For this project, you will be completing a market analysis of your new product or service. A market analysis is all about knowing the needs of the people and the market you are trying to serve. It is a critical step in the process of starting any business.
Without market research an inexperienced entrepreneur might start a food truck with the goal to sell lunch items to workers in nearby office buildings, only to discover those employees receive free gourmet meals from the company and rarely leave the building for lunch. Another entrepreneur might come up with a brilliant idea, only to discover that a competitor has beaten them to it and has patented a similar idea and is solidly established in the market.
By identifying the market and industry trends that could help or hinder your business idea, you are increasing the chances your idea will succeed You may find it helpful to consider the innovation concepts described by Daniel Pink in A Whole New Mind.
Submit a 500-1000 word document that includes:
1) Industry Trends - Describe the current trends in the industry in which your new product or service will operate.
2) Target Market - Explain the characteristics of your potential customers and why they would be interested in your product/service.
3) Describe who will be your biggest competitors and how you plan to compete with them.
For this project, you will be completing a market analysis of your new product or service. A market analysis is all about knowing the needs of the people and the market you are trying to serve. It is a critical step in the process of starting any business.
Without market research an inexperienced entrepreneur might start a food truck with the goal to sell lunch items to workers in nearby office buildings, only to discover those employees receive free gourmet meals from the company and rarely leave the building for lunch. Another entrepreneur might come up with a brilliant idea, only to discover that a competitor has beaten them to it and has patented a similar idea and is solidly established in the market.
By identifying the market and industry trends that could help or hinder your business idea, you are increasing the chances your idea will succeed You may find it helpful to consider the innovation concepts described by Daniel Pink in A Whole New Mind.
Submit a 500-1000 word document that includes:
1) Industry Trends - Describe the current trends in the industry in which your new product or service will operate.
2) Target Market - Explain the characteristics of your potential customers and why they would be interested in your product/service.
3) Describe who will be your biggest competitors and how you plan to compete with them.
