Marketresearchkauffman

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Marketresearchkauffman

  1. 1. FastTrac ® TechVenture tm <ul><li>Review elevator pitch </li></ul><ul><li>Target market discovery </li></ul>3_A
  2. 2. Market Research can be simple…. <ul><li>If you don’t know your customer, then you don’t know your business. </li></ul><ul><li>You won’t know how to respond if you see sales changes. </li></ul><ul><li>And because it’s so hard to hang on customers you don’t know intimately, you will forever be chasing new ones. </li></ul>
  3. 3. Primary vs. Secondary Research <ul><li>Secondary : Data already collected and available. </li></ul><ul><ul><li>You have identified your target market, demographics, lifestyles, and customer needs. </li></ul></ul><ul><li>Primary : From the source, based on your specific needs, collected by you. </li></ul><ul><ul><li>Understand </li></ul></ul><ul><ul><li>Observe </li></ul></ul><ul><ul><li>Synthesize </li></ul></ul><ul><ul><li>Realize </li></ul></ul><ul><ul><li>Prototype </li></ul></ul><ul><ul><li>Measure </li></ul></ul>3_B
  4. 4. Primary Research Tools <ul><li>Interviews </li></ul><ul><ul><li>One-on-one structured or semi-structured conversations with potential buyers or industry experts </li></ul></ul><ul><li>Focus Groups </li></ul><ul><ul><li>Small structured group meeting consisting of 5 to 20 participants from a target market segment . </li></ul></ul><ul><li>Surveys </li></ul><ul><ul><li>Instrument to test attitudes and perceptions on current or future product offerings. </li></ul></ul><ul><li>Observation </li></ul><ul><ul><li>In store or at point of sale of customer using or considering the purchase of a product. </li></ul></ul>
  5. 5. Leveraging Market Research <ul><li>Using data from research to confirm concept feasibility: </li></ul><ul><li>Guide product development based on customer analysis </li></ul><ul><li>Estimate market share to ensure adequate revenue potential </li></ul><ul><li>Use the data! </li></ul><ul><li>The “aha” moment - find it and implement. </li></ul>3_C
  6. 6. Sales Projections <ul><li>Based on estimated market share </li></ul><ul><li>Market research a must </li></ul><ul><li>Crucial component of Financial Plan </li></ul><ul><li>Investors will expect to know facts and </li></ul><ul><li>assumptions projections are based on </li></ul>3_D
  7. 7. Value Proposition <ul><li>Defines the benefits your company’s products and services offer to the customer </li></ul><ul><li>Differentiates your company from the competition </li></ul><ul><li>Compels the customer to buy </li></ul><ul><li>Is it relevant????? </li></ul>3_E

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