Secondary Market Research_1

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University of Nebraska, Lincoln *

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381

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Business

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Feb 20, 2024

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You are hired by a market research firm to find the answer to the following question for its client (a bakery that serves breakfast). The Bakery is currently located in one location in Douglas County (Nebraska). The owner is considering opening another store. However, the owner is unsure if they should open the second store in Douglas County (Nebraska) or Lancaster County (Nebraska). Please prepare a slide that provides the answer to the above question. You can use any secondary source (that you deem fit) to answer the question.

Tips - In this activity, you can use data from the Census Business Builder ( cbb.census.gov/cbb ) to determine whether Douglas or Lancaster County, Nebraska is the better area to open the second store. 1. After opening the tool, click on “Custom Industries” at top left of the screen. 2. Click on “+ Add Industries” button. 3. In the left column, under “Industry Categories” select “Food Services” and select “Bakeries” in the right column under “Industries.” Then click out of the box. 4. In the “Search for a location” section at top left of the screen under “Bakeries”, type “Lancaster County, Nebraska” and select this option when it appears in the drop-down menu.” Let’s focus on data about your potential customers. As indicated in the following steps, record your answers in the graphic organizer at the end of this activity. 5. Keep all variables as they appear for now. Look in the lower-left corner of the screen at the dashboard box with the total population, and other variables, for Lancaster County. (Note: This dashboard box can be minimized or restored by clicking on the down arrow in the top-right corner.) Record the total population in your graphic organizer. Now click on five neighboring counties on the map, recording the population data for each one (which is displayed in the same box in the lower-left corner). Note: For numbers 6-9, also record data requested for the five neighboring counties you selected on your graphic organizer. 6. Select Lancaster County on the map again; then go back to the second tab at the top of the screen. Change the secondary category to “Socioeconomic Characteristics.” For the data variable, select “Median household income.” Now click out of the box. The median household income for Lancaster County will appear in the lower-left corner. Record this number in your graphic organizer. Now we are going to look at other information about bakeries in the area. 7. Go back to the second tab at the top of the screen. Change the primary category to “Businesses (Annual).” For the secondary category, select “ Employers.” For the data variable, select “All Employer establishments (Total).” Now click out of the box. Record the number of employer establishments in Lancaster County in your graphic organizer. 8. Go back to “Businesses (Annual).” For the secondary category, select “Key Ratios,” and for the data variable, select “Average revenue per employer ($1,000).” Now click out of the box. Note that the number is expressed in thousands of dollars, so an amount like $1,500, for example, is really $1,500,000 (or $1.5 million). Record the average revenue per employer establishment for Lancaster County (in the format it appears in the tool) in your graphic organizer.

9. Go back to “Businesses (Annual).” For the secondary category, keep “Key Ratios,” and for the data variable, select “Average payroll per employee.” Now click out of the box. Record the average payroll value (in the format it appears in the tool) in your graphic organizer. 10. Go back to “Consumer Spending.” For the data variable, select “Consumer expenditure per household on Dining out….” Now click out of the box. Record the number (in the format it appears in the tool) in your graphic organizer. You can select other interesting variables that can help you answer your question well. 11. In the bottom left corner of the screen, click “Create Report” and review the data. This is an example of a research report that you could show to a potential investor in your bakery. Part 2 – Analyze Data Answer the questions posed to you. Which place is better suited to open the bakery. Explain your decision

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