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Unformatted text preview: 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 • Fully trusts product...
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This note was uploaded on 09/20/2007 for the course AEM 1200 taught by Professor Perez,p.d. during the Fall '06 term at Cornell.
- Fall '06
- Marketing, new products Insider, market information Gathering