Market Research Li (Lily) Liu. Self Introduction Business Advisor Help people start their own business! Settlement and Integration Services Organization.

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Presentation transcript:

Market Research Li (Lily) Liu

Self Introduction Business Advisor Help people start their own business! Settlement and Integration Services Organization (SISO) ext.3406 Owner & Project Manager Bridge technologies with China! AerieScope Energy & Environment Tech Inc M.E.E.I., Sept.2006-Apr.2008 M.Sc., Chemistry B.E., Materials Sci. & Eng.

MEEI Project – Air Quality Monitor

Agenda Market Research How Market Research Guide My Project Financial Plan - Market Size Calculation

Project Development Process Chinese market trend Air Quality Monitor in Home AQM in Home with solutions AQM in car Market Potential Tested Clearly defined customers with urgent need Good market size Viable business model Business partners established - Letter of Interest Lead customer involved for further market trial Development Status Prototype and testing done Interface design finished

Market Research Done Direct questionnaire Food Basics clients, Parents with young children Online survey to friends, Survey monkey In-depth interview - experts Home renovation companies, car mechanic technician, HVAC companies, Air purifier companies In-depth interview – customer Allergy patient & asthma patient A lot: desk market research, discussion and brainstorming with professors, friends, someone met in the street…

Market Research Objectives Who are your customer? Where are you in the value chain? Urgent Need Value

Market Research Tools Desk ResearchPrimary Research Big Picture To generate assumption To support the conclusions Test assumption right or wrong Find problems May indicate solutions Market Research: validate an assumption and /or find problems in the assumption

Market Research Flow Desk Research Assumption Primary Research Yes Desk Research No Why? Problem? Brainstorm Solid Conclusion Desk Research

How Market Research Guide My Project Chinese market trend Air Quality Monitor in Home AQM in car Desk research: New homes purchase People’s concern of indoor air quality Seems good market potential Primary research: Face-to-face interview: Food Basics survey: friends in China Professor’s feedback Problem No solution offered to customer when bad air detected Brainstorm Solutions

How Market Research Guide My Project Chinese market trend Air Quality Monitor in Home AQM in car Primary research: Online survey Problem Not good market Brainstorm Solutions AQM in Home with solutions

Solutions Brainstormed HVAC Service Companies Solution 1: Partner with HVAC Companies More than 200 HVAC service companies in Canada Air Quality Monitor Solution 2: Add communication function to AQM Solution 3: Refine target customers with urgent need Parents with young children Allergy or asthma patients

How Market Research Works AQM in Home with solutions Questionnaire: parents with young children In-depth interview: allergy & asthma patient In-depth interview: HvAC company Primary Research Market Potential Letter of Interest & business partner Leader user Desk research: Support the conclusion Firm Market Potential & Business Model Results

R&D, Tech. Suppliers Distribution Partner End users Equity Investment for license $ 20$80$35 New Company Finance Plan Value Chain - Profit Calculation

Finance Plan - Market Size Calculation Household Ownership Air Quality Products Rates in USA ( Air Quality Products Market Research 2007 based on 25,375 respondents made by Simmons Market Research Bureau) –Air cleaner = 9.9% –Humidifier = 11.7% (half for air quality monitor) –Dehumidifier = 16.5% (half for air quality monitor) Estimated Household Air Quality Monitor Rate: (9.9%) + (11.7%/2) + (16.5%/2) =24%

Finance Plan - Market Size Calculation Market size in North America: –US and Canada Metropolitan Population (not counting homeless): = 238 million people –Average family members = 4 –Families = 238 million / 4 = 60 million – Market Size (units) = 60 million Families *24% (Air Quality Monitor Household rate) = 14 million units – Market Size = 14 million*$80 = $1 billion

Summery- Market Research Only until you do it, you won’t make it!

Resource Sample Questionnaire Resources often use

Thank You! I would like to help… Please feel free to contact me!

Voice-of-Customer Survey of Air Quality in Baby Rooms from Hamilton, Toronto & Ottawa  59% parents consider air quality when setting up baby rooms  55% consider indoor air quality can affect children’s heath “very much”  45% think it is urgent to control air quality in children’s room and they would “Immediately take action”  “Chemical off-gassing ” ranks #2 top concern  65% would like to purchase an Air Quality Monitor Parents Need Air Quality Monitor

Established Partners

Lead User Audrey Armour, multiple allergy patient Perceived Values for having an Air Quality Monitor –Actively prevent problems before suffering –Increase filters’ lifetime and save cost –Check the effectiveness of air quality products –Make decision of choosing products and environments “I care about the features (of such an air quality monitor), no matter how much is the price, I need to prevent my suffering” Almost 50% of households have one or more members suffering from allergies (EPA) Patients Need Air Quality Monitor