How do I do a market analysis? (Market Research)

This question focuses on Market Research. Market Research helps you find customers for your business. It is used to understand your customer base from the outset.¹

Needs Assessment

Process to refine the Question:

• What are the elements of market research?
  • Demand: Is there a desire for your product or service?
  • Market size: How many people would be interested in your offering?
  • Economic indicators: What is the income range and employment rate?
  • Location: Where do your customers live and where can your business reach?
  • Market saturation: How many similar options are already available to consumers?
  • Pricing: What do potential customers pay for these alternatives?

Difficulties often encountered

• Market Analysis is more difficult for niche and new industry as there will be little to no information about the potential market segment without formal market research. (Established industry usually have global and national market analysis from industry association)

Resources and Next Steps:

• Who are my competitors? (Competitive Analysis)
• How do I find out who my potential customers are?

Catalog / Guide Documents

• Census Business Builder: Small Business Edition for finding demographics information
• SCORE's "5 Easy Steps to Writing a Marketing Plan"

People and Organizations

Business Support Organizations

• U.S. Small Business Administration|SBA
• Resource:PG County Small Business Development Center (SBDC)
• Resource:Hispanic Business Center
• Resource:PG County Economic Development Corporation
• SCORE Mentor Services