ENTREPRENEURSHIP & Marketing Lesson 6

Groups: Gardening Pot Luca Ethan Stella Dog Toy Jaiden Trevor Savanah Julia App Max Mesha Bronwyn Mia Vegan Products Gabe Austin Kayley Isabel Math App Patrick Liz Alexi Nick

After some research, is there a market for your, product?

Do you need to make alternations or adjustments to your product to make sure it sells?

If so…. what & how ?

Another strategy for market analysis is…. Forecasting.

Follow your market trend.

Forecasting. Is a prediction about the future. Need to do this with careful analysis of past events & make educated guesses.

Ways to forecast: Newspaper business section/online news/publications Understanding products, unemployment figures, inflation rates, changes that affect the community Opinion polls & surveys to predict consumer tastes, employee preferences, political choices.

How to Forecast. Plot data from the past and present on a chart. Analyze the trends you see, make comparisons to other trends & project information about the future.

After market analysis and forecasting, what’s next?

Marketing Research.

marketing research. The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service. Research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face. https://www.entrepreneur.com/encyclopedia/market-research

Primary Research. & Secondary Research. types of marketing research. Research you come up with on your own. Research you hire someone to gather for you. Highly compiled research and organized for you * Most information you gather will be secondary Gather open-ended research (helps define a specific problem) Ex: reports, studies by government agencies, and other businesses in the industry

Primary Research. Gather open-ended research or specific Research you can come up with on your own. Research you can hire someone to do. Gather open-ended research or specific Usually your own resources and $$$$ Typically direct mail, telephone, personal interviews or focus groups, surveys. Primary Research Secondary Research Research you come up with on your own. Research you hire someone to gather for you. Highly compiled research and organized for you * Most information you gather will be secondary Gather open-ended research (helps define a specific problem) Ex: reports, studies by government agencies, and other businesses in the industry

Most of your research will be secondary. Secondary Research. Research already made & organized for you Examples: reports, studies by the government, studies done by other businesses in the industry. Most of your research will be secondary. Primary Research Secondary Research Research you come up with on your own. Research you hire someone to gather for you. Highly compiled research and organized for you * Most information you gather will be secondary Gather open-ended research (helps define a specific problem) Ex: reports, studies by government agencies, and other businesses in the industry

Steps in Marketing Research. Identify objects Plan a research program Select a sample Collect data Analyze data Draw conclusions Decide how to proceed Primary Research Secondary Research Research you come up with on your own. Research you hire someone to gather for you. Highly compiled research and organized for you * Most information you gather will be secondary Gather open-ended research (helps define a specific problem) Ex: reports, studies by government agencies, and other businesses in the industry