MARKET RESEARCH

Click here to watch "Millionaire Inventor"
What is a PROTOTYPE?

What Types of Market Research are there?  Which types do the Millionaire Inventors use?

          SURVEYS:  Face-to-face, Email, Telephone, etc…  Businesses can offer samples of their product to evaluate response  (how could you do this with your business?)

          FOCUS GROUPS:  A group of people are brought together to ask questions or lead a discussion which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) .  While this doesn’t give a broad sense of a target market, it can raise issues like what was wrong with previous products in that category… 

OBSERVATION:  Individual responses to surveys and focus groups are sometimes at odds with people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.

FIELD TRIALS:   Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

BELOW, COMMENT ABOUT WHICH FORM OF MARKET RESEARCH YOU COULD USE FOR YOUR BUSINESS IDEA...