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ME 263

Market & Industry

Conducting Market Research

Market research involves finding and analyzing competitor information, demographics, and industry information. It is a combination of examining the existing products available to consumer and needs, expressed or unexpressed of the consumers themselves.

The databases and links available here will lead you to relevant, quality information. Further assistance is available by visiting the Reference Desk of the Parrish Management Management & Economics Library.

Identification and description of the customers

  • Describe the potential customers
    • Find statistics and demographic information
  • Identify a target selling price
    • Find similar products
  • Identify a target sales quantity
    • Determine how much it will cost to run your company and what the potential market will be
  • Customer and engineering requirements and target values
    • Review recent research and federal regulations
  • Descriptions and analysis of competitive products and relevant patents
    • Seek companies producing similar products
    • Conduct effective patent research


Business Information Triangle

Image of Business Information Triangle