Industry research for product idea

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gevzwnpxrg

Business Finance

MKT 100

CUNY Borough of Manhattan Community College

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This is a research paper that is a part of my final. The attached document will walk you through what needs to be discussed and researched. Defiantly need an A since it is a part of my final. "Conduct research on your product/service idea by using the online business data bases available on the BMCC Library website. First, state in a couple of sentences, your product/service idea for which you are conducting industry research. Next, based on library research, conduct research for your product/service idea, and report on:" The rest is on the document...

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Industry Research for Product Idea (SLO2) (4-5 pages) Conduct research on your product/service idea by using the online business data bases available on the BMCC Library website. First, state in a couple of sentences, your product/service idea for which you are conducting industry research. Next, based on library research, conduct research for your product/service idea, and report on: 1. What is the NAICS code of the industry that you are researching? If your product is totally new and doesn’t fall neatly into one industry, you may find that multiple industries are relevant. In this case, report information on the relevant industries. 2. Size of the industry (in dollars) 3. Recent revenue growth statistics (the data should not be older than 5 years preferably) 4. Trends in the external environment of the industry: Identify three trends in the external environment based on research that you conduct. State if these are social, demographic, economic, technological or political-regulatory trends. Make sure that research sources are cited for each trend, both in-text as well at the end in the references section. 5. Identify three main competitors (state if direct or indirect1). What competitive advantage will your product have over their products? Do this based on exploring the websites of the competitors that you identify. 6. Cite your research sources - include both References (bibliography, in the end) and In-text (parenthetical) citations. Use American Psychological Association or APA style for these. i. In-text citations are in parenthesis within the text next to where you are presenting the information or data from the cited source. This gives the reader the ability to decide whether to trust the information you present - based on whether the source can be trusted, and also they can verify the info themselves). ii. iii. 1 References or Bibliography - Provide full information about the source at the end. Use APA citation style. Refer to the citation https://bmcc.libguides.com/cite See http://www.wisegeek.com/what-is-the-difference-between-direct-and-indirect-competitors.htm for an explanation How to Do Industry Research? An industry is a collection of a specific type of business. For instance, all car companies together make up the Automobile Manufacturing industry. Every industry in this country, and therefore every business within an industry, has a NAICS code associated with it. The NAICS code stands for North American Industrial Classification system. The NAICS code is an identifier that helps you dig deeper to get information on the industry you are interested in exploring. A. How to find the NAICS code of your industry? A complete list of all the NAICS codes is given on the Census website. http://www.census.gov/epcd/naics02/naicod02.htm However, because of the detail, it is difficult to find exactly what you are looking from on this webpage. I prefer to go on Google and search for the NAICS code of the industry that I am planning on researching. The NAICS code should be a 6 digit code. For example the NAICS code for Full Service Restaurants is 722110. B. Now that I have identified the NAICS code, where will I find relevant information on the industry that I am studying? Search Databases on the BMCC Library for Industry Information Go to BMCC home page  Library  Articles:Databases  C. Databases The Library offers off-campus access to the library databases. The username and password are the same as the login for the BMCC Portal. For more information see the Library’s page on remote access. Your semester will go much more smoothly if you figure this out immediately. Useful databases are: 1. Ibis World Click on the tab that says ‘Industry Market Research’ on the homepage. [The tab is in the middle of the page]. Enter the NAICS code which you have found in Step A in the search box that says ‘Find an industry by NAICS code’. Check the 2007 button at the foot of the dialog box to ensure that you are retrieving a recent report. You can search for the industry information by typing the name of the industry in the search box that says ‘Find an industry by keyword or a company name’ but if you get the name even slightly wrong you may not be able to find the right information. If one or more than one report comes up, please look through them to select the one that most closely represents your industry of interest. Explore the Table of Contents on the right and cull out the information that you need for your paper, e.g. size, growth, trends, segments etc. 2. Research Monitor Good for International Markets 3. E-Marketer Great to understand digital trends in your industry If you do not find information in one database try the other. However, it is also important to remember that for certain emerging industries, you may not find industry reports easily through either of these two databases. You may have to search directly on the internet to find what new information is available. You will also come across paid databases that offer industry information. Please do not pay for information that is required for the class. D. Citing Your Research Sources: The information from these sources should not be plagiarized as your own. Please provide references to where you obtained the information using the APA citation style. If you are writing a research report – detailed information available from these sources may be appended in the Business plan at the end of the semester but not included in the body of the main report. Examples of APA style citations for References at the end of the Report Ripley, K. (2011). IBIS World Industry Report OD4674. Green & Sustainable Building Construction. Feldmann, L. M. (2009). Mergent InvestorEdge. The Charleston Advisor, 11(2), 36-38. Research Monitor. (1997). World tourism (Vol. 1). Euromonitor. In-text citation: In addition to the end of the report citations of your references, a research report will also include references in the body of the text. Please go over this link carefully https://owl.english.purdue.edu/owl/resource/560/02/ The library provides citation guidelines and also ways you can avoid plagiarism: https://bmcc.libguides.com/cite Industry Research Assignment Rubric Use this rubric to check that you have provided all the information required to get the max score! Excellent! Average (2) (3) Not Satisfactory Missing (0) (1) 1.NAICS code Stated Stated Stated Not stated 2. Size of industry ($) Stated with additional analysis & reference Stated with additional analysis & reference 3 trends i. identified ii. described iii. referenced i. 3 competitors identified with description of whether they are direct or indirect ii. Competitive advantage described for all. Both in-text citations and references included with APA citation style Stated with reference Stated without reference Not stated Stated with reference Stated without reference Not stated 3 trends stated. However, all 3 parts not covered Less than 3 trends have been stated Trends missing i. 3 competitors identified, but not all 3 are described as direct or indirect ii. Competitive advantage not described for all i. Less than 3 competitors identified, direct or indirect not identified, ii. Competitive advantage not described References included but not in-text citation None stated 3. Growth of industry (%) 4. Trends in the industry 5. Major competitors 6. Research citation Both in-text citations and references included but not with APA citation style Both references and in-text citation missing Total
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Running head: INDUSTRY RESEARCH FOR PRODUCT IDEA

Industry Research for Product Idea
Institution Affiliation
Date

Introduction/ Brief Description of Product/Service
The product is a fast-casual restaurant. The target market is the US and Canada. The
product will compete with such products from Chipotle, a fast-casual Mexican style restaurant

1

INDUSTRY RESEARCH FOR PRODUCT IDEA
that uses quality ingredients to provide tasty and healthy products. The product falls under the
category of limited-service restaurants that provides food and drink (other than snacks and
nonalcoholic beverages) and the customer pay before eating. The customer can choose to
consume the food on the premise or take it out. Other services provided within the industry are
the delivery of the food and drinks to the customers. A fast-casual restaurant is committed to
experience than value, high quality, and healthy ingredients and establishment of a long-term
relationship with stakeholders (Tory, 2017, April 3). Chipotle is one of the giant companies in
the industry and with the largest market share for the Mexican restaurant industry in the US
(IBIS World, 2019, April).
NAICS Code of the Industry
The 2017 NAICS code (current) for the fast-casual restaurant is 722513. The 2012
NAICS code for the industry was also 722513, but the 2007 NAICS code for the fast-casual
restaurant was 722211.
Size of the Industry ($)
The limited-service restaurant industry has an approximate value of $300 billion in the
US (Euro-monitor International, 2019, April). The global fast-food revenue is $856 billion. In
Canada, fast food alone has total revenue of $26 billion in one year. The industry revenue in the
US was estimated at $256 billion in 2018 (Jaaskelainen, 2019, August 15). The highest brand in
the industry is Mc Donald's. The restaurant industry is expected to reach a value of $708.9
billion in 2023, with the limited-service restaurant industry to take the largest share of the market
(Marketresearch.Com, 2019, December 2).
Revenue Growth Statistics

2

INDUSTRY RESEARCH FOR PRODUCT IDEA
The limited-service restaurant industry generated revenue of $276 billion in 2019, an
increase from $256 billion in 2018. In 2018 the carryout constituted 34% of the total sales in the...


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