Mining Market Data

With a heightened awareness of opportunity, ideas can often be generated by market research. The National Women's Business Center (NWBC) defines market research as "a systematic, objective collection and analysis of data about your target market, competition, and/or environment with the goal being increased understanding. Through the market research process, you can take data?a variety of related or non-related facts?and create useful information to guide your business decisions.

For example, in recent years data has indicated the shift of the U.S. to a service economy and away from manufacturing. Service industry growth is good news for prospective entrepreneurs. Service businesses are relatively easy to start, and economies of scale are not generally sufficient to give larger companies a significant competitive edge.

For an indication of the products and services that people will need in the near future, we can look at projections of those industries which are expected to produce the most new jobs in upcoming years. The U.S. Department of Labor projects that eating and drinking places will create the most new jobs in the early 21st century, followed by health care, construction, and personnel and supply services.

More specific ideas are often suggested in the business and entrepreneurship literature. Food and recreation opportunities could include family entertainment centers, tea salons, and brewpubs. Services you might offer could include children's learning centers, unique travel experiences and specialized staffing agencies.

Other useful sources of ideas include the business section of the local newspaper and the local business weekly. Broad trends can be tracked merely by being a reasonably well-informed observer of the popular culture.

Are opportunity listings useful? Some believe that it is already too late to enter a business by the time it is publicly acknowledged to be an opportunity. Many suggest that it is better to wait for the "first movers" to clarify exactly what services consumers want, and then to enter with a more focused product.

We also have the choice of moving into "hot" new businesses, or developing better approaches to well-established industries. While leading edge ventures are generally more exciting, more fortunes have probably been made with well run versions of fairly common businesses.

Scan the current literature for opportunities that fit your strengths and interests. Describe a specific business that would take advantage of one of these opportunities. Identify how your strengths and expertise would contribute to the success of such a business. Visualize yourself as the owner/manager, and project how you would get the venture off the ground.

For example, a coffee shop fits within the fastest growing industry, eating and drinking places, though in competition with national franchises. Is it in competition only with other coffeehouses, or with other casual dining or snack-food places?

Many services are highly localized. Is national data useful to consideration of a neighborhood coffee shop? Can we acquire meaningful data on just our market area, the northeast corner of a metropolitan area, serving 18% of its population? This would almost certainly require gathering primary data, that is data that we gather or commission specifically for this purpose, rather than secondary or published data.

The NWBC stresses that information gained through marketing research isn't just "nice to know." It is solid information that can guide your most important strategic business decisions.

john b. vinturella, ph.d. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites john b. vinturella, ph.d. and john b. vinturella, ph.d., and maintains business and political blogs.

Elk Grove (east OF 53) limousine shuttle .. Lockport Chicago limo O’Hare

In The News:

Kurt the CyberGuy walks through steps he recommends immediately taking after getting new electronics — like phones or TVs — as gifts this holiday season.

When speaking becomes physically challenging, you can preserve your unique voice using Apple's Personal Voice and Live Speech technology.

Google Maps is deleting location history soon. Tech expert Kurt “CyberGuy" Knutsson shows you how to back it up before it's gone.

iOS 18.2 lets AirTag owners securely share item locations with trusted individuals. Tech expert Kurt “CyberGuy" Knutsson examines the powerful new feature.

The FBI is warning timeshare owners of a telemarketing scam tied to a Mexican drug cartel. Tech expert Kurt “CyberGuy" Knutsson provides steps to stay safe.

Protecting your home network includes securing your router, just like your phone or laptop. Kurt “CyberGuy" Knutsson reveals six ways to protect your Wi-Fi router from hackers.

Kurt “CyberGuy" Knutsson: ConnectOnCall breach leaks sensitive data of 910,000+ patients.

Rising elder scams: How to recognize them and protect yourself and your loved ones. Tech expert Kurt “CyberGuy" Knutsson helps you outsmart the scammers.

There are common habits and oversights that could leave your financial information vulnerable to cybercriminals, according to Kurt the CyberGuy.

Counting calories just got easier with The Drop, the world's first automated nutrition tracker using advanced computer vision and artificial intelligence.

A virtual private network can help ensure your information remains security and your privacy remains intact. Kurt the CyberGuy explains.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Artificial intelligence-based cameras are giving air defense operators unprecedented capabilities in monitoring and protecting airspace.

Apple's iOS 18.1 Inactivity Reboot automatically reboots your iPhone if it hasn't been used or unlocked for more than three days, providing better data protection.

An inventor designed rooftop solar panels for a Tesla that draws solar energy while the car is parked, adding travel mileage without plugging in.

There are currently no laws governing what artificial intelligence can and cannot do with the information it gathers; here are 10 things to avoid telling AI chatbots to keep yourself safe.

A credit union with over 240,000 members recently revealed it was targeted by cybercriminals, resulting in a data breach that was part of a two-month attack by hackers.

Scammers have become skilled at creating convincing fake websites that can easily fool unsuspecting users. The CyberGuy offers tips to protect yourself.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

CAPTCHAs, which are used by websites to confirm whether users are people or bots, are harmless, but hackers are using them to infect PCs with malware.

Hackers recently leaked personal information of about 500,000 Americans and stole patient medical records that included lab results and insurance details.

The holiday season sees a rise in mobile shopping scams. Tech expert Kurt “CyberGuy" Knutsson helps you learn how to stay safe.

Tech expert Kurt “CyberGuy" Knutsson says a VPN enhances online banking security by encrypting data and protecting privacy.

Beware of these six sneaky holiday scams. Tech expert Kurt “CyberGuy" Knutsson gives you tips to avoid falling victim.

Tech expert Kurt “CyberGuy" Knutsson reveals how to securely back up and factory reset your Android to protect your privacy and data.

Mining Market Data

Strategic Planning