MARKET RESEARCH FORFACULTY ENTREPRENEURSHIPUSING THE LIBRARY FOR SECONDARY MARKET RESEARCH

Ilana StonebrakerBusiness Information Specialist Parrish Library

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WHAT MAKES YOUR IDEA DIFFERENT?

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PROVE IT.

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WAYS TO PROVE IT• Find a similar company

that has been successful• Find a new trend• Find a niche in a larger

market• Find where the customer

is• Find an article about an

emerging business practice

• Show that people are invested in the industry

• Find a growing industry• Find an industry without

much competition• Find an industry with weak

competition• Find a new market for an

existing product• Find areas where the

industry is not serving• Create a completely new

market by combining markets

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SECONDARY MARKET RESEARCH TYPESExisting SurveysMarket Research ReportsIndustry ReportsBusiness NewsCompetitive LandscapeGovernment Sources

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SECONDARY MARKET RESEARCH TYPESThe primary elements involve:• understanding how the industry operates• what influences it internally: the market• what influences it externally: the

consumers

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EXISTING SURVEYS• Information usually a year old• Taken from primary research and usually

aggregated• Mostly consumer based

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EXISTING SURVEYS

• Census, Pew, Time-use studies• Bizminer• Mediamark Reporter• SimplyMap• Business Analyst Online ESRI

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UNDERSTANDING THE MARKET

UNDERSTANDING THE MARKET A SIMILAR MARKET

MARKET RESEARCH REPORTS

Frost and SullivanBCC ResearchMarket Research.com

Academic

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INDUSTRY REPORTS

Determine the major and minor factors affecting the industry.

• Industry news & innovations• Economic conditions & influences• Government regulation

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TYPES OF INDUSTRY ANALYSISPorter's 5 ForcesPEST/PESTLE AnalysisValue Chain AnalysisFour Corners ModelBlindspots AnalysisFinancial Ratio Analysis...and many more.

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INDUSTRY REPORTS

IBISworldStandard and Poor’s Net AdvantagePlunketts

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NEWS DATABASES

• Good for industry information• Forrester• ABInform• Consider the trade publication in

your product’s field rather than your own

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COMPETITIVE LANDSCAPE

What are competitors doing?What is affecting the industry?Are there geographic factors to consider?What technology is having an impact?

COMPETITION

• Illuminate the major players and how the industry impacts their strategies.

• LexisNexis Company Dossier

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GOVERNMENT SOURCES

• Consumer Expenditures Survey• Data.gov• Small Business Administration• White Papers

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FIND OUT MOREIlana Stonebrakerstonebraker@purdue.edu(764) 494-6243https://ilana.youcanbook.me

Parrish Library2nd Floor of Krannert Buildinglib.purdue.edu/parrish

We chat.We email.We answer phones.We’re here for you.

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