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MKT271 - Principles of Marketing

Use this guide to help you get started on your Marketing 271 research on analyzing the marketing process and environment with regard to the product, pricing, distribution, and communication in order to satisfy buyer needs.

Industry Research

Industry research is the process of gathering and analyzing information about a specific industry to understand its dynamics, trends, and influencing factors. This research typically focuses on aspects like market size, growth potential, competition, supply and demand, and external factors such as economic or political influences. It helps businesses make informed decisions, whether it's for strategic planning, entering new markets, or assessing risks and opportunities.

To start industry research, marketers must first identify their industry’s SIC (Standard Industrial Classification) code (OSHA SIC Search) or NAICS (North American Industry Classification System) code (Census NAICS). These codes classify businesses by industry and help marketers access relevant research and data.         1. www.ibisworld.com  2. www.genei.io

Free and Paid Resources for Industry Research

Book of Lists

Use the latest annual Book of Lists Index to locate Arizona businesses you might want to market to or collaborate with. Please notify John Chavez - Business Library faculty for help with your research at johxx04361@paradisevalley.edu .

Statistics

There are many reliable sources that provide customer and market information at no cost. Free statistics are readily available to help prospective small business owners.

Consider the following federal business statistics in your market research and competitive analysis:

Focus Goal Reference
General business statistics Find statistics on industries, business conditions.
Consumer statistics Gain info on potential customers, consumer markets.
Demographics Segment the population for targeting customers.
Economic indicators Know unemployment rates, loans granted and more.
Employment statistics Dig deeper into employment trends for your market.
Income statistics Pay your employees fair rates based on earnings data.
Money and interest rates Keep money by mastering exchange and interest rates.
Production and sales statistics Understand demand, costs and consumer spending.
Trade statistics Track indicators of sales and market performance.
Statistics of specific industries Use a wealth of federal agency data on industries.

Mar 25, 2025

After Gathering Research Marketers Define Clear Objectives

Once marketers have gathered research, they can define clear objectives that align with business goals and target audience needs. Here are some solid ones:

  • Qualitative Goal - On enhancing brand reputation or improving customer satisfaction.

  • Increase Brand Awareness – Develop strategies to boost visibility and recognition in the target market.

  • Improve Customer Engagement – Create campaigns that foster interaction and build stronger relationships.

  • Boost Lead Generation – Design tactics to attract potential customers and drive conversions.

  • Enhance Customer Retention – Implement initiatives to keep existing customers satisfied and loyal.

  • Optimize Content Strategy – Develop relevant, high-quality content tailored to audience interests and behaviors.

  • Refine Messaging & Positioning – Adjust branding and communication to resonate better with customers.

  • Expand Market Reach – Identify opportunities for growth in new demographics, regions, or platforms.

A well-defined objective makes every marketing effort more strategic and impactful.