1. ™ Market Research 17.1 © 2004 Ewing Marion Kauffman Foundation

2. ™ The market (summary) Current industry size at the national, regional, state, and local levels? Growth potential: What is the growth potential of the industry for the product/service? Industry trends: What industry trends do you predict will affect the product/service? Competition profile: Describe the competitive advantage for your product/service?(*) Customer profile: Who is the intended customer for your product/service? Customer benefits: What problems are you solving for your customers? Target markets: What target markets exist for your product/service?

3. ™ Market Research Sources 17.2 7. Customer surveys and focus groups 8. Other sources: observation, conversations with experts. Collect market informationDevelop concept Begin market research © 2004 Ewing Marion Kauffman Foundation

4. ™ The market (customers and marketing) Customer benefits and profile? Target markets: What target markets exist for your product/service? Consider building a table similar to the one next page

5. ™ The market (customers and marketing) CustomersProduct/servicePriceDistributionPromotion Primary Secondary Walkins

6. ™ Research (Questionnaires) Distribution: inperson, email, phone, mail Design tips for questionnaires Identify yourself at the beginning as a student working on a school project Demographic questions (age, income, etc.): ask ranges and ask at the end Keep them short (between 10 and 20 questions) Keep the answer options short (make then even numbers): 4 or 6 Simple questions (avoid asking two questions in one question) 17.11

7. ™ Research (other primary) Observation: Spend time at model competitors (inside or at their door). Conversation with experts: -Competitors -Professors -Suppliers -Clients Focus groups (to use with clients) 18.3

8. ™ Focus Groups Use current or potential customers Invite 6 to 10 customers Use outside facilitators Prepare list of questions Record responses Provide gift or money for participation Summarize results Design marketing strategy 17.12 © 2004 Ewing Marion Kauffman Foundation

9. ™ The market (summary) Industry profile Competition profile (of main competitor) Customer profile Test (in paper) the Marketing mix: –Product –Price –Distribution –Promotion