Contact the university administration and marketing or management studies departments for further information. Here are some telephone survey guidelines: In addition to being cost-effective, speed is another advantage of telephone interviews. They may also be able to suggest other means of gathering the information from primary sources. Manufacturers and identifies emerging trends. Government Printing Office has an abundance wealth of publications on topics ranging from agriculture, aviation, and electronics, to insurance, telecommunications, forest management, and workers' compensation. The U. S. The SBA was created by Congress in 1953 to help American entrepreneurs start, run, and grow successful small enterprises.
Research into the characteristics, spending habits, location and needs of your business s target market, the industry as a whole, and the particular competitors you face. Accurate and thorough information is the foundation of all successful business ventures because it provides a wealth of information about prospective and existing customers, the competition, and the industry in general. Government Printing Office and at larger libraries. The U. S. For more information, visit the Dun A return rate of 3 percent is typical; 5 percent is considered very good. However, the research gathered by the larger associations is usually thorough, accurate, and worth the cost of membership. Today there are SBA offices in every state, the District of Columbia, the U. S. Published by the Census Bureau, it's available online for $48 through the U. S. Government Printing Office and at larger libraries. U. S. Bankers have a wealth of information at their fingertips and are eager to help their small business customers get ahead. Also available are census maps, reports on company statistics regarding different ethnic groups, and reports on county business patterns. One of the most important information resources you'll find is the. Among the services offered by the SBA are financial assistance, counseling services through, management assistance through programs like, and low-cost publications. Census Bureau, it's available online for $31 through the U. S. Published by the U. S. The services provided vary from library to library but usually include a wide range of government publications with market statistics, a large collection of directories with information on domestic and foreign businesses, and a wide selection of magazines, newspapers and newsletters. Almost every county government publishes population density and distribution figures in accessible census tracts. Secondary sources include the following: Public Information Sources
Government statistics are among the most plentiful and wide-ranging public sources. They will supply you (usually for free) information on population trends, community income characteristics, payrolls, industrial development and so on. Don't overlook your bank as a resource. You may be able to enlist the aid of students involved in business classes, especially if they're enrolled in an entrepreneurship program. Industry and Trade Outlook presents recent financial performances of U. S.
A rate of five or six interviews per hour is typical, but experienced interviewers may be able to conduct more. In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research. Market research involves two types of data: When conducting primary research, you can gather two basic types of information: Bradstreet Small Business Solutions website. Finally, there are educational institutions that conduct research in various ways, ranging from faculty-based projects often published under professors' bylines, to student projects, theses, and assignments. They can be either of these types: Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. Two excellent resources to help you locate a trade association that reports on the business you are researching include the Encyclopedia of Associations (Gale Research), and the Encyclopedia of Business Information Sources (Gale Group). Local newspapers, journals, magazines, and radio and TV stations are some of the most useful commercial information outlets. Phone interviews also can cover a wide geographic range relatively inexpensively. All you have to do is ask. Commercial Information Sources
Among the best commercial sources of information are research and trade associations. Virgin Islands, Puerto Rico, and Guam. Phone costs can be reduced by taking advantage of less expensive rates during certain hours. One of the most effective forms of marketing research is the personal interview. It allows business owners to determine the feasibility of a business before committing substantial resources to the venture. Market research provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process. Contact the sales departments of these businesses and ask them to send you their media kit, since you're working on a marketing plan for a new product and need information about advertising rates and audience demographics. Helpful government publications include the following. The State and Metropolitan Area Data Book provides a wide variety of statistical information on states and metropolitan areas in the United States. By direct mail, telephone, or personal interviews. If you choose a direct-mail questionnaire, the following guidelines will increase your response rate: Even following these guidelines, mail response is typically low. Information gathered by trade associations is usually limited to that particular industry and available only to association members, who have typically paid a membership fee. This can be an excellent way of generating research at little or no cost, by engaging students who welcome the professional experience either as interns or for special credit. Government online bookstore at the U. S. The Bureau's business publications cover many topics and trades--such as sales volume at furniture stores and payrolls for toy wholesalers--and are useful for small businesses as well as large corporations in retail, wholesale trade, and service industries. Some counties publish reports that show the population ten years ago, five years ago, and currently, thus indicating population trends. Other public information resources include local chambers of commerce and their business development departments, which encourage new businesses to locate in their communities.
SBDCs generally have extensive business libraries with lots of secondary sources for you to review. One of the best public sources is the business section of your public, or local college or university, library. Bradstreet is another commercial source of market research that offers an abundance of information for making marketing decisions. Published by the Commerce Department in cooperation with McGraw-Hill, it's available online for $76 through the U. S. Government Printing Office and at larger libraries. The Statistical Abstract of the United States provides tables and graphs of statistics on the social, political and economic conditions in the United States. Of the two, specific research is the more expensive. When conducting primary research using your own resources, first decide how you'll question your targeted group: Specific research, on the other hand, is precise in scope and is used to solve a problem that exploratory research has identified. Not only do they maintain demographic profiles of their audiences (their income, age, gender, amount of disposable income, and types of products and services purchased, what they read, and so on), but many also have information about economic trends in their local areas that could be significant to your business. Not only will you learn more about your prospective customers, you'll also learn more about possible advertising outlets for your product or service. Dun Definition: The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; The counselors at SCORE can provide you with free consultation on what type of research you need to gather and where you can obtain that information. Phone surveys are generally the most cost-effective. Exploratory or specific. Census Bureau website also contains valuable information relevant to marketing. It operates the world's largest business database and tracks more than 62 million companies around the world, including 11 million in the United States. These show the number of people living in specific areas, such as precincts, water districts or even ten-block neighborhoods. Exploratory research is open-ended, helps you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. Interviews are structured and formal in approach.
Market research on newspapers.