Market determination system

Abstract

A market analysis system uses travel time to define a relevant market area. A map is generated using stored geographical map information around a selected geographical point or area, and a travel time around the geographical point or area is selected. A trace is formed on the map around the geographical point within the travel time using travel time data, and market information is gathered from a database for the defined geographical area.

1 - 39 . (canceled) 
     
     
         40 . A processor implemented method in a geographic information system for selecting a site for a business, comprising:
 receiving at least one travel time value representing time to travel to or from the site to a plurality of locations corresponding to a set of potential customers;   determining a market area corresponding to the at least one travel time value using a geographic information system;   retrieving demand data from at least one database for the set of potential customers located within the market area;   determining a demand correction factor by sampling demand data from within the market area;   determining a demand for the product or service offered by the business using the demand correction factor; and   using the processor, determining a net demand for the product or service offered by the business by processing the demand and a supply of the product or service offered by the business.   
     
     
         41 . The method of  claim 40  further comprising determining a supply correction factor by sampling supply data from within the market area. 
     
     
         42 . The method of  claim 41 , wherein determining the net demand further comprises determining a modified supply for the product or service offered by the business using the supply correction factor. 
     
     
         43 . The method of  claim 42  further comprising determining a net demand for the product or service offered by the business by processing the demand and the modified supply. 
     
     
         44 . The method of  claim 40 , wherein the demand data relates to at least one of demographic characteristics and housing values of the set of potential customers located within the market area. 
     
     
         45 . A geographic information system for selecting a site for a business, comprising:
 means for receiving at least one travel time value representing time to travel to or from a site corresponding to the business to a plurality of locations corresponding to a set of potential customers located near the site;   means for determining a market area corresponding to the at least one travel time value using at least one geographic information system;   means for retrieving demand data from at least one database for the set of potential customers located within the market area;   means for determining a demand correction factor by sampling demand data from within the market area;   means for determining a demand for the product or service offered by the business using the demand correction factor; and   means for determining the net demand for the product or service offered by the business by processing the demand and a supply of the product or service offered by the business.   
     
     
         46 . The system of  claim 45  further comprising means for determining a supply correction factor by sampling supply data from within the market area. 
     
     
         47 . The system of  claim 46 , wherein means for determining the net demand further comprises means for determining a modified supply for the product or service offered by the business using the supply correction factor. 
     
     
         48 . The system of  claim 47  further comprising means for determining a net demand for the product or service offered by the business by processing the demand and the modified supply. 
     
     
         49 . The system of  claim 45 , wherein the demand data relates to at least one of demographic characteristics and housing values of the set of potential customers located within the market area. 
     
     
         50 . A computer-readable medium containing instructions, when executed by a processor, for performing a method for selecting a site for a business, the method comprising:
 receiving at least one travel time value representing time to travel to or from the site to a plurality of locations corresponding to a set of potential customers;   determining a market area corresponding to the at least one travel time value using at least one geographic information system;   retrieving demand data from at least one database for the set of potential customers located within the market area;   determining a demand correction factor by sampling demand data from within the market area;   determining a demand for the product or service offered by the business using the demand correction factor; and   using the processor, determining a net demand for the product or service offered by the business by processing the demand and a supply of the product or service offered by the business.   
     
     
         51 . The computer-readable medium of  claim 50  further comprising determining a supply correction factor by sampling supply data from within the market area. 
     
     
         52 . The computer-readable medium of  claim 51 , wherein determining the net demand further comprises determining a modified supply for the product or service offered by the business using the supply correction factor. 
     
     
         53 . The computer-readable medium of  claim 52  further comprising determining a net demand for the product or service offered by the business by processing the demand and the modified supply. 
     
     
         54 . The computer-readable medium of  claim 50 , wherein the demand data relates to at least one of demographic characteristics and housing values of the set of potential customers located within the market area. 
     
     
         55 . An apparatus for determining a net demand for a product or service offered by a business, the apparatus comprising:
 a geographic information system module for enabling a user to select a geographic point on a map and provide a travel time value;   a travel time module for generating a travel time trace around the selected point on the map based on the travel time value, wherein the travel time trace represents a market area around the selected point; and   a processing module for retrieving demand data from at least one database for a set of potential customers located within the market area, determining a demand correction factor by sampling demand data from within the market area, determining a demand for the product or service offered by the business using the demand correction factor, and determining the net demand for the product or service offered by the business by processing the demand and a supply of the product or service offered by the business.   
     
     
         56 . The apparatus of  claim 55 , wherein the processing module is further configured to determine a supply correction factor by sampling supply data from within the market area. 
     
     
         57 . The apparatus of  claim 56 , wherein the processing module is further configured to determine a modified supply for the product or service offered by the business using the supply correction factor. 
     
     
         58 . The apparatus of  claim 57 , wherein the processing module is further configured to determine the net demand for the product or service offered by the business by processing the demand and the modified supply. 
     
     
         59 . The apparatus of  claim 55 , wherein the demand data relates to at least one of demographic characteristics and housing values of the set of potential customers located within the market area.