Market Research, An Introduction
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Market Research Market Research Finding the Answers to what you don't Finding the Answers to what you don't know. know. And don't know that you don't know
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This is a quick introduction to the basics of Market Research for the Entrepreneur.
Transcript of Market Research, An Introduction
Market ResearchMarket Research
Finding the Answers to what you don't know.Finding the Answers to what you don't know.
And don't know that you don't know
Common ProcessCommon Process
Idea → Product Development → Marketing/SalesIdea → Product Development → Marketing/Sales
How this process fails...
• Started a blog
– Zero Money
• Learned and added SEO and other Techniques
– Achieved top 5 rank on Google
– Zero Money
– “I'm my own #1 fan!”
• Finally did Market Research on my product
– Global market of 500 people.
Better ProcessBetter Process
Idea → Market Research → Product Development → $Idea → Market Research → Product Development → $
The First Question
What is my market?
PB&J Inc
“ We make and sell peanut butter and jelly sandwiches to hungry people needing lunch in a hurry with no time
to make it themselves and who don't want a big selection menu. We have pre-packaged brown bag meals ready to go, with out any waiting. And we
deliver.”
PB&J Inc
Sandwich, Hungry People, Hurry, Small Selection, Pre-Packaged,
Brown Bag, Deliver
PB&J Inc
SandwichSandwich
The Second Question
How big is the market?
The Third Question
Are people Spending Money in this Market?
Summing it up
• After we answer the 20 questions, we need to make our go/no-go decision.
• Repeating our Market Research process periodically helps us keep track of our market and the competion.
• Be creative and tailoring your aproach to your market.
If you want a copy of these slides, and some other market research
information…
TheIntegrationEngineer.com/MarketResearchOr
Email to: [email protected]
