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ENTR 2P91: Entrepreneurship

A brief guide to conducting research for your assignments.

Industry & Target Market Feasibility Analysis

Industry CompetitorsThis part of the feasibility analysis process involves assessing industry attractiveness, target market attractiveness, and market timeliness.

 

The sources listed in this section can help you to:

  1. Investigate the industry and competitive landscape and identify relevant NAICS industry codes
  2. Identify the target market and potential customers
  3. Conduct more in depth research using a variety of secondary information and data sources

1. Investigate the Industry / Competitive Landscape

You can learn more about industries and the competitive landscape by consulting published industry reports. Start by first identifying the relevant NAICS Industry Code, and then consult these Library Databases:


Please refer to the Company & Industry Research Guide for detailed guidance and sources to help you research industries, identify competitors, and gain a deeper understanding of industry attractiveness.

2. Identify the Target Market and Potential Customers

The following market research databases will help you define your target market, gain insight into your potential customers, and assess target market attractiveness.

Socioeconomic & Demographic Data

Customer markets can be segmented by geographic, demographic, psychographic, and behaviourial factors, while business markets can be segmented by geographic, customer type, and buyer behavior (source: http://www.quickmba.com/marketing/market-segmentation/).

You can gather socioeconomic, demographic, and geographic data on your target market in Canada using the following sources:

Sales, Market Share, & Spending Data

pie chart

A firm's market share can be calculated by dividing a firm's sales by total market sales (source:http://www.quickmba.com/marketing/market-share/).

Consult company financial reports or published sales figures as reported in trade publications. Some standard sources and tips on identifying additional sources of market share data appear below:

Niagara Resources

Is your target geographic market in the Niagara Region? If so, consult the list of Niagara Resources presented below.

3. Conduct in-depth research using a variety of sources

For additional research tips on defining target markets and market segmentation, please consult the MKTG 2P91:Introduction to Marketing Research Guide. It includes:

  • "best bets" for researching Canadian consumer markets and Canadian business-to-business markets.  
  • tips on finding data on sales, consumer spending, or market share
  • tips on scanning the industry & trade literature for marketing data
  • tips on finding mass media & advertising cost data