When you’re analyzing your market, remember that:

• Complete market research is essential to developing a convincing business plan.

• A specific description of your target market helps you develop a more attractive product and craft an effective marketing plan.

• You should start quantifying your potential revenue by developing estimates of your market size.

• Use information about your target consumers to refine your business concept.

Do your research:
In this assignment, we gave you the market data and information from which you started your analysis. When planning your own business in the real world, you’ll need to find that information yourself. How can you do that? Here are some ideas:

1. Research national, state, and local governmental data to discover information such as number of households, percent that meet certain demographic criteria, etc.

2. Visit the library and consult industry-oriented magazines, newsletters, journals, and databases.

3. Look for industry associations. Often, such associations have compiled a good amount of relevant market data.

4. For some industries, you may find useful information in academic journals.

5. Consult with your Small Business Development Center and tap into their resources.

6. Research relevant industry regulations with your state or local government.

7. Consider test-marketing your product to get a preview of consumer reactions.

8. Conduct phone surveys, in-person interviews, or focus groups with potential consumers to learn about their motivations.

9. Observe your competitors’ customers.

10. Hire a professional firm to conduct your market research.

You can also learn more about market analysis by exploring the Trump University Marketing curriculum.

What Next: Click 3: Analyze Competition