What is Market research? Know your customer What is Market research?

Market Research Who are your potential (and current) customers Where can you find them? What do your customers want and need? How do they behave? What is the size of your potention (including current) market

Here’s looking at it backwards You are 50 years old, never been married, no children, super athletic and you eat really, really healthy You are 21, living at home with Mom and Dad, you go to school full time, you pay for all your tuition and books, you work 20hrs a week and you have three cats You are 47, have three kids (3, 7, 10), live in the country, work Monday to Friday and you take night courses You are 65, retired, have 8 grand children (age 4-13), single, living in a condo in the city centre

What is Marketing? “Putting the right product in the right place, at the right price, at the right time.”

What is Marketing? Have a product or service that a particular group of people want. Sell it in a place where those people can buy it. Price it at a level which matches the value they feel they get out of it. Promote your product or service at a time when they want to buy. Research, Development, Sales, Distribution, Advertising, Promotion

Produce 10 questions for your market survey The Market Survey Design a market survey for the object you have been given. What type of questions will you ask? How will you figure out the following things: Will the person completing the survey like your product and want to buy it? Should you make changes to the product in light of the responses you get? Produce 10 questions for your market survey