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Market and industry analysisMarket analysis • Competition profile • Customer profile • Customer benefits • Target markets • Market penetration 18.7 © 2004 Ewing Marion Kauffman Foundation
Market Research SourcesCollect market information Develop concept 1. Local sources 2. Trade associations and journals 3. Government reports 4. Demographic information 5. Computer searches 6. Competitive analysis 7. Customer surveys and informal focus groups Secondary Secondary Primary Primary Begin market research 17.2 © 2004 Ewing Marion Kauffman Foundation
Local Sources • Libraries • Colleges and universities• Chambers of commerce • Government agencies • Business incubators 17.3 © 2004 Ewing Marion Kauffman Foundation
Trade Associations and Journals• Market statistics and industry trends • Customer demographic information • Trade magazine editors • National conventions • Financial information 17.4 © 2004 Ewing Marion Kauffman Foundation
Governmental Sources • Small Business Administration (SBA)• Small Business Development Centers (SBDC) • Service Core of Retired Executives (SCORE) • U.S. Department of Commerce 17.5 © 2004 Ewing Marion Kauffman Foundation
Demographic Information• U.S. Census population data • State and county business patterns • American Demographics magazine • “Annual Survey of Buying Power” (Sales and Marketing Management magazine) 17.6 © 2004 Ewing Marion Kauffman Foundation
Computer Searches • Web sites: (screened content for entrepreneurs) • Databases: Lexis nexis – Business Source Premier - Mergent • Online searches: google, dogpile, yahoo, ask jeeves 17.7 © 2004 Ewing Marion Kauffman Foundation
Research the Competition• Yellow Pages • “Competition at a distance” • Competitor’s customers • Suppliers • Infrastructure 17.9 © 2004 Ewing Marion Kauffman Foundation
Research the CompetitionWho are they? • Direct • Indirect • Future Learning from competition • Customers • Target markets • Market penetration methods • Pricing policies 17.10 © 2004 Ewing Marion Kauffman Foundation
Research customers (primary)• Customer profile • Buying behavior • Target marketing 18.1 © 2004 Ewing Marion Kauffman Foundation
Know your Customer Profile• Identify 1. Buyer 2. User 3. Influencer 4. Decision maker • Demographics • Psychographics 1. Lifestyles 2. Habits 3. Motivation 18.2 © 2004 Ewing Marion Kauffman Foundation
Know their Buying BehaviorWhere do they buy? When do they buy? What do they buy? How do they buy? Why do they buy? 18.4 © 2004 Ewing Marion Kauffman Foundation
Identify target Market• Customer lists • Identify potential target markets • List characteristics of target markets • Prioritize target markets • Select best target markets • Use market segmentation strategies 18.5 © 2004 Ewing Marion Kauffman Foundation
Methods of primary research• Short questionnaires (in person, telephone, mail, internet) • Observation, networking • Focus groups • Experimentation 17.11 © 2004 Ewing Marion Kauffman Foundation
1 Market Research Is there a real market for my product/service?
© 2005 Ewing Marion Kauffman Foundation Identifying and Meeting Market Needs 2 Concept Analysis.
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