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📊 Session 3: Market Research & Analysis

🔍 Overview

In this session, participants will delve into the fundamentals of market research and analysis. Understanding your target market, identifying customer needs, and analyzing competitors are crucial steps in developing a successful business strategy.​

🧠 Learning Objectives

  • Expanding Your Market Research: Learn techniques to gather and analyze market data effectively.
  • Identifying Your Target Market: Understand how to define and reach your ideal customer base.
  • Problem-Solving: Develop strategies to address market challenges and customer needs.
  • Describing Your Product: Articulate your product or service offerings clearly to appeal to your target audience.​

📝 Pre-Session Assignments

  1. Review Session 3 PowerPoint Presentation
  2. Complete Session 3 Worksheets/Assessments
  3. Complete Business Plan Section IV: Marketing Plan, including:
    • Competitor Analysis Worksheet
    • Marketing Expenses Strategy Chart
    • Distribution Assessment Worksheet

📚 Additional Resources

📄 Business Plan Focus

After this session, you should work on Section IV: Marketing Plan of your business plan. Specifically, focus on:

  • Target Market Description
    Identify and clearly define your ideal customers based on demographics, behaviors, and needs.
  • Market Needs & Trends
    Explain the problem your business solves and why now is the right time to offer your product or service.
  • Competitive Analysis
    List your top competitors. What are their strengths and weaknesses? How will you position yourself differently?
  • Marketing Strategy Outline
    Briefly describe how you plan to reach your target audience (social media, ads, partnerships, events, etc).
  • Distribution Channels
    Explain how you will deliver your product or service to customers (online, retail, direct sales, etc).

GET INSPIRED BY ANOTHER FOUNDER’S STORY!

In this episode of “How I Built This With Guy Raz“, Janice Bryant Howroyd shares her journey from starting with just $1,500 to founding ActOne Group, the largest minority woman-owned employment agency in the U.S. Her story highlights the importance of understanding market needs, building strong client relationships, and navigating the complexities of business growth.

LISTEN NOW!
Session 2
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