Discuss the role of systematic data-gathering and analysis in making marketing decisions.
Translate a marketing problem into a feasible research question.
Analyze and interpret external information.
Appropriately use effective communication techniques.
Many organizations collect data on just about anything that you can imagine. Private companies often sell data sets (raw data) for a profit while the US government offers a wide range of data for free.
Census data (http://www.census.gov/) is quite rich and diverse with information on: People & Households as well as Business & Industry.
The Bureau of Labor and Statistics (http://www.bls.gov/) is filled with research on labor, including employment data, wages, industrial injuries, & career Outlook, to name a few.
Some of the data is available in excel spreadsheets and can be easily manipulated to create great visuals for reports. Other information is set up in ready-to use tables. Most of the time, the tables contain a large amount of information and need to be pared down to create an excellent visual. Typically, you should not use an entire table. It is important to pick the best pieces of data to illustrate your point.
Clients hire professionals to research market behavior and industry trends which are paramount to assessing the viability of establishing a new business, expanding one, or closing one in a specific geographic area.
Since a business plan requires a significant investment of time and capital, a business often undertakes an initial study to determine if the market is ripe for a new idea. You will create a feasibility study for a client that provides research which will either support or question the viability of a business start-up. Usually a feasibility study includes a financial analysis, but the client already completed that assessment and finds the project viable from a monetary perspective.
• GEOGRAPHY: Select a US city and a specific address for the proposed business
• TYPE OF BUSINESS: Select a simple small business (It should be in an industry which you have familiarity)
You are not permitted to use a business concept or any research completed in a prior course or done in real life. The goal of the project is to create an entirely original report.
The final report will include the following:
1. Background: A very short, one-paragraph description of the geographic location (Use the City’s Web site or other government source for this section)
2. Define the market: What are the trends in the market? What is the current and projected demand for the proposed product/service?
3. Define the Target Market, its common characteristics, and the area’s population of this specific market. Is there Competition? Can you differentiate or establish a niche market?
This section of the paper will be 3 to 4 pages in length. For this section, you must use a combination of Census Data, Labor Statistics, Hoover’s Pro, and articles from the Library’s full-text databases. NOTE: The Library’s Proquest Newspapers may be particularly helpful. Do not provide content without solid research to back up each statement.
4. Organizational/Technical issues
1. How does a company register a corporation in the target State?
2. Describe the costs and process to set it up in the State and a link to the required paperwork.
3. An SBA Licensing & Permitting Database may be found here. > https://www.sba.gov/starting-business/business-licenses-permits/state-licenses-permits
This section of the paper will be 1 page in length.
5. Feasibility Analysis
1. Analyze the research and formulate a decision on viability.
