Doing Market Research
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.
- Market size
- Market share
- Industry profile
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.
Use the resources below to learn more about consumer markets.
- Business Insights, EssentialsProvides market share information from Market Share Reporter and rankings from Business Rankings Annual.
- Mintel AcademicContains detailed market research from a variety of sectors, including consumer goods, travel and tourism, financial industry, internet industry, retail, and food & drink. Mintel reports discuss market drivers, market size, market and brand share, market segmentation, supply structure, advertising and promotion, retail distribution, consumer characteristics, and market forecasts.
- Mintel Global New Products DatabaseMonitors product innovation and activity in global space in consumer packaged goods markets. The database's analysis tool is extremely useful to analyze trends in claims, product ingredients, find competing products, and packaging trends.
- PassportPassport GMID contains market size data on a number of consumer goods and its Euromonitor company profiles often contain data on the company's market share in specific sectors.
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:
- Capital IQ A unique platform combing detailed information on investment banking, private equity, corporations, investment management, professional services, and brokerage. First-time users click here to sign up for an account using your Cornell email address. After your account has been approved, click here to access the database.
See your marketing professor for more information.
Find industry trends, concerns, and major players via industry and association resources. See our website for additional industry information sources.
- Frost & SullivanIn-depth market research and strategy reports with European and global coverage of the following areas: Aerospace & Defense; Automotive & Transportation; Chemicals, Materials and Food; Electronics & Security; Energy & Power Supplies; Environment & Building Technologies; Healthcare; Industrial Automation & Process Control; Information & Communication Technologies; Measurement & Instrumentation. Covers 1998 to present, updated as new reports are produced.
- IBISWorldIBISWorld provides industry research reports and profiles for over 700 United States industries as well as a wide range of industries in China. Business reports for five categories: industry market research, industry risk ratings, company research, global industry research, and economic and demographic data. Each report provides key statistics, market characteristics and segmentation, industry conditions, leading competitors, industry performance analysis and future outlook.
- TechnavioTechnavio provides market research reports for a variety of global industries, including technology, healthcare, retail, energy, aerospace, consumer goods and automotive. Unlimited report viewing is available, but each Cornell email address is limited to 20 downloads per month.
- First Research Industry ReportsFirst Research industry profiles include industry trends, benchmark data, and call prep questions. Access via ProQuest, Mergent Online (Investext tab), and CareerBeam (Johnson School students and alumni only).
- Fitch Solutions Country Industry ReportsMore than 100 industry and country reports by Fitch Solutions Country Industry Reports are available via ProQuest. Search the Advanced Search screen with Fitch Solutions Country Industry Reports pb("Fitch Solutions Country Industry Reports ") to limit results.
- Association UnlimitedAssociations often provide free industry data and white papers that cover important regulatory and market trends. Use this for finding the associations that you should be looking at.
- Economic CensusSurvey of all US businesses conducted every 5 years. (2002, 2007, 2012, etc.).