchill

Exercise 10

Specify some useful sources of marketing research information for the following situation. Ethan Moore has worked for several years as the head chef in a restaurant specializing in ethnic cuisine. Dissatisfied with his income, he has decided to start his own business. Based on his experiences in the restaurant, he recognizes a need for a local wholesale distributor specializing in hard-to-find ethnic foodstuffs. He envisions starting a firm that will handle items commonly used in Asian and African recipes.
With the help of a local accountant, Moore prepared a financial proposal that revealed the need for $150,000 in start-up capital for Ethan's Ethnic Foods. The proposal was presented to a local bank for review by its commercial loan committee, and Moore subsequently received the following letter from the bank:
Mr. Moore:
We have received and considered your request for start-up financing for your proposed business. While the basic idea seems sound, we find that your sales projections are based solely on your own experience and do not include any hard documentation concerning the market potential for the products you propose to carry. Until such information is made available for our consideration, we must reject your loan application.
Bitten hard by the entrepreneurial bug, Moore views this rejection as a minor setback. Given his extremely limited financial resources, where and how might he obtain the needed information ( Hint: First determine what types of information would be useful.)