One of the best sources is Sales Marketing and Management magazine, which publishes the annual Survey of Buying Power. This survey provides breakdowns in population, households, retail sales by type of business, and total purchasing dollars for each county in the United States and for cities with a population of more than 10,000. Another excellent source is the 1990 U.S. census data, which gives vast amounts of detailed information on the U.S. population and its buying habits by individual census tract. You may want to obtain the pamphlet, Researching Your Market, for guidance on how to do your own marketing research from the nearest U.S. Small Business Administration field office. Competition Competition is a way of life.
Nations compete for the consumer in the global marketplace as do individual business owners.
Advances in technology can send the profit margins of a successful business into a tailspin causing them to plummet overnight or within a few hours. When considering these and other factors, we can conclude that business is a highly competitive, volatile arena. Because of this volatility and competitiveness, it is important to know your competitors. Start a file on each of your competitors. Keep manila envelopes of their advertising and promotional materials and their pricing strategy techniques.