market research strategy & resources

Innovate CarolinaMay 2020

Market Research Strategy & Resources

Where to start?

Source: iStock.com

Market Research: Fundamentals

§ Why is it important?

§ What is the process?

§ Choosing the right resources

What is Market Research?

Gathering, analyzing and interpreting information about§ markets, § products or services in that market, and § about customers/beneficiaries

Adapted from Entrepreneur.com

What is Market Research?

Customers/beneficiaries: § characteristics, § spending habits, § location and § needs

Adapted from Entrepreneur.com

Two Ways to Conduct Research

vs

Two Ways to Conduct Research

original research involving surveys, interviews, focus groups, etc.

what has already been gathered, written, summarized, studied and published

Why Market Research?

§ Helps determine if the product/service worth developing

§ May lead to funding to develop product/service and grow company

§ Positions the product/service appropriately

Market Research Process

Research Question(s)

Select Resources

Collect Data

Analyze the Results

Apply Research/ Analysis

Market Research Process

Market Research Process

Research Question(s)

Select Resources

Collect Data

Analyze the Results

Apply Research/ Analysis

Types of Resources

§ Government§ Associations & Research Centers§ Web Search Engines§ News Databases§ Market Research Report Providers

Business subject page:https://guides.lib.unc.edu/go.php?c=23609022

Market Research Report Providers

§ Market Size § Market Drivers§ Market Segmentation § Competitive Landscape

• Companies• Partners or Licensees• Supply Chain/distribution

Source: freepik

Market Research Reports

§ Life Sciences & Technology

§ Industry Agnostic

Market Research Reports

§ Life Sciences & Technology

§ Industry Agnostic

Source: Business Excellence

Company Databases

- Search by keywords (products/services/industry)

Business & Industry News

Search company names (your company or competing firms)

Associations & Research Centers

§ Most industries have specialized associations/interest groups

§ Relevant, accurate, and timely data on niche industries

§ Data available to media and/or members

Industry & Professional Associations

§ Digital Therapeutics Alliancehttps://www.dtxalliance.org

§ The Association for Addiction Professionalshttps://www.naadac.org/

§ National Waste & Recycling Associationhttps://wasterecycling.org/

Demographic & Statistical Data

Where & how many Shifts & Trends What is the impact on my business?

Demographic & Statistical Data

§ United Nations• http://unstats.un.org/unsd/demographic/default.htm• http://www.un.org/en/development/desa/population/

§ World Health Organization (WHO)• http://www.who.int/research/en/

§ World Bank:• http://www.worldbank.org/ & select “Data &

Research” from the top menu

Demographic & Statistical Data

§ US Foreign Commercial Service Market Research Library: https://www.export.gov/Market-Intelligence (includes Country Commercial Guides)

§ World Trade Organization (WTO): • http://www.wto.org/

§ The CIA World Factbook• https://www.cia.gov/library/publications/the-world-

factbook

Tuesdays | 1 pm – 4 pm (virtual)Fridays | 9 am – 12 pm

1789 Venture Lab173 E Franklin St

Market Research Office Hours

CONTACTPatrick KastianINFO

THANK YOU

Innovate Carolina Research Servicespatrick.kastian@unc.edu

919.962.4954

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STRATEGY

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