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Effective Marketing Research In Canada First Canadian Edition Online
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You may have a great idea for a product or service, but before you go any further, first make sure there's a market for it.

Effective marketing research in canada first canadian edition online

So you have a great idea for a product--something that's bound to capture the hearts and minds (and wallets) of consumers everywhere. Or perhaps you have stumbled on a service that isn't being offered by anyone else--one that is desperately needed. This is your opportunity! Don't hesitate . . . don't look back . . . jump right into it and . . .

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Wait! Before you shift into high gear, you must determine whether there really is a market for your product or service. Not only that, you need to ascertain what--if any--fine-tuning is needed. Quite simply, you must conduct market research.

Many business owners neglect this crucial step in product development for the sole reason that they don't want to hear any negative feedback. They are convinced their product or service is perfect just the way it is, and they don't want to risk tampering with it.

Other entrepreneurs bypass market research because they fear it will be too expensive. With all the other startup costs you're facing, it's not easy to justify spending money on research that will only prove what you knew all along: Your product is a winner.

Regardless of the reason, failing to do market research can amount to a death sentence for your product. 'A lot of companies skim over the important background information because they're so interested in getting their product to market,' says Donna Barson, president and owner of Barson Marketing Inc., a marketing, advertising and public relations consulting firm. 'But the companies that do the best are the ones that do their homework.'

Market Research Methods
In conducting your market research, you will gather two types of data: primary and secondary. Primary research is information that comes directly from the source--that is, potential customers. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods. Secondary research involves gathering statistics, reports, studies and other data from organizations such as government agencies, trade associations and your local chamber of commerce.

Secondary Research
The vast majority of research you can find will be secondary research. While large companies spend huge amounts of money on market research, the good news is that plenty of information is available for free to entrepreneurs on a tight budget. The best places to start? Your local library and the internet.

Reference librarians at public and university libraries will be happy to point you in the right direction. Become familiar with the business reference section--you'll be spending a lot of time there. Two good sources to look for: ThomasNet, an online resource that connects industrial buyers and sellers, and the Harris InfoSource All-Industries and Manufacturing Directories. Both sources can be found at most libraries, as well as online, and can help you target businesses in a particular industry, read up on competitors or find manufacturers for your product.

To get insights into consumer markets, check out the Statistical Abstract of the United States, which you can find at most libraries. It contains a wealth of social, political and economic data. Ask reference librarians for other resources targeted at your specific business.

Associations
Your industry trade association can offer a wealth of information such as market statistics, lists of members, and books and reference materials. Talking to others in your association can be one of the most valuable ways of gaining informal data about a region or customer base.

Look in the Encyclopedia of Associations (Gale Cengage Learning), found in most libraries, to find associations relevant to your industry. You may also want to investigate your customers' trade associations for information that can help you market to them. Most trade associations provide information free of charge.

Read your trade associations' publications, as well as those aimed at your target customers, to get an idea of current and future trends and buying patterns. And keep an eye out for more: New magazines and newsletters are launched every year. If you're not following all of them, you could be missing out on valuable information about new products and your competitors.

Government Guidance
Government agencies are an invaluable source of market research, most of it free. Almost every county government publishes population density and distribution figures in widely available census tracts. These publications will show you the number of people living in specific areas, such as precincts, water districts or even ten-block neighborhoods. Some counties publish reports on population trends that show the population ten years ago, five years ago and today. Watch out for a static, declining or small population; ideally, you want to locate where there is an expanding population that wants your products and services.

The U.S. Census Bureau turns out reams of inexpensive or free business information, most of which is available on the internet:

The Census Bureau's State and Metropolitan Area Data Book offers statistics for metropolitan areas, central cities and counties.

The Census Product Update is a monthly listing of recently r eleased and upcoming products from the U.S. Census Bureau. Sign up for a free e-mail subscription at census.gov.

County Business Patterns is an excellent Census product that reports the number of a given type of business in a county by ZIP code and metropolitan and micropolitan statistical area.

For breakdowns by geographical area, look to the Economic Census, which is published every five years.

Most of these products should be available online or at your local l

Effective Marketing Research In Canada First Canadian Edition