Pennington EDC to do market analysis with Rider

Purpose of study is to enable Pennington businesses and ommunity stakeholders to make informed decisions about the future

   Beginning this fall, the Pennington Economic Development Commission (EDC) will be producing a market analysis of the Borough of Pennington.
   The purpose of this study is to enable Pennington Borough businesses and all community stakeholders to make informed decisions about the future.
   "Retaining and strengthening existing businesses, encouraging appropriate action by property owners and municipal agencies, attracting new customers and new businesses, and improved marketing strategies are expected outcomes," said Will Dickey, commission member.
   The commission will be assisted by a student team from the Small Business Institute at Rider University. The student team will be supervised by Dr. Ronald Cook, Small Business Institute director, College of Business Administration, Rider University, Lawrenceville.
   The EDC will contribute several items to the analysis. It will describe the context of the study (a short history of the borough, a map, a business directory) and a depiction of the current business environment (the general appearance of businesses, the most prominent businesses, type of businesses, etc). It will create two surveys: a Business Owner Survey, which members of the committee will conduct, and a Customer Survey, which the Rider students will use.
   The student team will focus on three aspects of the analysis. Starting in January 2007, it will investigate the trade area for current borough businesses and the competing trade areas. It will analyze who the customers of borough businesses are by studying mail surveys, telephone surveys, and by interviewing customers on the street. Then by May 2007 it will collect and analyze the data, report the findings, and make specific recommendations.
   The commission asks for the cooperation of business owners and customers so that the study can be completed successfully and that the information gathered will be the best available.
   Tom Griffin, EDC chairman, said: "With the support of the business owners and customers the survey results will be a very valuable contribution to the future of our hometown."