Market Validation Study
Categories
Skills
Project scope
What is the main goal for this project?
We are looking to gain a better understanding of our target market to make sure there is a need and demand for our product. This will allow us to determine if we are targeting the right segments to be as profitable as possible. We hope to ensure that we are offering the appropriate elective benefits and using our marketing budget in the most effective ways.
Tasks:
- Assess the size of our market with metrics such as sales data and number of manufacturers, and compare them to the size of our customer base to determine our market share and how many potential customers we could obtain.
- Analyze our current offerings and the positioning of our brand.
- Create a survey and interview questions for empirical interviews to be conducted by our company’s management to gain feedback on our brand, products, and services.
- Analyze survey and interview results to create recommendations on how to improve our positioning, branding and products/services.
We are looking to gain a better understanding of our target market to make sure there is a need and demand for our product. This will allow us to determine if we are targeting the right segments to be as profitable as possible. We hope to ensure that we are offering the appropriate elective benefits and using our marketing budget in the most effective ways.
Tasks:
- Assess the size of our market with metrics such as sales data and number of manufacturers, and compare them to the size of our customer base to determine our market share and how many potential customers we could obtain.
- Analyze our current offerings and the positioning of our brand.
- Create a survey and interview questions for empirical interviews to be conducted by our company’s management to gain feedback on our brand, products, and services.
- Analyze survey and interview results to create recommendations on how to improve our positioning, branding and products/services.
What tasks will learners need to complete to achieve the project goal?
By the end of the project, students should complete the following list of activities (this is basically a retelling of the steps above):
- Assessed our market size and share to determine the amount of potential customers we have.
- Analyzed our current offerings and the positioning of our brand.
- Created survey and interview questions to gain feedback on our brand, products, and services.
- Analyzed the survey and interview results to create recommendations for next steps.
Bonus steps would include:
- Researched the most effective marketing strategies for our segments to include in the report and recommendations.
Final deliverables should include
- A report including research, survey data trends, and recommendations for next steps for our branding and positioning.
- A 20-minute presentation.
By the end of the project, students should complete the following list of activities (this is basically a retelling of the steps above):
- Assessed our market size and share to determine the amount of potential customers we have.
- Analyzed our current offerings and the positioning of our brand.
- Created survey and interview questions to gain feedback on our brand, products, and services.
- Analyzed the survey and interview results to create recommendations for next steps.
Bonus steps would include:
- Researched the most effective marketing strategies for our segments to include in the report and recommendations.
Final deliverables should include
- A report including research, survey data trends, and recommendations for next steps for our branding and positioning.
- A 20-minute presentation.
How will you support learners in completing the project?
Students will connect directly with us for mentorship throughout the project. We will be able to provide answers to questions such as:
- Who is our target market?
- Are we happy with our current positioning and marketing strategies for that segment?
- Which of our products and services are most popular?
- Input on choices, problems or anything else the students might encounter.
Students will connect directly with us for mentorship throughout the project. We will be able to provide answers to questions such as:
- Who is our target market?
- Are we happy with our current positioning and marketing strategies for that segment?
- Which of our products and services are most popular?
- Input on choices, problems or anything else the students might encounter.