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Entrepreneurship Mr. Bernstein How to Conduct Effective Market Research, pp 116-129 October 14, 2014.

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Presentation on theme: "Entrepreneurship Mr. Bernstein How to Conduct Effective Market Research, pp 116-129 October 14, 2014."— Presentation transcript:

1 Entrepreneurship Mr. Bernstein How to Conduct Effective Market Research, pp October 14, 2014

2 Entrepreneurship Mr. Bernstein Target Market A group of individuals or companies willing and able to buy a particular product Target market segment should be measurable Segment should be large enough to be profitable Segment should be reachable 2

3 Entrepreneurship Mr. Bernstein Finding Your Customers Identify Why There is Buying Interest – What Are the Features and Benefits They Desire? Segment the Target Market – Demographics, Psychographics or Geographics Clearly segmenting the market allows businesses to customize its products and marketing strategies to specific groups of customers Research Your Customer 3

4 Entrepreneurship Mr. Bernstein Analyzing the Competition Visiting and Observing Asking Around Viewing Advertisements 4

5 Entrepreneurship Mr. Bernstein Market Research Leads to Market Analysis Primary Data Surveys – Written, Oral, Online Observation, Experimental Methods Secondary Data – Already Collected Elsewhere Business Publications Government Agencies 5


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