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Market Research and Analysis. Market Research and Analysis. The purpose of market research is to help the entrepreneur determine the market potential for the product or service. Will anyone purchase the product/service? Does the product/service meet customers needs?

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market research and analysis1
Market Research and Analysis

The purpose of market research is to help the

entrepreneur determine the market potential

for the product or service.

  • Will anyone purchase the product/service?
  • Does the product/service meet customers needs?
  • Is the product/service different than existing ones?
  • How many competitors exist?
  • How do competitors market their products/services?
  • How large is the market?
market research and analysis2
Market Research and Analysis

Local Sources

  • Libraries
  • Colleges and Universities
  • Chambers of Commerce
  • Government agencies
  • Incubators
  • SBDC
  • Small Business Development Center
  • SCORE
  • Counselors to Americas Small Business
market research and analysis3
Market Research and Analysis

Trade Associations and Journals

  • Market statistics
  • Customer demographic information
  • Trade magazine editors
  • National conventions
  • Financial information
market research and analysis4
Market Research and Analysis

Demographic Information

  • U.S. Census population data
  • State and county business patterns
  • American DemographicMagazine
  • “Annual Survey of Buying Power” (Sales and Marketing Management magazine)
market research and analysis5
Market Research and Analysis

Internet Resources

IDED: www.state.ia.us/business

Profiles: www.profiles.iastate.edu

SBDC: www.iowasbdc.org

SBA: www.sba.gov

market research and analysis6
Market Research and Analysis

Computer Sources

Check out CEL’s EntreWorld web site for:

  • Screened content representing best-of-the-web information for entrepreneurs
  • National calendar of events: seminars, conferences, courses, etc. of interest to entrepreneurs
  • Various channels for information on starting a business vs. running a business
market research and analysis7
Market Research and Analysis

Competition

  • Yellow Pages
  • Business Directories
  • “Competition at a distance”
  • Competitor’s customers
  • Suppliers
  • Infrastructure
market research and analysis8
Market Research and Analysis
  • Short questionnaires
  • Postcards
  • Telephone surveys
  • Mail surveys
  • Customer visits
  • Customer lists
market research and analysis9
Market Research and Analysis

Industry Profile:

  • Current market size
  • Growth potential of the market
  • Industry trends
  • Seasonal Factors
  • Existing Distribution Networks
  • Basis of Industry Competition
market research and analysis10
Market Research and Analysis

Market

Market

Segment

Target

Market

market research and analysis11
Market Research and Analysis

You can’t meet every target market’s

needs, so don’t.

Pick the easiest target markets to

start with.

Try to avoid price sensitive markets.

market research and analysis12
Market Research and Analysis

The Four Who’s of Marketing

1. The User

2. The Decision Maker

3. The Buyer

4. The Influencer

market research and analysis13
Market Research and Analysis

The Customer Profile

  • Demographics
    • Age, gender, income
  • Psychographics
    • Innovative, risk-averse, etc.
  • User-term Characteristics
    • Heavy/passive users, level of usage
market research and analysis14
Market Research and Analysis

The Customer Profile Continued

  • Buying Behavior Where? When? What? How? Why?
  • What problem(s) are you solving?
market research and analysis15
Market Research and Analysis

Knowing Your Competition

  • Who are they
  • Where are they
  • What are their strengths and weaknesses
  • Who are their customers
  • How do they advertise and promote
  • What is the basis of competition