Module 2

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Kauffman class 2.

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Module 2

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

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