Market Research and Analysis
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Transcript of Market Research and Analysis
Empowering Imagination Applying Knowledge Exploring Innovations Tomorrow Seizing Opportunities Accelerating Business Inspiring
Innovations Empowering Imagination Applying Knowledge Explore Seizing Opportunities Accelerating Business Inspiring Tomorrow
Empowering Imagination Applying Knowledge Exploring Innovation Tomorrow Seizing Opportunities Accelerating Business Inspiring T
Market Research and AnalysisMarket Research and Analysis
Market Research and AnalysisThe purpose of market research is to help the entrepreneur determine the market potentialfor the product or service.
Will anyone purchase the product/service? Does the product/service meet customers needs? Is the product/service different than existing ones? How many competitors exist? How do competitors market their products/services? How large is the market?
Market Research and Analysis
Local Sources Libraries Colleges and Universities Chambers of Commerce Government agencies Incubators SBDC Small Business Development Center SCORE Counselors to Americas Small Business
Market Research and AnalysisTrade Associations and Journals Market statistics Customer demographic information Trade magazine editors National conventions Financial information
Market Research and Analysis
Demographic Information U.S. Census population data State and county business patterns American Demographic Magazine “Annual Survey of Buying Power”
(Sales and Marketing Management magazine)
Market Research and Analysis
Internet Resources
IDED: www.state.ia.us/businessProfiles: www.profiles.iastate.eduSBDC: www.iowasbdc.orgSBA: www.sba.gov
Market Research and Analysis
Computer SourcesCheck out CEL’s EntreWorld web site for:
Screened content representing best-of-the-web information for entrepreneurs
National calendar of events: seminars, conferences, courses, etc. of interest to entrepreneurs
Various channels for information on starting a business vs. running a business
Market Research and Analysis
Competition Yellow Pages Business Directories “Competition at a distance” Competitor’s customers Suppliers Infrastructure
Market Research and Analysis
Short questionnaires Postcards Telephone surveys Mail surveys Customer visits Customer lists
Market Research and Analysis
Industry Profile: Current market size Growth potential of the market Industry trends Seasonal Factors Existing Distribution Networks Basis of Industry Competition
Market Research and Analysis
Market
TargetMarket
Market Segment
Market Research and Analysis
You can’t meet every target market’sneeds, so don’t.
Pick the easiest target markets to start with.
Try to avoid price sensitive markets.
Market Research and AnalysisThe Four Who’s of Marketing
1. The User2. The Decision Maker3. The Buyer4. The Influencer
Market Research and Analysis
The Customer Profile Demographics
Age, gender, income Psychographics
Innovative, risk-averse, etc. User-term Characteristics
Heavy/passive users, level of usage
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The Customer Profile Continued Buying Behavior
Where?When?What?How?Why?
What problem(s) are you solving?
Market Research and Analysis
Knowing Your Competition
Who are they Where are they What are their strengths and weaknesses Who are their customers How do they advertise and promote What is the basis of competition