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Purpose:

To perform research on the needs and opportunities present in the field that the team is interested in.

Factors to Consider

  • The Ideal Market

    • Describe the ideal market that your technology could address

    • Who is the perfect customer for your product/solution?

  • The Market Size

    • What is the size of the field that you are entering?

    • Is it international or national?

    • How many similar products were sold last year?

  • The Market’s Needs

    • What need does this market expect your technology to satisfy?

    • How is it better than the alternate that’s on the market right now?

    • Are you solving a problem for the customer?

    • Why would they care about your technology?

    • Note: Make sure to see from customer’s viewpoint, not the developer’s

  • The Solution’s Pricing

    • How much would customers pay for your technology?

    • Note: Be sure to look up competitors’ prices (or price of whatever technology you’re displacing, if there is no direct competitor)

  • The Triggers and Barriers

    • What are the triggers and barriers to adopting your technology?

    • Ask your team, what barriers do we have to overcome?

  • The Strategic Implications

    • What are the greatest threats from this market analysis?

    • How does your team need to prepare to account for these threats?

Resources:

IBISWorld Market Research Reports & Analysis: A site that allows users to isolate a field of business and inspect their supply chain, major market leaders, and factors that may inhibit or enable an new technology in this market.

Bureau of Labor Statistics: A government run website structured around providing information on consumer expenditure, inflation and deflation, pay benefits and productivity.

CensusViewer:  A free version that shows users the US Census information in spatial representations that condence the information and can make it easy to digest.

Small Business Development Center Network: The National Information Clearinghouse is showcasing various business groups and highlighting the important information relevant to each of their markets. They then create reports about these areas.

Sources:

Kostoulas, Y. 2019. ENGM Fall Outline. Vanderbilt University. Unpublished manuscript.