Science, Industry and Business Library

Market Research Information at SIBL

INTRODUCTION

Marketing plays a crucial role in the success of any business venture. Whether you are in the start up or expansion phase of your small business, an effective marketing strategy will ensure that you reach the goals you have set for your enterprise. Marketing is an ongoing process that starts with a thorough understanding of your business environment. As your business grows, it needs to be continually refined and updated to accommodate changes in the marketplace.

The key to successful marketing is a solid understanding of the environment in which your business operates: your position in the market place, your products and services, your competition, and your customers. Here's where market research comes in.

In order to write your marketing plan and develop effective marketing strategies, you will need to gather facts about your business environment. Market research is the systematic process of collecting and analyzing data to find answers to questions you may have regarding your customers, your competitors, and your industry. The Science, Industry and Business Library (SIBL) has a wealth of resources-both print and electronic-that can assist you in understanding these aspects of your business environment.

In order to begin your market research, you need to consider three main questions:

• Who are my potential customers?
• Who are my competitors?
• What is the state of my industry?

This market research guide will point out some resources at SIBL that will help you research these questions. See the General Resources page for general marketing resources at SIBL. For a more in-depth overview of marketing concepts, please refer to the marketing section of the Business Owner's Manual on the New York Small Business Resource Center web site.

J. Gold
5/2005