Assignment task:
Part One
1. Answer each of the five questions as it pertains to the product or service that you've chosen.
- Who is your ideal customer? These are typically demographic market research questions such as gender, education level, income level or location.
- What do they struggle with? Another root set of data that market researches are searching for within their ideal customer is "what they struggle with."
- What does your ideal customer really WANT? No matter how you phrase the market research questions all we really want to know is what our customer will actually purchase as a solution.
- What sets you apart from the other guy? Competitive analysis or benchmarking is critical if you want to increase the profitability of your product and build your brand.
- What benefits do customers perceive? Because we all choose and purchase based on emotion, it's import to understand specifically, what emotional benefits our customers receive from our products and services.
Part Two:
Find research statistics that show there is a need for your product. (At least 3 statistics and 3 potential market segments).
Product/Service Example
New Bakery Business
Statistic Example:
Research how many American Dollars are spent on baked goods every year.
Market Segment Examples:
Soccer Moms