© 2005 Ewing Marion Kauffman Foundation Identifying and Meeting Market Needs 2 Concept Analysis.

© 2005 Ewing Marion Kauffman Foundation

Identifying and Meeting Market Needs

2ConceptAnalysis


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”


Business Concepts

Each Student List their Business Concepts

Work with Coaches on Your Concept


FastTrac® NewVenture™ Modules

2_A


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


Identifying Problems and Needs

What is Needed??What Problems Exist?


Study Industries, Markets, and Competition

Plumbers 26 in Hutchinson 1 in Waconia


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


Who is your Customer??

Page 58 in Manual Who Is Your Customer?

B2B Markets B2C Markets

What Is Your Customer Profile?

2_F


B2B versus B2C

Business to Business

Business to Consumer


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


What Should I Know?

Remember Page 63 – Manual – Need to Know


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


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


Focus Group

Get 5 people out for coffee or ??? Discuss concept


Conducting Market Research

Who Is Your Competition? Direct competitors Indirect competitors Future competitors

2_G


Competitors

Possible direct competitors

Information I will collect on my direct competitors

Research sources I will use Possible Indirect competitors


Market Trends

What is happening in the World See FastTrac Market Trends


Guest Speaker

Dr. Scott Taylor Indentifying Market Needs


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


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?

© 2005 Ewing Marion Kauffman Foundation Identifying and Meeting Market Needs 2 Concept Analysis.

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