The following steps are recommended for beginning your Market research.
STEP ONE: Determine the Market Share and demographic to market your product:
- Use the recommended databases and books to assist you in your research, such as the IBISWorld database for an industry report.
STEP TWO: Consider the following points when gathering information:
- Read Market Share Description(s) that relate to your product; you may wish to take note of SIC and NAICS codes .
- Product or services (current and new) comparison (should there be products similar to yours).
- Price comparison.
- Who are your major competitors? Research these companies using Business Source Complete to locate a SWOT Analysis (See the Finding Company Information research guide & select the MarketLine Reports w/SWOT page).
- Current economic trends, including market growth or decline.
- Forecasting/Future trends, including any factors or threats that could affect your market share.
STEP THREE: Research the most effective way to market your product to your chosen demographic and the cost of launching advertisements for your product:
- A suggested action would be to do an online search. An example of this could be researching a magazine's advertisement initiative. An example search would be: (name of magazine) media kit or, more specifically, (entertainment weekly) media kit.
