Get Started with Marketing Research

Marketing is embedded from top to bottom in most companies. It may be defined as placing a specific product in the right place, at the proper price, and at the appropriate time. Conducting market research will involve collecting and analyzing information about a product or service, including:

• Current market size and potential
• Target market (demographic, psychographic, and geographic characteristics)
• Market drivers
• Market segments
• Consumer purchasing habits
• Product trends
• Competition

The Library of Congress offers these tips on getting started with your market research:

• Identify the industry or industries your business will be in, then find an industry report for the closest related industry. What are the current trends?
• Find a competitor. What are their strengths and weaknesses?
• Using market research, identify a target market. What need does your product or service meet?

Additional Tips

• If you can't pinpoint an industry, try looking up a company that is similar and see what industries it is in. 
• Looking for a niche industry? Look at broader industries in addition to searching trade publications for articles. 
• When looking for data, consider who might collect that information, such as:
  • Government agencies
  • Industry associations
  • Research centers

The Marketing Mix, a term coined by Neil Borden, is the foundation for businesses and is typically described by the 4 Ps:

• Product
• Price
• Place
• Promotion

Need help finding additional information? Ask us!

We’ll work with you to identify specific resources and search techniques to keep you moving forward.

Use these library resources to help you gather information on your market:

Need to break down the marketing function? Try a Research Starter, a great place to begin when you're looking for an overview of a topic and the possible issues that surround it.