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Market Research Example: Farm to Table Restaurant: State Demographics

Questions to Answer

 Who pays for current solutions?
 How much do they pay?
 What are the market trends for the industry?
 What factors seem to be changing the market, or changing the business?
 What developing trends can make a difference?

Research Tools to Use

1. Observation –

  • In location exploration – go count how many people are coming in and out of the locations interested in.

2. Associations 

3. Industry Tools

How to Do It: Demographic Research

Massachusetts Executive Office of Health and Human Services
Demographics and Socio Economics

1. Go to website, hyperlink above.
2. Open up the PDF and read from the demographics, look for info that could be relatable to your questions.  

Results

“The state’s population is aging with almost one-third of residents 50 or older. In 2000, the average age was 36.9 years, and in 2007, it has risen to 38 years… The median family income is $77,000, and the mean family income is $98,000. The high rankings for income, the state ranks 4th in median family income and 7th in household income nationally, are counterbalanced in part by the high cost of living in the state. Massachusetts ranked 43rd worst in CNBC’s cost of living rankings 5 and the cost of living index for Boston is 34% higher than the nationwide average. The state per capita income is $49,000.7 This ranks 3rd among states with only New Jersey and Connecticut having higher incomes. Since 1990, [at least] the state has had a higher per capita income higher than that of the United States. Despite the relatively high-income figures for the state, there is considerable poverty. Ten percent of the state’s population lives below poverty. Seven percent of the state’s households (170,000) receive public assistance or food stamps.” (mass.gov). 

 

WHY IT’S IMPORTANT: This info supports our target market, saying that they are there.

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