When doing market research, you are looking at the consumers. e.g. Who is buying, how much, from what firm, et cetera.
When doing industry research you are looking at who is operating in that industry. e.g. Who is manufacturing the product, how large are they, et cetera.
In order to see if there is room for you to enter the market you need to find out how big the market is, is it currently saturated with competition, what void would your product fill, who is already selling in the market, how strong are the current players in the market, and what does the industry look like overall.
|Industry profile including trends|
What if There Is No Data on My Market?
Sometimes there is no data or established market research covering a specific industry. This is often the case when a industry is fairly new--such as with technology related markets. It can also be difficult or impossible to find much data where an industry is very specialized or very secretive.
In these situations sources such as trade journals, industry associations, interviews, and articles may be your best source for information.
Feel free to email us for assistance.
Occasionally you will encounter a problem where you cannot find any pre-published market size or market share information. When this occurs you will need to estimate the current market size and/or potential market size by compiling data on current and potential customers as well as competitors. To create a list of potential competitors use a database like Hoovers, CapitalIQ, or ThomasNet.
See your marketing professor for more information.