One fine day…

Revisit where is possible market space/place for you…

Option # 1

Intropreneur Studio 20124

Option # 2

Intropreneur Studio 2012 5

Option # 3

Intropreneur Studio 2012 6

Option # 4

Intropreneur Studio 2012 7

As an entrepreneur…

Need to take calculated risk

Devise pro-active strategies before embark into the target market space

MARKET PLACE

MARKET PLACE/ PRE-BUSINESS VENTURE

SURVEYBEN 2010: Introduction to Cyberpreneurship

Lecture 3

3 Driving Forces of New Venture

Fits & GapsBusiness Plan

Resources

Opportunity Entrepreneur

Challenges for New Venture

• Financial & Managerial

Limited resources

Time Constraint

Little or No Market Share

• Muddled by strong personal biases and beliefs

Decision Making

• Not just end customer but investors, staffs, business partners

Managing stakeholders

Thus, market information is vital

BASIC DEFINITION

Any organized effort in gatheringrelevant data that subsequentlytranslated into information aboutthe market place to operatepotential business venture.

PRACTICAL DEFINITION

Systematic gathering and interpretation of

information about individuals or organizations

Using statistical and analytical methods to gain insight about the future operation or to

support decision making

FUNCTIONS

• Provides important information to identify and analyze the market need & market size

MARKET DESCRIPTION :

• What do potential customers’

• need (necessity),

• want (desire), or

• believe (trend).

• Discovering how they act to things that you will offer…

MARKET IDEAS:

• Key factors to get advantage over competitors

STRATEGIC MARKETING:

Example I:

Market Description

• Tasty

• Public

Market Ideas

• Necessity: Standard Sugar/Choc Donut

• Desire: Assortment

• Trend: Donashi by Big Apple

Strategic Marketing

• Branding

• Price

• Varieties

• Festive Seasons

• Niche Customer

Market SCOPES

Market information

Spending Power

Size

Supply &

Demand

Market segmentationSpecific Market

Population

Customer Personalities:

Competitive,

Spontaneous,

Social & Methodological

Market trends

What’s Hot ? What’s Cool ?

Example II: Idea of Selling Raincoat @ MMU Cyberjaya

• Prices – Look @ Market Price (RM 40 – 70)

• Size – Number of population

• Supply & Demand –

• Do people wear raincoat?

• Any supplier?

Market Information:

• Gender

• Classify them according to their personalities

Market Segmentation

• What Brand is the current favorite?

• What type of color?Market Trends

Market DIMENSION

• Operation

• Marketing

• Finance

Business Strategies

• Competitors Intelligence• Competitors Strategies

• Product Intelligence• Pricing

• Product Promotion

Competitors Insight

• Market Understanding

• Market Size

• Trend

• Customer Insight

• Brand Preference

• Brand Awareness

• Brand Consideration

Market Insights

CUSTOMER CHOICE PROCESS

PROVIDER

Create & Capture Value Product features

Price

Deliver & Communicate Value Availability

Advertising

Sales Force

Public Relations

Guerilla Marketing

Awareness

Perception

Preferences

Choice

Satisfaction/Loyalty

CUSTOMER

How to do survey?

Outline strategies

Data Analysis & FindingsStatistics – Mean, Mode, Median etc…

Data CollectionSurvey Literature Review

Choose MethodPrimary Secondary

Define Market Space

Examples: Questionnaires

Field work Census Survey

Focus Group survey

Online survey

Facebook

Surveymonkey.com

Etc…

GUIDELINES

SpecificCover Exact Population

Measurable Statistics, #, % , Formula

AttainableWithin the scope

ReliableReal Data

TimelyUp to date

MARKET SUCCESS……

Just a thought!!

Terence Conran(founder of Conran Shop,UK)

“Market research can be not just misleading, but

disastrous for people who work on instinct.”

Online Resources

http://managementhelp.org/marketing/market-research.htm

http://sbinfocanada.about.com/cs/marketing/a/marketresearch.htm

http://www.entrepreneur.com/article/217345