aem120-9-19 - 9/19 Chapter 4,9 Doing Market Research in the...

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9/19 – Chapter 4,9: Doing Market Research in the Entrepreneurial Startup The need for market information Gathering information o Primary data o Secondary data Paul Joseph (Simon Management Group) Why failure? o Many entrepreneurs who found new ventures to develop products or services do not do their homework They fail to acquire essential information before beginning o Successful products and services are based on real customer needs o A real need exists when customers have a problem that needs to be solved and no existing products or services can do this o Customers often reject new products that offer significant improvements over existing products Psychological net benefit-consumers psychologically overweigh potential “losses” over potential “gains,” by a factor of 2 or 3 Insider v. outsider view of new products Insider (innovator’s) view 5, 10, 20 years experience with product or technology Benefits and needs are obvious
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