MKTG 513: Pioneering Innovation: Strategy
Information availability varies depending on your topic. Some topics come with a wealth of readily available information, while others involve accessing sources that may not be available to students for free (e.g., most market research reports and publications from industry associations), proprietary information (e.g., internal documents, trade secrets, private company financial data), and information so niche or new that it can only be gathered through primary research such as interviews, surveys, focus groups, and field observation.
If you have limited time and resources and have to rely on free (to you) secondary data, do a preliminary search before committing to your topic, so that you won't be overly frustrated down the road when you find out that there is very little available information.
Identify a problem
Brainstorm! Are there things around you that you want to improve on? Things that you really care about? Do a Google News search for inspiration. Emerging trends? Negative issues? New/niche markets?
--> What are the trends and problems in the industry?
--> Are there any gaps in what the current players do? What competitive advantage can you offer vs. what's already out there?
Do an environmental scan:
--> What are the emerging consumer trends and lifestyle changes and how that may affect your industry?