Market Analysis And Research Paper

Market Analysis And Research Paper-36
With all the other startup costs you're facing, it's not easy to justify spending money on research that will only prove what you knew all along: Your product is a winner. Other entrepreneurs bypass market research because they fear it will be too expensive.Watch out for a static, declining or small population; ideally, you want to locate where there is an expanding population that wants your products and services. If not, contact your nearest Census office for a list of publications and ordering information, or write to the U. Census Bureau, 4600 Silver Hill Rd., Washington, DC 20233, (301) 763-INFO or (800) 923-8282. Government has an official web portal that is another good source of information.

With all the other startup costs you're facing, it's not easy to justify spending money on research that will only prove what you knew all along: Your product is a winner. Other entrepreneurs bypass market research because they fear it will be too expensive.Watch out for a static, declining or small population; ideally, you want to locate where there is an expanding population that wants your products and services. If not, contact your nearest Census office for a list of publications and ordering information, or write to the U. Census Bureau, 4600 Silver Hill Rd., Washington, DC 20233, (301) 763-INFO or (800) 923-8282. Government has an official web portal that is another good source of information.

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Maps Maps of trading areas in counties and states are available from chambers of commerce, trade development commissions, industrial development boards and local newspaper offices.

These maps show the major areas of commerce and can also help you judge the accessibility of various sites.

And keep an eye out for more: New magazines and newsletters are launched every year.

If you're not following all of them, you could be missing out on valuable information about new products and your competitors.

Before you shift into high gear, you must determine whether there really is a market for your product or service.

Secondary Research The vast majority of research you can find will be secondary research. Reference librarians at public and university libraries will be happy to point you in the right direction.So you have a great idea for a product--something that's bound to capture the hearts and minds (and wallets) of consumers everywhere. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods.Or perhaps you have stumbled on a service that isn't being offered by anyone else--one that is desperately needed. involves gathering statistics, reports, studies and other data from organizations such as government agencies, trade associations and your local chamber of commerce.Associations Your industry trade association can offer a wealth of information such as market statistics, lists of members, and books and reference materials.Talking to others in your association can be one of the most valuable ways of gaining informal data about a region or customer base.Here you'll also find information on how to order printed copies, including archived publications.Or if you prefer, call the Trade Information Center at (800) USA-TRADE.Look in the (Gale Cengage Learning), found in most libraries, to find associations relevant to your industry.You may also want to investigate your customers' trade associations for information that can help you market to them.It contains a wealth of social, political and economic data.Ask reference librarians for other resources targeted at your specific business.

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