To begin, you should figure out as much background information as you possibly could. This should include scholarly data and peer-reviewed articles on your topic.
Suggestions
Business Source Complete
- Use Business Source Complete in order to gather scholarly peer-reviewed articles on your topic.
When you access the database make sure you select all available databases to search through by clicking on "Choose Databases" and selecting them all.
- Begin with simple search results to get as many articles to populate as possible. Use the filtration methods to narrow down your searches.
- Use the filtration method located on the left-hand side to narrow your searches to "Peer-reviewed"
- Use the articles to get an idea of potential industry trends or target audience demographics.
IBIS World
- Use IBIS World to gather industry-specific reports.
- These reports can be downloaded into a PDF format by clicking the download button at the top of the report.
- You can search for U.S wide industry reports or U.S State-specific reports.
- IBIS World industry report will help you determine if your business venture is a viable business opportunity or not depending on the market trends.
- Use the "Major Companies" tab to determine who the major players are in this industry.
Mergent Online
- Use Mergent Online to gather company financials for publically traded companies.
- This database will mainly be used to gather information on either your direct competitors in the industry or if you are creating a fast-food franchise, this database could help you determine the overall strength of the franchise.
Mintel Reports
- Use Mintel Reports to gather information on market research, consumer profiles and markets, forecasting, and driving forces.
- Once you determine an area of target for your business and determine the demographics of that area, use Mintel Reports to gather additional consumer information.
- Example: Your target business area has a high number of Millennials. Use Mintel Reports to gather consumer behaviors for Millennials.
Statista
- Use Statista to gather statistics on a variety of topics.
- You can use Statista to gather demographic information of a certain area.
- You can use Statista to gather statistics on the trends in certain industries.
- You can use Statista to validate any hypothesis you may have with hard data.
Claritas 360
- Use Claritas 360 to compile a variety of demographic, market segmentation, and profile reports.
- Start with a profile worksheet report. A profile worksheet report has variables for behaviors and psychographics that can help you determine who your target is by asking specific questions.
- For example, you can input variables into the profile worksheet where you ask the database to populate data on who " Quick service restaurants used for lunch past 30 days McDonalds"
- This database will give you data on which segment population met the requirements of your inputted questions.
- Next, run a segment distribution report to determine where your segment population from the profile worksheet data are located.
- You can run this report at the national, state, or county level.
