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Marketing Research: A city and a type of business to research

Many organizations collect data on just about anything that you can imagine. Private companies often sell data sets (raw data) for a profit while the US government offers a wide range of data for free.

Census data (http://www.census.gov/) is quite rich and diverse with information on: People & Households as well as Business & Industry.

The Bureau of Labor and Statistics (http://www.bls.gov/) is filled with research on labor, including employment data, wages, industrial injuries, & career Outlook, to name a few.

Some of the data is available in Excel spreadsheets and can be easily manipulated to create great visuals for reports. Other information is set up in ready-to use tables. Most of the time, the tables contain a large amount of information and need to be pared down to create an excellent visual. Typically, you should not use an entire table. It is important to pick the best pieces of data to illustrate your point.

Clients hire professionals to research market behavior and industry trends which are paramount to assessing the viability of establishing a new business, expanding one, or closing one in a specific geographic area.

Since a business plan requires a significant investment of time and capital, a business often undertakes an initial study to determine if the market is ripe for a new idea. You will create a feasibility study for a client that provides research which will either support or question the viability of a business start-up. Usually a feasibility study includes a financial analysis, but the client already completed that assessment and finds the project viable from a monetary perspective.

GEOGRAPHY: Select a US city and a specific address for the proposed business
TYPE OF BUSINESS: Select a simple small business (It should be in an industry which you have familiarity)

You are not permitted to use a business concept or any research completed in a prior course or done in real life. The goal of the project is to create an entirely original report.

The final report will include the following:

1. Background: A very short, one-paragraph description of the geographic location (Use the City's website or other government source for this section)

2. Define the market: What are the trends in the market? What is the current and projected demand for the proposed product/service?

3. Define the Target Market, its common characteristics, and the area's population of this specific market. Is there Competition? Can you differentiate or establish a niche market?

For this section, you must use a combination of Census Data, Labor Statistics, Hoover's Pro, and articles from the Library's full-text databases. NOTE: The Library's Proquest Newspapers may be particularly helpful. Do not provide content without solid research to back up each statement.

4. Organizational/Technical issues
a. How does a company register a corporation in the target State?
b. Describe the costs and process to set it up in the State and a link to the required paperwork.
c. An SBA Licensing & Permitting Database may be found here.

5. Feasibility Analysis
a. Analyze the research and formulate a decision on viability.

Solution Preview

// In this part I discussed the US city Virginia with a product idea to start the venture and also described the economy any and market trend of Virginia along with the competition overview for the venture.//

Abstract

This dissertation encompasses detailed study of the lover's city of the United States Virginia. The product for business operation taken is gold (white gold), as it has many well known gold mines of the US. The scope of the business is also wide as trend of gifts and presents is quiet popular in the city. The segment of population which is kept on focus is mainly the youth of Virginia, young generation, no doubt the old ones also, but on the soft focus.

Virginia and Business

Introduction

Virginia City is selected from the US cities to open a profitable venture of white gold. Virginia is around 150 year old which is blessed with gold and got many popular gold mining towns of west. Virginia is situated on the Atlantic Cost of Southern United States. It also called as Old Dominion and even Mother of Presidents because eight Presidents were born in this city.

Background

The climate and whether is quiet effective due to Blue Ridge Mountains and Chesapeake Bay. This is one of the 13 colonies in American Revolution which joined the confederacy in the American Civil War. It population is around 8,001,024 according to the 2010 census. It experienced the net migration of 314,832. According to the statistics of 2000 the biggest five ancestry group present in Virginia are: African (19.6 %), German (11.7%), Unspecified American (11.4%), English (11.1%), and Irish (9.8%). People of English heritage settled mostly since during the colonial period.

Market defined

A business market is a group of individuals that buy product for some specific intention like resale, direct consumption, or use for daily production. It falls into two category consumer market and business market. Consumer markets includes buyers and routine members while business market includes individual or group of people that buy product for consumption or otherwise for resale and further production.

Virginia is found to be one of the good place for business few location are like which can give the guarantee the right combination of resources that are important for any business success. So, Virginia is one of those locations which have got rich resources to start up any venture. The Commonwealth of Virginia's unique combination of assets has encouraged businesses to prosper here for more than 400 years. Many of the location seeker company come to an end of their search after seeing Virginia. Northern Virginia's economic development is quiet much linked to that of Washington DC metro area ("DC Metro"). The Virginian economy has significantly outperformed among all the other United States during the recession.

Market Trend and features

Market trend analysis is more like predicting future's ups and downs of stock based data, and this analysis is very important to open any business or venture. This analysis is based on the past data, so it gives an idea to the traders that may happen in future or how the things will shape in future. So, the traders may plan there business accordingly.

Three primary industry sectors that have a great impact on Virginia's economy are: Government; Professional and Business Services; and Education and Heath Services. The Government ...

Solution Summary

The response addresses the queries posted in 2169 words with references.

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