Bill Hunter – JA Volunteer

1. Recognize the importance of carefully analyzing your market. 2. Apply a needs assessment to the market available to a specific product.

1. Page 8 Elements of a Successful Start-Up 2. Informed entrepreneur and right product or service idea. 3. Businesses can be a traditional venture or a nonprofit, social venture.

1. Identify the right market or customers for your product or service. 2. Successful Entrepreneurs have a passion for their customers. 3. Market analysis – methods to discover the wants and needs of the market through group studies, survey’s, and focus groups.

Demographic – A group sharing characteristics of a human population segment, used to identify customer markets. Marketing – The means by which a product or services is made known and sold to customers.

Activity One – Market Needs, Page 9 1. Separate into groups of Select a demographic to analyze, preferably one you are a part of or familiar with. 3. Complete A Day in the Life (5 minutes) 4. Complete Logical and Personal Needs (5 minutes)

Activity Two – The Pipe Cleaner Advertisement 1. Stay in groups of Group will decide on a product or service to offer to a specific demographic. 3. Fashion your pipe cleaner into an object that represents your product or service. 4. Prepare an advertisement to sell your product or service, should be at least 30 seconds

Key terms 1.Demographic – A group sharing characteristics of a human population segment, used to identify consumer markets. 2.Marketing – The means by which a product or service is made know and sold to customers.

Business Plan Organizer page 22, review and update 1.Executive Summary 2.Entrepreneur Business Background 3.Products and / or Services Business Plan Organizer page 22, read and complete 4.Market Needs Assessment

Business Plan Organizer page 22, read and complete 1.Executive Summary 2.Entrepreneur Business Background 3.Products and / or Services 4.Market Needs Assessment Tips Section 4 Market Needs Assessment 4.1 Customer and Market Need – What need will your product fill, size of potential market 4.2 Typical Customer Profile – Describe your target market, age, financial status, where they live, competitive products or services they use, etc. 4.3 Customer / Market Research – What else needs to be known about your target market

Business Plan Organizer page 22 Section 4. Market Needs Assessment 4.1 Customer and Market Need The Zone will serve alternative athletes, club teams, and serve as an alternative practice facility for organized teams. 4.2 Typical Customer Profile Alternative athletes ages Customer / Market Research Needed Focus groups with organized high school teams, one on one surveys with athletes involved in skateboarding and in-line skating, phone survey's with adult club teams.

What’s my advantage? Objectives 1.Define your competitive advantages and recognize them in other businesses 2.Demonstrate the importance of selecting competitive advantages that give your product and market an edge on the competition