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Conducting Market Research on an Industry

post #1 of 6
Thread Starter 

What would be the best way to go about conducting market research (necessary for a business plan) on the fashion/style industry?

 

I'm not really sure where to get started!

post #2 of 6
Depends on the kind of research. Financial? Industry standards? Trends?
post #3 of 6
Thread Starter 

Quote:

Originally Posted by idfnl View Post

Depends on the kind of research. Financial? Industry standards? Trends?


How about all the above!! I am looking into type of people buying, how many of those people there are, whether the group is growing or decreasing, stuff like that..

post #4 of 6
Quote:
Originally Posted by davesmith View Post

Quote:


How about all the above!! I am looking into type of people buying, how many of those people there are, whether the group is growing or decreasing, stuff like that..

So you want demographics... not my area, sorry. If you wanted financials, I would start with Bloomberg, moodys, MSN Money, and a host of sites that report all kinds of data related to financials such as:

analyst estimates - MarketWatch
SEC filings - EDGAR Online
Major Holders - MSN
Research Reports - Reuters
Annual Reportz - AnnualReports.com
post #5 of 6

Create a survey using a professional agency (or do it yourself, but make it look nice).

 

Send it to 1) professionals in the industry (unfortunately, you're going to need to mine their contact info yourself) and/or 2) normal, everyday people (a professional agency will usually be able to do this part)

 

Then get the data and analyze it.

 

This is one way of how a consulting firm I interned at performed market research.

post #6 of 6
Unless you have access to some tools at work or school, public library would be the best place to start.

Talk to the reference librarian about industry reports - lean heavily on these folks, they know their stuff pretty well.

Add to that data from US Census Bureau, trade associations, etc. (this stuff you can just Google), and the stuff idfnl mentioned

That will give you a start. If you have a basic understanding of what you need for the business plan, you should be OK.

The survey is a good idea but hard to pull off if you don't have a budget or basic survey design/stats chops.
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