Market Analysis - Entrepreneurship 101 (2012/2013)

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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.

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Market Analysis - Entrepreneurship 101 (2012/2013)

  1. 1. Usha  Srinivasan,  Program  Director  –  Business  Accelera9on  Program  
  2. 2. Food  &   Drink   Beauty   Market   Clothes  Health   Industry   Entertainment   Consumer   DECISIONS   Home   Transporta9on   Media  
  3. 3. 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!
  4. 4. 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    
  5. 5. Secondary Primary 60%   40%   Pg 12
  6. 6. 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
  7. 7. 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  
  8. 8. 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
  9. 9. • 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  
  10. 10. Secondary   Research  Company/Product   launch   Primary  Research   Go  to  Market   Analysis  of   Strategy   Informa9on  
  11. 11.      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    
  12. 12.        -­‐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!!    
  13. 13. -­‐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  
  14. 14.  -­‐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    
  15. 15.    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.        
  16. 16.    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).      
  17. 17. Usha Srinivasan PhDProgram DirectorBusiness Acceleration ProgramMaRS Discovery DistrictT 416-673-8144E usrinivasan@marsdd.comW www.marsdd.com pg 24

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