Covers the basics of what market research is, and details of how to conduct secondary market research at the Art Institute of Fort Worth.

1. MARKET RESEARCH The Basics

2. AGENDA
What is Market Research, and why is it
important?
Where to start – databases, websites and
resources

3. And why
do I need
to do it?
WHAT IS MARKET
RESEARCH

4. WHAT IS MARKET RESEARCH?
The total picture of
your target market
 Includes a
customer’s needs,
habits, and income
 Includes information
on competition and
surrounding
economic factors
Pie Chart by Mike Licht is licensed under CC BY 2.0

5. TWO TYPES OF MARKET RESEARCH
Primary
Collected yourself by
direct access to your
target market
Generated through
questionnaires, focus
groups, and surveys
Secondary
Accessed through
census data, market
research databases,
and other sources
Previously generated
by others

6. CATEGORIES OF MARKET RESEARCH
 Market Size
 How big is the potential market of both buyers and sellers for your
market?
 Market Segmentation
 Puts your market into homogenous groups (i.e. separating them by
age)
 Market Share
 Looks at your competition, and how much of the market they control

7. WHY DO YOU NEED MARKET RESEARCH?
 Identify (and understand) your customers
 Set real istic targets
 Identify holes in the market, as wel l as oppor tunities
Data: http://www.smallbusiness.wa.gov.au/step-1-why-do-market-research
Images: CC0 Public Domain / FAQ / Release

8. Databases,
Websites
and
Resources
WHERE TO START

9. BUSINESS RESEARCH GUIDE
 Go to your Student Por tal , and open up the Onl ine Library
 Select the Campus Library Guide on the lef t
 Select the Business (Ai ) Research Guide

10. BUSINESS RESEARCH GUIDE
 Business Databases
 Market Research
 General information
 Websites
 Databases
 Company Profi les
 Customer Profi les

11. MARKET RESEARCH DATABASES
 MarketResearch.com Academic
 Provides business and market information on industries from Consumer Goods
and Food & Beverage to Life Sciences and Technology through research reports,
including industry interviews, competitive analysis, market trends, product
innovations, buyer behavior, and market share.
 RKMA Market Research Repor ts
 Richard K. Miller & Associates publish market research reports on the topics of
consumer behavior, international consumer markets, sports marketing, and
research in the industries of food and beverage, retail, travel, and entertainment.
 Snapshot Ser ies
 Market reports across 43 industries in 40 countries, spanning the UK, Western
Europe, Eastern Europe, Asia Pacific, North America, and Latin America. It is a
unique source for market research data, of fering worldwide market data for a
broad range of industries and regions.
 Stat ist ical Abst ract of the Uni ted States
 Presents summary statistics on the political, social and economic organization of
the U.S. Also serves as a guide to other statistical publications and sources. Data
available only at the national level.

12. MARKET RESEARCH WEBSITES
 Consumer Price Index - http://www.bls.gov/cpi/
 County Business Patterns -
http://www.census.gov/econ/cbp/index.html
 County and Ci ty Data Book -
https://www.census.gov/prod/2008pubs/07ccdb/ccdb-07.pdf
 Economic Indicators- http://www.census.gov/economic-indicators/
 FedStats - http://fedstats.si tes.usa.gov/
 Industry Statistics Por tal - http://www.census.gov/econ/isp/
 Google Trends -
http://www.google.com.ai . l ibproxy.edmc.edu/trends/
 Nonemployer Statistics -
http://www.census.gov/econ/nonemployer/
 Smal l Area Income and Pover ty Estimates -
http://www.census.gov/did/www/saipe/

13. NAICS CODES
 Nor th American Industry Classification System (NAICS) are a
series of codes appl ied to al l major industries.
 Some government tools require a NAICS code in order to look
up information.
 To find NAICS codes, use the NAICS identification tool at
http://www.naics.com/search/

14. Opening a
Book store
MARKET RESEARCH
EXAMPLE

15. SCENARIO: OPENING A BOOKSTORE
 I am interested in opening a bookstore in Denton County.
B e fo r e I s e l e ct my s to r e ’ s l o c a t i o n , fo c u s a n d me rc h an dis e , I
need to conduct market research.
 What information might I hope to find conducting secondary
market research?

16. SCENARIO: OPENING A BOOKSTORE
 What we should hope to find:
 Market Size
 How big is the potential market of both buyers and sellers for your
market?
 Market Segmentation
 Puts your market into homogenous groups (i.e. separating them by
age)
 Market Share
 Looks at your competition, and how much of the market they control

17. MARKETRESEARCH.COM ACADEMIC
 Advanced search –
keyword: book store,
Published in the last
two years
 Sections of a record to
locate:
 Abstract
 Table of Contents
 Download report
 Tip: Browse reports for
tables
 Results: 12 reports.
 Reports of note:
 Trends in Digital and Trade
Book Retailing 2013 By:
Simba Information -
Reports
 Trends in Trade Book
Retailing 2012 By: Simba
Information – Reports
 Children's Publishing
Market Forecast 2013 By:
Simba Information -
Reports
 The Amazon Kindle 2013
By: Simba Information –
Reports

18. RKMA MARKET RESEARCH REPORTS

19. SNAPSHOT SERIES
 Search keyword book store, l imiters ful l text and 2007-2008
 Repor ts of note: Snapshots US Book Stores 2007. The
Snapshot Series. (Jun 22, 2007)

20. 2012 STATISTICAL ABSTRACT
 Tip: take char ts about your market segmentation, and look up
information on those sections of the population
 Example: the age demographic who most went to bookstores
in 2012 was 35-44. Use Statistical abstract to see their
attendance rates for ar ts events.

21. WEBSITES
County and City Data
Book
https://www.census.gov
/prod/2008pubs/07ccd
b/ccdb-07.pdf
Total population for
Denton county:
584,238
County Business
Practices
http://www.census.g
ov/econ/cbp/index.
html
Total bookstores for
zip code 75028: 1

22. SCENARIO: OPENING A BOOKSTORE
 Market Size
 How big is the potential market of both buyers and sellers for your
market?
 Book buyers – appx 50% of population
 Independent book buyers – appx 8% of population
 Denton county population – 584,238 (2006)

23. SCENARIO: OPENING A BOOKSTORE
 Market Segmentation
 Puts your market into homogenous groups (i.e. separating them by age)
 Book buyers by age (Source: MarketResearch.com Academic) –
 18-24 13.9%
 25-34 17.5%
 35-44 19.5%
 45-54 18.4%
 55-64 15.6%
 65+ 15.2%

24. SCENARIO: OPENING A BOOKSTORE
 Market Share
 Looks at your competition, and how much of the market they
control
 Independent bookstores 8% (total population)
 Chain stores 15% (total population)
 Used/swap stores 9% (total population)
 Total bookstores for 75028: 1

25. WHAT ABOUT PRIMARY RESEARCH?
 Col lected yourself by direct access to your target market
 Generated through questionnaires, focus groups, and surveys
 How might you go about conducting primary research for this
example?
 Questionnaires or surveys at your local library
 Facebook polls or surveys
 Asking people you know, and asking them to ask their network.