Getting Started with Online Services & Databases

Starting a Business. Step 1: Conduct Market Research

March 28, 2024 | Information Services Team | Comments (0)

The Library’s series of guides, Starting a Business, follows the City of Toronto’s 9-step guide, How to Start a Business:

Step 1: Conduct Market Research
Step 2: Prepare a Business Plan
Step 3: Create a Marketing Plan
Step 4: Choose a Business Structure
Step 5: Register Your Business
Step 6: Secure Your Financing
Step 7: Choose Your Business Location
Step 8: Apply for a Business License
Step 9: Determine Tax Requirements
Other Considerations

Table of Contents

What is market research?
Primary research
Secondary research
Additional market research guides

What is market research?

“The main objective […] is to understand the customer and determine whether enough demand exists for a successful business venture.” How to Start a Business (City of Toronto)

“Market research is information about customers, competitors and emerging trends that helps companies make strategic planning decisions about marketing and selling their products and services.” Market research (BDC)

“You need to conduct market research to help you understand the industry and market that you will be operating in.” Conduct market research (Gov. of Ontario)

Primary research

”The market research process includes: Primary Market Research – using data collected through surveys, observation, opinion polls. Secondary Market Research – using existing data.” How to Start a Business (City of Toronto)

“Primary research (or field research) refers to the gathering of original information, through inter-views and other first‑hand methods, specifically about your product or business. Data from secondary research will give you a high‑level overview of market opportunities. It typically consists of previously collected information on consumer demographics, industry trends, market share, etc.” A practical guide to market research to help you make better decisions (BDC)

A “few different types of primary research that might be relevant to entrepreneurs [are] Interviews, Focus Groups [and] Surveys.” Entrepreneurship & Innovation (U of Waterloo. Library)

Books (and eBooks)

Search the Library catalogue with the following subject headings.

Focus groups
Survey research
See also:
Encyclopedia
  • “Marketing Research,” in Encyclopedia of Business and Finance. Gale eBooks [TPL database]

Videos

  • LinkedIn Learning [TPL database]
    Enter “primary marketing research” in the search box.

Website

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Secondary research

Customers
Competitors
Industry
Sample questions

Customers

Toronto demographics
Ontario demographics
Canadian demographics

Select Census Topics. Filter by place name.

See also: Statistics Canada > Subjects, which include: Families, households and marital status statistics; Income, pensions, spending and wealth; Population and demography; etc.

U.S. demographics
World demographics

Select Databases, then Countries & Cities, then Country Statistics or City Statistics. Select Overview. Filter by Indicator and Geographic area

Scroll down to the table of National Statistical Offices by Country or Area Name

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Competitors

Finding your competitors
Analyzing your competitors

Market research into competitors is finding them (in business directories) and analyzing them (by SWOT analysis or case study).

Finding your competitors

Look for competitors in business directories by industry, using NAICS codes (North American Indus-try Classification System). You can find competitors by e.g. product or service but the results of searching by NAICS code are more likely to be relevant and complete.

To find a NAICS code:
  1. Go to Statistics Canada and scroll down to and select North American Industry Classification System (NAICS).
  2. Enter a keyword in the search box.
  3. Select a result to see if the description of the industry corresponds to the industry you’re looking for.
Business directories
  • Mergent Intellect [TPL database]. U.S., Canadian and international private companies.

Select Advanced Search. Tick, Include Canada Companies. Select Industry. Select NAICS Code, then “NAICS Keyword search.” Enter the NAICS code. Select, Add to Criteria. Select Search.

Select NAICS under Firmographic. Select a subsector from the drop-down menu, then a more specific code. Transfer your selection to the Search window and select Search. Limit results with additional Search Criteria, if desired. E.g. by geographic area (city, postal code, census division, metro area, etc.)

Note on Toronto as a geographic filter in Scott's Directories:
  • Under City, Toronto = Toronto before the 1998 amalgamation, i.e. excluding Etobicoke and Scarborough
  • Under Census Division, Toronto = Toronto after amalgamation.
  • Under Metro Area, Toronto = Greater Toronto Area
See also the following databases:
  • FP Advisor [TPL database]. Publicly-traded Canadian companies.

Select Industry Reports, then an industry for businesses in the industry (from the top 450 publicly-traded Canadian companies).

  • MarketLine [TPL database]. International businesses.

Select Companies. Select, Industry & Geography to filter search results by industry and geography.

  • Mergent Online [TPL database]. International publicly-traded companies.

Search by NAICS. Select name of company from search results, then select Competitors tab on company page.

  • Value Line [TPL database]. International businesses.

Select, Browse Research. Select an industry from the Industry Screens menu.

See also:

Analyzing your competitors

SWOT

“SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning.” (Investopedia)

Case study

“The case method of analysis involves studying actual business situations—written as an in-depth presentation of a company, its markets, and its strategic decisions” ("Case Method of Analysis." Encyclopedia of Management, Gale eBooks [TPL database].)

Website
Database
  • MarketLine [TPL database] includes both SWOT analyses and case studies.

To find your competitors in MarketLine, select Companies and filter under Industry & Geography. Select the name of a company to go to the Company Profile. Select SWOT Analysis.

For “an analysis of successful and unsuccessful company strategies, product launches and innovation,” select Company Case Studies under Case Studies, under Analysis. Filter under Sector: select from the menu of sec-tors, subsectors and industries; or search the sector, subsector, etc. headings by keyword.

For comparisons of the largest companies in an industry, select Company Chartbooks under Chartbooks, under Analysis. Filter under Sector.

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Industry

Industry research gives you broad industry data on your potential market, such as size, forecasted growth, profitability, key players, market share and market trends. A practical guide to market research to help you make better decisions (BDC)

Industry reports
  • MarketLine [TPL database] for Industry Profiles.

Select an industry from the Sectors menu. Filter results under Geography to find an Industry profile in a specific country. OR, enter a product or service in the search box.

For comparisons of an industry in different areas of the world, select Analysis, then Chartbooks, then Industry Chartbooks. Filter under the Sector menu on the left (not on the top) or by keyword.

  • Mergent Online [TPL database] for “industry reports [that] cover 20 of the largest global industries.”

Select Industry Analysis, then Reports, then (for North American reports including Canada) Mergent Reports. Select Download for a PDF of the report.

See also:
  • FP Advisor [TPL database], a database of investment recommendations.

Select Industry Reports for “analysis of 30 industries in which the top 450 publicly traded Canadian companies compete.”

Select Advanced Search, then Industry. Select NAICS and either select from the NAICS Tree or search by keyword. Select and industry, then select Add to Criteria. Select Search. Select a company from the results to go to the company profile. Select Industry Details, then the report icon.

  • Value Line [TPL database], a database of investment recommendations.

Select Browse Research. Select an industry from the Industry Screens menu. Select Industry Analysis.

Government, government agency and university industry profiles

Toronto
Ontario
  • Industry Profiles (Ontario Creates). Information “on the size and economic impact of each of the cultural media industries.”
Canada
World

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Sample questions

According to Introduction to Market Research (FedDev Ontario), the following are examples of questions that can be addressed through secondary research:

What are the current economic conditions, and are they changing?
What are the industry trends? (see the Industry section)
Are there international markets for my product or service?
Who are my customers? (Population, age group, income levels, where they live, etc.) (see the Customers section)
What is the state of the labour market?

What are the current economic conditions, and are they changing?

Toronto economy
Ontario economy
Canadian economy
  • Analysis in Brief (Statistics Canada). “The papers published in the Analysis in Brief analytical series shed light on current economic issues. Aimed at a general audience”.
  • The Daily—In the news (Statistics Canada)

Select Indicators for Major economic releases. Or select Releases by subject, then Economic accounts.

View the budget for an Economic overview.

See also the following newspapers:

See also Canadian Newsstream [TPL database]. Select publications and enter “national post” in the search box. Select issue. Enter “economy” in the Search within search box.

See also Academic OneFile [TPL database]. Select Publication Search and enter “globe and mail” in the search box. Select issue. Select Business News from Sections menu.

See also the following bank websites:

Scroll down to and select EconoFACTS. Or scroll down to and select Forecasts & Recent Releases, then select geographical area.

Under Quick Links, select Canada and US Economics, Provincial Analysis, etc.

U.S. economy
World economy

“Browse the Country profile section to obtain countries exports, imports and tariff statistics along with relevant development data.”

See also:

Select Analysis, then Countries & Cities. Then either Country Profiles or City Profiles. City Profiles include five Canadian cities.

Are there international markets for my product or service?

Scroll down to list of countries.

Select “Doing business in…” guides. Scroll down to Market insights.

What is the state of the labour market?

Toronto labour market
Ontario labour market
Canadian labour market
U.S. labour market
World labour statistics

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Additional market research guides

Government guides
Other guides
University and college guides

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