Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson5
This lesson begins with a discussion of the difference between goods and services. It then goes into an overview of market research as it relates to deciding what goods or services a business should provide. It describes the difference between primary research and secondary research while providing the most common examples of both types. It concludes with a general description of the importance of using market research to guide a business’s strategy and how to apply it to increase the chance of success.
The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.