Business Basics Column

Market Research: An Overview

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By: Kathleen Taylor, Nevada Women’s Business Center

If you are starting a business or have an established business, conducting Market research on products and services in your targeted industry could be overwhelming. Here are a few tips and resources to help you conduct Market research that will give you the facts and stats about your sector of business. The core components of Market research includes:

  • Industry
  • Competition
  • Target market
  • Products & Services
  • Operations & Management

Conducting secondary Market research collects specific information for these core components. This entails reviewing specific information such as industry reports, trade journals, publications, books, the Internet, etc. These sources provide information about:

  • Market analysis – size & growth
  • Industry trends – threats & opportunities
  • Customer profiles – target market
  • Competitors – direct & indirect
  • Product/Service pricing – position in marketplace

To get you started, here is a list of resources to help you conduct secondary Market research:

  • Annualreports.com
  • Corporateinformation.com
  • Referenceforbusiness.com
  • City-data.com
  • www.alexa.com
  • www.statista.com
  • www.ibisworld.com
  • www.census.gov/sdc
  • Entrepreneur.com
  • www.lvgea.org

A word of caution about conducting secondary Market research:

  • Use current publications, journals, articles etc..
  • Use relevant information
  • Do not rely solely on the Internet
  • Do not plagiarize! Cite your sources!

For more information, call the Nevada Women’s Business Center at 702-734-3555 or visit our website at www.nevadawbc.com