Module 2
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Transcript of Module 2
© 2005 Ewing Marion Kauffman Foundation
Fast
Trac
® T
echV
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retm
FastTrac® TechVenturetm
2_A
© 2005 Ewing Marion Kauffman Foundation
Fast
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® T
echV
entu
retm
The Real Key to Success
Having someone buy your product or service
2_B
© 2005 Ewing Marion Kauffman Foundation
Fast
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echV
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retm
Target Market Definition
• Market segment• Market trends• Customers• Competitors• Other participants, such as manufacturers and service
providers• Marketing and distribution channels
2_C
© 2005 Ewing Marion Kauffman Foundation
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Criteria to Select Target Market
• Ease of sales• Profit potential• Frequency or quantity of purchases• Entry barriers that could hinder efforts of additional
competitors
2_D
© 2005 Ewing Marion Kauffman Foundation
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Research Resources
Begin with current secondary resources:• Internet• Libraries• Colleges and universities• Local resources (government)• Associations• Market researchers
2_F
© 2005 Ewing Marion Kauffman Foundation
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Profiles
Industry• Current size• Growth potential• Trends• Distribution channels
Customers• Buying behavior• Buying pattern• Marketing methods
Competitors• Direct• Indirect• Future
2_E
© 2005 Ewing Marion Kauffman Foundation
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Action Steps
• SWOT Analysis of at least one competitor• First draft marketing plan • Refine Personal Vision Statement, Business Concept
Statement and Elevator Pitch• Read Module 3
© 2005 Ewing Marion Kauffman Foundation
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Is your business concept going to meet your personal or professional needs?
Are the advantages of running your own business worth the trade-offs?