COMM 320 Lecture Notes - Lecture 3: Adwords, Target Market, Pogo Stick
23 Oct 2016
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Stay low key, if he goes mass market, he will loose. Feasibility analysis: process of determining if business is viable. Assessment of potential business, not strictly a product/idea. Secondary research: probes data that has already been collected. Assessment of overall appeal of product/service being proposed. Concept test: showing a concept statement to industry experts and prospective customers for feedback. A concept statement includes: description of the product/service, the intended target market, benefits of the product/service, positioning relative to competitors, description of managing team. The statement must be short (1-page), and is usually followed by an intention to buy survey. Use tools such as google adwords and landing pages to assess demand. What is an industry: group of firm selling or producing similar product/goods. Whi(cid:272)h lo(cid:272)atio(cid:374) (cid:272)ould (cid:272)o(cid:373)pe(cid:374)sate fo(cid:396) the i(cid:374)dust(cid:396)(cid:455)"s fla(cid:449) Assessment of overall appeal of the industry. Target market: limited portion of the industry that the business wants to go after or to which it wants to appeal.
