Market Information/Research is the way that businesses, governments and community based organizations gather and process information that determine what item(s), service(s) or event(s) that they will produce and provide to their customers, citizens or residents. This marketing information and research must be incorporated into your business plan under the marketing section. Examples of market information or research that entrepreneurs require are:
- Number of residents in a community, region or province
- Number of people that are of a certain age and who use a particular product, i.e. types of clothing, different kinds of food and various entertainment products/sports equipment – a certain number of people between various ages ski or take part in other outdoor winter activities. This information will help you determine if there are enough potential customers for you to consider offering a new service or product in this area of sports/recreation.
- Availability of transportation in order to ship you product to customers and/or receive raw material
- Types of marketing and advertisement that best reach the customer or client you intend to sell to and/or serve, i.e. ads, website, facebook, community events etc…
Note: The marketing and advertising tools you will use must depend on the target customer or client, i.e. if you want to reach seniors then facebook may not be the only or best tool. But, if you are reaching out to youth then the social media will be critical to any advertising/marketing campaign.
Please note further information below on the 7’s of marketing and sources of marketing information/research.
Sources of Marketing Information/Research
There are many sources of marketing information and research. The following are samples of the places where entrepreneurs can find the information you need in order to establish your business:
Government of Newfoundland & Labrador
- Department of Innovation, Business & Rural Development – financial and business development support
- Advanced Education & Skill – human resource/labour market information and support programs
- Line Departments such as Fisheries & Aquaculture and Tourism that can provide direct information on the industry you are proposing to enter. In addition, some Line
- Line departments such as Fisheries & Aquaculture and Tourism that can provide direct information on the industry you are proposing to enter. In addition, some line departments may provide technical and financial support. But you need to do your homework and be prepared to submit a full business plan.
Government of Canada
- Atlantic Canada Opportunities Agency – financial and business development support
- Industry Canada – technical and export programs and services
- Statistics Canada – demography data (Census Canada) number of seniors, working adults and children, life style indicators, family income, education and prices of goods and services/price indexes etc…
- Hospitality Newfoundland Labrador (HNL) – technical & financial information and support for entrepreneurs entering the tourism industry
- Newfoundland and Labrador Environmental Industry Association (NEIA) – technical & financial information and support for entrepreneurs entering the environmental field
- Craft Council of Newfoundland and Labrador – technical, marketing and financial support for Newfoundland and Labrador artists/craft people
- Association of Cultural Industries Newfoundland & Labrador (ACI NL)
- League of Artists of Western Newfoundland (LAWN)