market research and analysis

Empowering Imagination Applying Knowledge Exploring Innovations Tomorrow Seizing Opportunities Accelerating Business Inspiring

Innovations Empowering Imagination Applying Knowledge Explore Seizing Opportunities Accelerating Business Inspiring Tomorrow

Empowering Imagination Applying Knowledge Exploring Innovation Tomorrow Seizing Opportunities Accelerating Business Inspiring T

Market Research and AnalysisMarket Research and Analysis

Market Research and AnalysisThe purpose of market research is to help the entrepreneur determine the market potentialfor the product or service.

Will anyone purchase the product/service? Does the product/service meet customers needs? Is the product/service different than existing ones? How many competitors exist? How do competitors market their products/services? How large is the market?

Market Research and Analysis

Local Sources Libraries Colleges and Universities Chambers of Commerce Government agencies Incubators SBDC Small Business Development Center SCORE Counselors to Americas Small Business

Market Research and AnalysisTrade Associations and Journals Market statistics Customer demographic information Trade magazine editors National conventions Financial information


Demographic Information U.S. Census population data State and county business patterns American Demographic Magazine “Annual Survey of Buying Power”

(Sales and Marketing Management magazine)


Internet Resources

IDED: www.state.ia.us/businessProfiles: www.profiles.iastate.eduSBDC: www.iowasbdc.orgSBA: www.sba.gov


Computer SourcesCheck out CEL’s EntreWorld web site for:

Screened content representing best-of-the-web information for entrepreneurs

National calendar of events: seminars, conferences, courses, etc. of interest to entrepreneurs

Various channels for information on starting a business vs. running a business


Competition Yellow Pages Business Directories “Competition at a distance” Competitor’s customers Suppliers Infrastructure


Short questionnaires Postcards Telephone surveys Mail surveys Customer visits Customer lists


Industry Profile: Current market size Growth potential of the market Industry trends Seasonal Factors Existing Distribution Networks Basis of Industry Competition


Market

TargetMarket

Market Segment


You can’t meet every target market’sneeds, so don’t.

Pick the easiest target markets to start with.

Try to avoid price sensitive markets.

Market Research and AnalysisThe Four Who’s of Marketing

1. The User2. The Decision Maker3. The Buyer4. The Influencer


The Customer Profile Demographics

Age, gender, income Psychographics

Innovative, risk-averse, etc. User-term Characteristics

Heavy/passive users, level of usage


The Customer Profile Continued Buying Behavior

Where?When?What?How?Why?

What problem(s) are you solving?


Knowing Your Competition

Who are they Where are they What are their strengths and weaknesses Who are their customers How do they advertise and promote What is the basis of competition

market research and analysis

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