Guide to Starting and Operating a Small Business | 2018 Guide to Starting and Operating a Small Business - Page 9

Market Research Information Checklist Gather Information for all the items that relate specifically to your type of business. Industry • Associations related to the industry • Size of industry • Growth potential • Historical trends (growth/decline) • Seasonal or economic trends • Other related industries • Distribution channels • Opportunities indicated • Threats indicated Market • Businesses (B2B) or consumers (B2C) or both • Total number of potential buyers • Segments-groups with similar attributes • Segment with greatest need, demand • Market trends-political, social,environmental Customer Profile – Consumers by segment Size of group Predominant gender Age Ethnicity Education level Occupation Income level Average amount of debt Home owner or renter Car owner Marital status Family status - # of children or not Pets – Type and number Media activity – magazines, newspapers, social media, television, radio, smartphone, other • Purchase preferences – in person, internet, phone, catalog, other • Product and/or service characteristics most highly valued by purchaser • Payment preference – cash, credit • Frequency of purchase • • • • • • • • • • • • • • • • Quantity of product/service purchased ateach purchase Average dollars spent annually on this type of purchase Customer preferences and perceptions (quality, convenience, brand and image, exclusiveness, mass appeal….) • • • • • • • • • • • Customer Profile – Businesses by segment Industries, markets, or segments Products or services Number of employees Length of time in business Geography, location Purchasing patterns – how much, how often Purchasing process Outsourcing Local, national, or international purchaser Economic factors that influence the market Government policies that influence the market • • • • • • • • • Competition Direct competitors Indirect competitors Potential future competitors Annual sales and revenue Marketing and advertising methods and results Geography, location Distribution channels Outsources Sources for production, services, inventory, other • • • • Competition Comparison Strengths Weaknesses Opportunities to differentiate Other 7