1. Intro to Market Research
Tim Koba

2. What is Market Research?
Definition: Small Business Administration
“To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive.”

3. Why do I need it?
Gain better understanding of the economic and demographic situation for your business
Identify your competitors, prices, other specific features that impact your business
Identify your target market and their preferences
Secure financing
Product placement

4. Great, where do I start?
Take a broad view and start to narrow your focus
Government data
Other data
Trade publications
Newspaper articles relevant to your industry, product

5. Area employment, US BLS Ithaca area employement (in thousands)
Dec 2016
Total non farm
73.8
Mining, logging, and construction
1.2
Manufacturing
3.4
Trade, transportation, and utilities
6.2
Information
0.5
Financial activities
1.8
Professional and business services
3.5
Education and health services
42.3
Leisure and hospitality
4.4
Other services
Government
8.7

6. Breakdown of Local Sector Jobs-TCAD

7. Local Salary Breakdown-TCAD

8. Now what? After doing the broad view of the area, start to look local
Web search for your competition
Who is doing something similar to what you do
What services do they offer? What do they charge?
Simple survey/Q and A with your target audience
You do have a target audience, right?
What are they looking for? What are they interested in?
SWOT analysis

9. SWOT Analysis Internal strengths and weaknesses
What are you good at, not so good at
External Opportunities and threats
what is the competitive environment and what gaps do you see
Strength
Weakness
Opportunities
Threats

10. Be curious and observe Where does your target audience shop?
Where do they live?
What products do they buy?
If you take some time to just watch people are doing and where they are going you will glean a lot of information

11. What do you want to know?
If you have a specific question you are trying to answer you will know what type of research to do
Are you looking for a store location?
Are you looking to distribute to stores?
Is there a need for your product that is not being met?
Is there someone who has a complimentary business?

12. Conclusion
Market research is the process that you do to better understand the demand for your product
After doing your research, you should have a better idea of what your target audience is interested in, where they shop, how they consume goods and what their preferences are
You should know who your competition is, what products they sell and what their prices are
This becomes a part of your business plan that you can use to access financing from a bank or private investors
It demonstrates that you have done your homework, understand your market and how your product fits within that market

13. Resources http://www.marketresearch.com/
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14. Continued For national/international
Ex of market research
Market-Research-Report-Executive-Summary.pdf