Post on 26-Mar-2015
© 2005 Ewing Marion Kauffman Foundation
Identifying and Meeting Market Needs
2ConceptAnalysis
© 2005 Ewing Marion Kauffman Foundation
Schedule
Questions on Activities that you worked on
List our Business Concepts Did You meet with your Coach?? Other Questions??? Discussion on Identifying and Meeting
Marketing Needs Guest Speaker Breakout to Discuss “Marketing Needs in
Mankato”
© 2005 Ewing Marion Kauffman Foundation
Business Concepts
Each Student List their Business Concepts
Work with Coaches on Your Concept
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FastTrac® NewVenture™ Modules
2_A
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Business Idea Evaluation
Page 47 in Your Manual Match with current business concept Fit with personal vision Match with skills, talents Risks vs. reward
Ability to establish a competitive advantage
Durability of opportunity Growth potential
2_C
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Identifying Problems and Needs
What is Needed??What Problems Exist?
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Study Industries, Markets, and Competition
Plumbers 26 in Hutchinson 1 in Waconia
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Recognizing Opportunities
Research Demographics, Lifestyles, Habits Watch Trends Establish a Personal Network
Baby Boomers 75.8M X Generation 46M Y Generation 60M
(China
Y Generation) 200M Z Generation2_B
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Who is your Customer??
Page 58 in Manual Who Is Your Customer?
B2B Markets B2C Markets
What Is Your Customer Profile?
2_F
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B2B versus B2C
Business to Business
Business to Consumer
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B2B and B2C
Demographics (age, gender, geographic location) B2C Customers B2B Customers
Age Number of employees
Gender Organizational structure
Profession Location of headquarters
Education level Types of products and services they provide
Household income level Annual revenue
Marital status Number, size, and location of branches
Number of children Year founded
Geographic location Other
© 2005 Ewing Marion Kauffman Foundation
What Should I Know?
Remember Page 63 – Manual – Need to Know
© 2005 Ewing Marion Kauffman Foundation
Types of Market Research
Check Page 63 in Your Manual for Info Needed Primary research is information collected
from the source: customers and competitors. Observations, interviews, surveys, focus
groups Time consuming
and costly Timely and
relevant data
2_D
Call 20 people out of phone book or from List
© 2005 Ewing Marion Kauffman Foundation
Types of Market Research
Secondary research is information already gathered for another purpose. Magazine articles, books, publications,
trade journals, libraries, chambers of commerce
Relatively inexpensive Up-to-date information not always available
2_E
Hill Library – St PaulPage 64 and 65 Manual has others
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Focus Group
Get 5 people out for coffee or ??? Discuss concept
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Conducting Market Research
Who Is Your Competition? Direct competitors Indirect competitors Future competitors
2_G
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Competitors
Possible direct competitors
Information I will collect on my direct competitors
Research sources I will use Possible Indirect competitors
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Market Trends
What is happening in the World See FastTrac Market Trends
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Guest Speaker
Dr. Scott Taylor Indentifying Market Needs
© 2005 Ewing Marion Kauffman Foundation
Activities
Activity 2a- Page 69-72 Customer Profile Activity 2b – Page 73-74 Competitors Action Step 2.1 Conduct Market Research Action Step 2.2 Evaluate Business
Concept Meet with Your Coach Read Section 3- Setting Financial Goals
© 2005 Ewing Marion Kauffman Foundation
Breakout into Groups
Discuss the Business Concept of a Coffee Shop in Nicolet (population 1074 – 1 competitor) vs Mankato (population 36,245 – 10 competitors)
Who is the customer? Who are the competitors? How can you be unique?