Market Research Process
Define problem
 Put together research plan
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 Primary data - Questioning/Observation
 Secondary data
Gather information
 Analyze and interpret
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Problem Statements: Questions you must
answer for your business plan
Focus on defining your target market and
learning about them so you can build strategy
and marketing mix to meet customer needs
 Who is your customer?
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Why do they buy?
What do they buy?
How do they buy?
Where do they buy?
When do they buy?
How often do they buy?
How many customers that meet your target
characteristics are located in the geographic
area that you serve?
Make the case that there is an opportunity
for your organization
 What is the trend for your target market and
industry?
 Who are your direct and indirect
competitors? How do they compare to you?
 What are the economic conditions of your
market?
Children’s Museum
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Use demographics to determine if your community can support
a children’s museum? What scope/ size ?
Evaluate the offerings in other family oriented facilities, both
non-profit and for profit, in your marketing radius to determine
competition, and what specific offerings are not currently
available to families or specific ages of children.
Identify industries, physical characteristics and other unique
features of your city or region that could be expressed in your
exhibits and programs and would resonate with visitors.
Identify local resources, including other institutions, that might
aid you in your effort to open a children’s museums. (Colleges,
schools, Head Start, hospitals, other NFP child oriented
institutions.)
Use other children’s museums and ACM resources to compare
your collected information with other children’s museums to
test your assumptions.
Research Plan:Sources of market
research information
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Customer Information
 Get out there and talk to people
 Sample surveys/suggestion boxes
 Library
 Web search
 Department of Commerce
 Census Bureau
 USA Counties
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Internal records
warranty cards
 coupon returns
 Suppliers for trends
 Employees for issues with customers
 Accounting records for sales
 Customer focus groups
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Industry Information
 North American Industry Classification
System (NAICS)
 Standard Industrial Classification Codes
(SIC)
 Trade publications
 Trade organizations (industry associations)
○ Restaurant Industry information
○ Wisconsin Bed and Breakfast Association
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General Economic/Area information
○ County Workforce Profiles of Wisconsin
○ Trade Stats
Faith Popcorn
Author of Future Trends
Read as many currency publications as
possible
 Watch the top 10 television shows
 See the top ten movies
 Talk to at least 150 customers a year
about what they guy and why
 Talk with the 10 smartest people you
know
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Market Research for Doggie
DayCare
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Market segment served
 Households with dogs
 Income > $50,000 per year
 Owner working
 Geographically: Within 10 miles of
Wisconsin Rapids
Search on “dog ownership by state”
 http://www.avma.org/reference/marketst
ats/ownership.asp
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 Scroll down to see 2 calculators relating to
ownership
Community population
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Census
Customer Information
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Search “demographics of doggie day
care”
 http://www.pawsdogdaycare.com/Start-Up-
Services/Dog-Daycare-Demographics.htm