Research Guides: ENTR 2P91: Entrepreneurship: Industry & Market Analysis

Industry & Target Market Feasibility Analysis

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

The resources listed in this section can help you to:

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

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:

IBISWorld Industry Research Database
- Produces and publishes over 425 Canadian and 1,300 US Industry Reports at the 5-digit level of the NAICS code.
- Contains trends, statistics & analysis on market size, market share of major companies and industry growth rates.
- Permitted Uses
- The Library subscribes to the following modules in IBISWorld: Canada Industry Reports (NAICS), United States Industry Reports (NAICS), Canada Industry iExpert Summaries, United States Industry iExpert Summaries, United States Specialized Industry Reports, United States Specialized Industry iExpert Summaries, China Industry Reports (200 industries), Canada Industry Provincial Reports (50+ Ontario industries), and Canada Collection of Macroeconomic Business Environment Profiles.

First Research Industry Profiles (via Mergent Intellect)
"First Research provides industry profiles covering over 1000 industry segments. Updated on a monthly basis First Research industry profiles contain critical analysis, statistics and forecasts to help your engage key prospects, coach key clients, and deepen customer relationships."

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.

Company & Industry Research
by Kymberly Ash Last Updated Aug 30, 2024 808 views this year

Identify Your 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.

Statista This link opens in a new window
- Contains more than 1 million statistics on over 80,000 topics.
- Contains Statista dossiers and industry reports for 170 industries and 150 countries.
- Includes market forecasts, as well as market, industry and country outlooks and insights.
Mintel Academic This link opens in a new window
- Canada and US market research, market analysis, product intelligence, and competitive intelligence reports.
- Coverage: Canadian Reports 2014-current ; US Reports 2008-current ; most reports updated annually; covers a wide variety of sectors, themes, and demographics.
- Permitted Uses
Passport This link opens in a new window
- Global market information that specializes in company profiles, industry reports, market share data, and consumer trend analysis of consumer products and services across 80 countries
- Permitted Uses
- Includes Economies & Consumers, as well as Industrial-Canada reports for industries across the entire Canadian economy

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: QuickMBA.com).

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

Target Market Specification (MKTG 2P91 Research Guide)
Research tips & sources for defining target markets and market segmentation for Candian consumer or Business-to-business (B2B) markets.
Census of Population (Statistics Canada)
The Census of Population provides a detailed statistical portrait of Canada and its people by their demographic, social and economic characteristics.
Statistics by Subject - Population and demography (Statistics Canada)
Links to additional data sources on population and demography subtopics including: births and deaths, mobility and migration, population aging, population changes, and population estimates and projections.

Sales, Market Share, & Spending Data

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

RBC Consumer Spending Tracker (RBC Economics)
Survey of Household Spending (Statistics Canada)
The SHS collects information on household spending on food, clothing, shelter, transportation, health care, etc. Click on Published Data for direct links data in The Daily, Summary Tables, and CANSIM Tables.

Mintel Academic This link opens in a new window
- Canada and US market research, market analysis, product intelligence, and competitive intelligence reports.
- Coverage: Canadian Reports 2014-current ; US Reports 2008-current ; most reports updated annually; covers a wide variety of sectors, themes, and demographics.
- Permitted Uses
Passport This link opens in a new window
Provides brand share and company share data, consumer trends and lifestyles analysis, and other data on hundreds of countries worldwide including Canada. [Licensed resource - access restricted to Brock University students, faculty, & staff].
- Includes Economies & Consumers, as well as Industrial-Canada reports for industries across the entire Canadian economy
Statista This link opens in a new window
- Contains more than 1 million statistics on over 80,000 topics.
- Contains Statista dossiers and industry reports for 170 industries and 150 countries.
- Includes market forecasts, as well as market, industry and country outlooks and insights.

How do I Calculate Total Addressable Market (TAM) or Market Share?

These websites provide guidance and support for calculating your total addressable market and market share:

Niagara Resources

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

Living in Niagara This link opens in a new window
- A report on the quality of life in the Niagara region.
- Published every 3 years, the report identifies significant trends across 12 sectors aligning with the social determinants of health. More information

Niagara Knowledge Exchange
The Niagara Knowledge Exchange provides access, news and ideas on Niagara-focused planning, collaboration, and community action.
Institutional Planning, Analysis & Performance (Brock University)
View data on student headcounts and FTEs, retention and graduation, and labour market reports for Brock University programs. Brock Fact Sheets provide key statistics on an annual basis.
Niagara College at a Glance (Niagara College)
A fact sheet with recent highlights and selected statistics related to Niagara College.