Ba 495
Identification of the primary customer is the most important task for analyzing the feasibility of a business concepts.
1. Analysis of target market a. segment of the market place are those customers that will most likely purchase ( product or service ) = primary market b. Secondary market = customer outside of the primary market
2. Characterizing the target market
Who is most likely to purchase the product or service?
What do these customers typically buy, how they buy it , and how do they hear about it ?
How often do they buy it ? what is their buying pattern?
How can the new venture meet the customers needs ?
Steps in Market Research
Assess your information needs
How will the data be used?
What data need to be collected?
What methods of analysis will be used?
Research secondary sources first demographics psychographics how large is the market?
Market growing?
How can you reach your market?
What market strategies have been successful with these customers?
Measure the target market with primary research: *
What are the demographics of your customer?
Would they purchase your product or service ? why?
How much would they purchase?
When would they purchase?
How would they like to find the product or service?
What do they like about your competitors products and services?
Forecast demand for the product or service: *
What do subsitute products/ services tell you about demand for your product/ service?
What do customers, end-users and intermediaries predict the demand will be?
Can you do a limited production or test market for your product or service?
Define your market research goals:
Primary data
Secondary data
Business markets can also be described by :
Demographic data
Size
Revenue levels
Number of employees
Primary data:
Observation . mail surverys
Phone surveys
Interviews
Focus groups
Mail surveys :
* Interviews : More opportunity
1. Analysis of target market a. segment of the market place are those customers that will most likely purchase ( product or service ) = primary market b. Secondary market = customer outside of the primary market
2. Characterizing the target market
Who is most likely to purchase the product or service?
What do these customers typically buy, how they buy it , and how do they hear about it ?
How often do they buy it ? what is their buying pattern?
How can the new venture meet the customers needs ?
Steps in Market Research
Assess your information needs
How will the data be used?
What data need to be collected?
What methods of analysis will be used?
Research secondary sources first demographics psychographics how large is the market?
Market growing?
How can you reach your market?
What market strategies have been successful with these customers?
Measure the target market with primary research: *
What are the demographics of your customer?
Would they purchase your product or service ? why?
How much would they purchase?
When would they purchase?
How would they like to find the product or service?
What do they like about your competitors products and services?
Forecast demand for the product or service: *
What do subsitute products/ services tell you about demand for your product/ service?
What do customers, end-users and intermediaries predict the demand will be?
Can you do a limited production or test market for your product or service?
Define your market research goals:
Primary data
Secondary data
Business markets can also be described by :
Demographic data
Size
Revenue levels
Number of employees
Primary data:
Observation . mail surverys
Phone surveys
Interviews
Focus groups
Mail surveys :
* Interviews : More opportunity