Market research blends consumer behavior and economic trends to confirm and impr

Market research blends consumer behavior and economic trends to confirm and improve your small
business.
It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks
even while your business is still just a gleam in your eye.
Using the U.S. Census Bureau’s website (www.census.gov), gather demographic information to better
understand opportunities and limitations about your potential customer base. This could include
population data on age, wealth, family, interests, or anything else that’s relevant for your small business.
Then use the information you have gathered to answer the following questions to get a good sense of
your market:
1. Demand: Why do you think that there a desire for your product or service?
2. Market size: How many people would be interested in your offering?
3. Economic indicators: What is the income range and employment rate?
4. Location: Where do your customers live and where can your business reach?
5. Market saturation: How many similar options (competitors) are already available to consumers?
6. Pricing: What do potential customers pay for these alternatives?
You can do market research using existing sources such as the one above, or you can do the research
yourself and go direct to consumers. Existing sources can save you a lot of time and energy, but the
information might not be as specific to your audience as you’d like. Use it to answer questions that are
both general and quantifiable, like industry trends, demographics, and household incomes. Check online
or start with our list of market research resources.
This Market Research assignment should be at least 5 pages in length. Your paper must be typed,
double-spaced in a standard font (Arial/Times New Roman 12 pt. font or Courier New 10 pt. font), and
include page numbers.
Grammar and structure are important in professional writing, so be sure to proofread and spell check
your Market Research. Be original: plagiarism will not be tolerated! To receive credit, papers MUST be
uploaded to on the due date (10/27). Failure to upload the assignment to the Canvas link in the Module
for October 22nd will result in a zero on the assignmen