In order to craft your value proposition, you need to make certain assumptions about your target market. It is important to validate these assumptions through market research techniques and analysis. In this lecture, market research experts will introduce the principles of market research and analysis, including analytical frameworks such as the PEST analysis and Porter’s Five Forces.

2. Usha
Srinivasan,
Program
Director
–
Business
Accelera9on
Program

3. Food
&
Drink
Beauty
Market
Clothes
Health
Industry
Entertainment
Consumer
DECISIONS
Home
Transporta9on
Media

10. What
Who
are
my
is
the
size
of
my
market?
customers?
Who
am
I
What
is
my
Successful
business
compe9ng
Launch
with?
model?
Pg 10!

11. A
“Business
objec9ve”
is
very
different
from
the
“Research
objec9ve”
Original
ques2on
/
Specific
Research
Need
1. How
many
hogs
are
slaughtered
in
farms
each
year
because
of
swine
flu
infec9on
?
/
Rapid
DNA
tes9ng
1. What
is
the
psychology
behind
scratch
and
save
campaigns
driving
people
to
redeem
in
comparison
to
regular
coupons?
/
Consumer
aCtude
towards
Loyalty
programs
3.
How
many
people
work
out
at
home?
/
Health
and
fitness
Apps
4.
Which
companies
within
Canada
are
u9lizing
digital
health
solu9ons
for
their
employees?
/
Corporate
wellness
program/space

12. Secondary Primary
60%
40%
Pg 12

13. Secondary
Informa9on
Internal
External
Requires
Published
Syndicated
Ready
to
use
further
Internet
Materials
Services
assessment
Electronic
Print
Sources
Big
Data
Sources
Reference - Modern Marketing Research step by step 2011 – Chuck Chakrapani and Ken Deal

14. Government
Sta9s9cal
• Sta9s9c
Canada
and
U.S.
Bureau
of
the
Census
-­‐
Wide
range
Agencies
of
demographic
and
socio-­‐economic
informa9on
Conference
Board
of
• Independent
applied
research
organiza9on
–
economic,
Canada
management
&
policy
informa9on
Industry
and
Marke9ng
• Syndicated
research
from
Large
and
Niche
market
research
firms
that
publish
Industry
&
Consumer
research
–
Frost
&
Research
Firms
Sullivan,
Forrester,
ACNeilsen,
ComScore,
IMS
Health
Various
Professional
• Sector
and
Func9on
based
organiza9ons
–
Canadian
Ins9tute
of
Chartered
accountants,
American
water
works
Organiza9ons
associa9on
etc.
MaRS
Start
up
Library
&
• Curated
list
of
public
links
on
various
topics
–
ecommerce,
edutech,
consumer
digital
health
etc.
&
in
depth
look
at
Ent
Tool
kit
business
ques9ons

15. Type
of
Marke9ng
Research
Project
Field
Methodology
Usage
and
Abtude
Studies
Focus
Groups
Concept
Tests
Personal
Interviews
Tracking
studies
Telephone
Interviews
Segmenta9on
studies
Mall
Intercepts
Product
Tes9ng
Self-­‐administered
Ques9onnaires
New
Product
Research
Internet
Survey
Test
Marke9ng
Panel
Study
Adver9sing
Research
Omnibus
Study
Name
Tes9ng
Package
Research
Customer
Sa9sfac9on
Brand
Loyalty
Pricing
Research
Reference - Modern Marketing Research step by step 2011 – Chuck Chakrapani and Ken Deal

16. • A
low
cost
op9on
• Beware
of
respondent
quality
Online
• Examples
sites
–
Survey
Monkey,
Vovici,
Zoomerang,
Sawtooth,
VOXCO,
DASH
and
Survey
Confirmit.
• Listservs
&
Specific
interest
groups
• Social
media
Direct
• Leverage
Friends
and
Family
• Focus
groups
Interviews
• In
person
interviews
• Cross
sec9onal
and
longitudinal
panels

17. Secondary
Research
Company/Product
launch
Primary
Research
Go
to
Market
Analysis
of
Strategy
Informa9on

18.
Ques2ons
to
ask:
-­‐Is
there
a
similar
patent
out
there
?
-­‐Who
owns
the
patent
?
-­‐How
diverse
is
their
porfolio
?
-­‐What
is
their
status
?
Funding/team/technology/
strategy
How
to
find
phe
answers:
art
searches
–
Public
t
1. Consider
atent
or
prior
databases
like
USPTO
or
WIPO,
or
paid
databases
like
Delphion
or
Total
Patents
2. Compare
product/technology
capability/claims:
use
product
brochures
from
trade
shows
or
product
claims
from
websites
3. Iden9fy
and
monitor
relevant
news
sources
(e.g.,
MobiHealth
News)
–
search
keywords,
set
up
alerts
4. MaRS
Startup
Library’s
“How
do
I
iden9fy
compe9tors?”
–
CrunchBase,
Techvibes,
Startup
north,
Industry
Canada
etc.
5. Syndicated
research
by
Frost
&
Sullivan,
Gartner,
BCC
research
etc.
that
publish
compe9tor
informa9on

19.
-­‐What
is
my
poten9al
market
vs
addressable
market?
(i.e.
What
you
wish
it
to
be
vs.
what
is
realis9c
?)
-­‐What
is
my
market
share
among
compe9tors?
-­‐What
is
my
market
share
in
Canada/Ontario?
1. Consult
market
reports
from
mul9ple
vendors
2. Be
clear
about
the
“defini9on”
used
3. Sizing
the
market
in
publicly
traded
space
can
be
easier
than
with
privately
held
companies:
a. Bonom
up
method
–
Based
on
Revenues
or
Unit
price
and
volume
of
sale
b. Sizing
based
on
poten9al
buyers
–
e.g.,
no.
of
hospitals,
no.
of
people
viewing
a
par9cular
website,
no.
of
u9li9es
etc.-­‐
Stats
Canada
c. Look
at
annual
reports,
tax
filings,
press
releases,
Tech
blogs,
product
brochures
etc.
d. Quick
and
Dirty
-­‐
Set
up
a
website
or
Share
and
adver9se
it
4. Market
sizing
at
regional
levels
is
more
logical
–
NA,
EU,
Asia,
Middle
East
5. Ul9mately
make
realis9c
assump9ons!!

20. -­‐Geographic
informa9on
(Regula9ons,
Partners,
Poli9cal)
-­‐Demographic
informa9on
(age,
income,
occupa9on,
etc.)
-­‐Psychographic
informa9on
(personality,
values,
interests,
lifestyle,
etc.)
-­‐Industry
informa9on
(Regula9ons,
investments,
needs)
1. Use
already
published
primary
research
data
by
marke9ng
research
firms
-­‐
Omnibus
studies
–
Forrester,
ComScore,
IMSHealth,
JD
Power,
ACNeilsen,
Frost
&
Sullivan
2. Industry
Associa9ons
are
a
great
source
3. Tap
into
Canadian
Trade
Commissioners
office
(DFAIT)
in
other
countries
–
understanding
local
dynamics/connec9ons
4. In
house
primary
research
–
Online
and
direct
interviews

21.
-­‐Who
has
the
most
innova9ve
business
model
out
there?
i.e.
Can
I
apply
those
best
prac9ces?
-­‐What
is
my
pricing
structure?
-­‐What
is
my
revenue
model?
-­‐Should
I
white
label
or
license?
1. Online
sources
E.g.-­‐
Business
model
innova9on
hub
–
online
community
where
5000
members
gather
to
discuss
business
models
2. Give
considera9on
to
cross
sectoral
business
models
3. Use
focus
groups/user
feedback
to
determine
op9mal
features
and
price
points
–
B2B
or
B2C
4. Determining
“Price”
is
always
tricky
–
consider
focus
groups
and
mystery
shopping
techniques
5.
In
Mobile
–
review
compe9tor
products/
understand
benefits
and
drawbacks
of
each
mobile
plaform/review
successful
mobile
products
and
their
launch
strategies

22.
Is
there
really
a
market
need
here?
Whether
the
answer
is
a
“Go”
or
“No
go”
understanding
your
market
/
customer
/
industry
dynamics
will
be
key.

23.
Tips
to
be
on
top
of
your
industry
:
1.
Anend
industry
events/trade
shows
2.
Subscribe
to
relevant
industry
journals/
newsleners
and
even
contribute
ar9cles
3.
Track
industry
analysts
–
through
research
publica9ons,
blogs
etc.
4.
Par9cipate
in
research
industry
events
such
as
MRIA
(Marke9ng
Research
and
Intelligence
Associa9on),
ESOMAR
(European
Society
of
Marke9ng
and
Research);
MRA
(Market
Research
Associa9on).

24. Usha Srinivasan PhD
Program Director
Business Acceleration Program
MaRS Discovery District
T 416-673-8144
E usrinivasan@marsdd.com
W www.marsdd.com
pg 24