© 2005 Ewing Marion Kauffman Foundation Identifying and Meeting Market Needs 2 Concept Analysis.

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© 2005 Ewing Marion Kauffman Foundation Identifying and Meeting Market Needs 2 Concept Analysis

© 2005 Ewing Marion Kauffman Foundation Schedule Questions on Activities that you worked on List our Business Concepts Did You meet with your Coach?? Other Questions??? Discussion on Identifying and Meeting Marketing Needs Guest Speaker Breakout to Discuss Marketing Needs in Mankato

© 2005 Ewing Marion Kauffman Foundation Business Concepts Each Student List their Business Concepts Work with Coaches on Your Concept

© 2005 Ewing Marion Kauffman Foundation FastTrac ® NewVenture Modules 2_A

© 2005 Ewing Marion Kauffman Foundation Business Idea Evaluation Page 47 in Your Manual Match with current business concept Fit with personal vision Match with skills, talents Risks vs. reward Ability to establish a competitive advantage Durability of opportunity Growth potential 2_C

© 2005 Ewing Marion Kauffman Foundation Identifying Problems and Needs What is Needed?? What Problems Exist?

© 2005 Ewing Marion Kauffman Foundation Study Industries, Markets, and Competition Plumbers 26 in Hutchinson 1 in Waconia

© 2005 Ewing Marion Kauffman Foundation Recognizing Opportunities Research Demographics, Lifestyles, Habits Watch Trends Establish a Personal Network Baby Boomers 75.8M X Generation 46M Y Generation 60M (China Y Generation) 200M Z Generation 2_B

© 2005 Ewing Marion Kauffman Foundation Who is your Customer?? Page 58 in Manual Who Is Your Customer? B2B Markets B2C Markets What Is Your Customer Profile? 2_F

© 2005 Ewing Marion Kauffman Foundation B2B versus B2C Business to Business Business to Consumer

© 2005 Ewing Marion Kauffman Foundation B2B and B2C Demographics (age, gender, geographic location) B2C CustomersB2B Customers AgeNumber of employees GenderOrganizational structure ProfessionLocation of headquarters Education levelTypes of products and services they provide Household income levelAnnual revenue Marital statusNumber, size, and location of branches Number of childrenYear founded Geographic locationOther

© 2005 Ewing Marion Kauffman Foundation What Should I Know? Remember Page 63 – Manual – Need to Know

© 2005 Ewing Marion Kauffman Foundation Types of Market Research Check Page 63 in Your Manual for Info Needed Primary research is information collected from the source: customers and competitors. Observations, interviews, surveys, focus groups Time consuming and costly Timely and relevant data 2_D Call 20 people out of phone book or from List

© 2005 Ewing Marion Kauffman Foundation Types of Market Research Secondary research is information already gathered for another purpose. Magazine articles, books, publications, trade journals, libraries, chambers of commerce Relatively inexpensive Up-to-date information not always available 2_E Hill Library – St Paul Page 64 and 65 Manual has others

© 2005 Ewing Marion Kauffman Foundation Focus Group Get 5 people out for coffee or ??? Discuss concept

© 2005 Ewing Marion Kauffman Foundation Conducting Market Research Who Is Your Competition? Direct competitors Indirect competitors Future competitors 2_G

© 2005 Ewing Marion Kauffman Foundation Competitors Possible direct competitors Information I will collect on my direct competitors Research sources I will use Possible Indirect competitors

© 2005 Ewing Marion Kauffman Foundation Market Trends What is happening in the World See FastTrac Market Trends

© 2005 Ewing Marion Kauffman Foundation Guest Speaker Dr. Scott Taylor Indentifying Market Needs

© 2005 Ewing Marion Kauffman Foundation Activities Activity 2a- Page Customer Profile Activity 2b – Page Competitors Action Step 2.1 Conduct Market Research Action Step 2.2 Evaluate Business Concept Meet with Your Coach Read Section 3- Setting Financial Goals

© 2005 Ewing Marion Kauffman Foundation Breakout into Groups Discuss the Business Concept of a Coffee Shop in Nicolet (population 1074 – 1 competitor) vs Mankato (population 36,245 – 10 competitors) Who is the customer? Who are the competitors? How can you be unique?