Market Research... Research

Let's use sources of demographic and geographic data:

http://census.gov/ 

http://www.bls.gov/bls/wages.htm

http://www.bls.gov/cps/earnings.htm#earn

http://www.bls.gov/lau/ unemployment rates... good one to use

http://www.bls.gov/news.release/pdf/empsit.pdf (The employment situation)

http://www.bls.gov/news.release/pdf/wkyeng.pdf (weekly earnings - demographics)

There's an awful lot of information above.

Your task:

1. Choose a business, product or service.  Location is of your choosing.

2. Research the intended 'target market' for geographic marketing and demographic marketing.

3. Provide data that your location and business, product or service will have a good chance of being successful where you chose.

4. There's no right or wrong answer.  You'll have to see how the numbers will help your cause.

5. I recommend use PowerPoint, but how you present this is up to you.

Here's an example:

A person would like to open a used car dealership in New York.  The location is flexible as they have not signed any contracts for property.

This person would research:

• Employment levels in the areas they are interested in.  

• Is there employment growth or decline?

• They may look at income levels.  

• Are people earning more money or less over time?

• How many minimum wage earners are there?

  • Are there a high number of seasonal employees?

Will any of the above information affect location?  

Will it affect the types of cars sold and prices?

Anything else?

In your presentation, be sure to pull data from a source to prove your point...

From the "http://www.bls.gov/news.release/pdf/empsit.pdf" site:  "Among the unemployed, however, the number who reported being on temporary layoff increased by 448,000."

I feel that people being on temporary layoff may actually be good for my used car business.  I intend on selling only lower priced pre-owned vehicles, so people who are fearful of losing their jobs, even temporarily, will look to buy cheaper vehicles.