Chap.+4-+Market+Research

Market Research/Target Market =__CHAPTER 4.1 __= COMPLETE THE FOLLOWING WORKSHEET: *PROVIDE AN EXAMPLE OF BUSINESSES DOING THE FOLLOWING ITEMS

1. Target Market -Why is this important to know for your business?


 * Customer
 * Demographics
 * Psychographics
 * How to identify who is your target marketCreating a customer profile
 * Questions to ask to define who is your target market?

 2. Market Segment
 * Understanding the competition

 3. Market Research -Why and how is it collected?
 * Secondary Data
 * Primary Data
 * Collecting data
 * Research (facts)
 * <span style="font-family: 'Comic Sans MS',cursive;">Observation
 * <span style="font-family: 'Comic Sans MS',cursive;">Focus Groups

__ **<span style="color: #800080; font-family: 'Comic Sans MS',cursive; font-size: 150%;">CHAPTER 4.2 ** __ 1. Market Research-
 * Primary Market Research-
 * Secondary Market Research-
 * Define the Question-
 * Select a Research Method-
 * Collect Data-
 * Analyze Data-
 * Draw Conclusions-

**ASSIGNMENT**: **Create a survey for your business**
 * What conclusions could you draw from the answers given?

__**<span style="color: #800080; font-family: 'Comic Sans MS',cursive; font-size: 150%;">CHAPTER 4.3 **__ COMPLETE THE FOLLOWING WORKKSHEET:

1. Competition
 * Direct
 * Indirect

2. Study your competitors
 * Price
 * Location
 * Facility
 * Strategy
 * Strengths
 * Weaknesses

3. Customer Loyalty
 * How to keep your customers coming back?


 * On the scene page 85
 * **COMPETITION WORKSHEET: [[file:Chap 4- Competitive Grid.xls]]**
 * **COMPLETE EXERCISE 2-5 SWOT ANALYSIS & 2-5a**


 * **TEEN ENTREPRENEUR: PROJECT #5**

__**<span style="color: #800080; font-family: 'Comic Sans MS',cursive; font-size: 160%;">CHAPTER 4.4 **__ Complete the following worksheet: <span style="color: #000000; font-family: Arial,Helvetica,sans-serif; line-height: 0px; overflow: hidden;">-Define Marketing Mix
 * <span style="color: #000000; font-family: Arial,Helvetica,sans-serif; line-height: 0px; overflow: hidden;">4 P's of the marketing mix (explain how each element is used to reach the target market)
 * <span style="color: #000000; font-family: Arial,Helvetica,sans-serif; line-height: 0px; overflow: hidden;">Product:
 * <span style="color: #000000; font-family: Arial,Helvetica,sans-serif; line-height: 0px; overflow: hidden;">Price:
 * <span style="color: #000000; font-family: Arial,Helvetica,sans-serif; line-height: 0px; overflow: hidden;">Place:
 * <span style="color: #000000; font-family: Arial,Helvetica,sans-serif; line-height: 0px; overflow: hidden;">Promotion:
 * <span style="color: #000000; font-family: Arial,Helvetica,sans-serif; line-height: 0px; overflow: hidden;">Why are creating these important to know who your target market is?

__**<span style="color: #800080; font-family: 'Comic Sans MS',cursive; font-size: 160%;">CHAPTER 4.5 **__  COMPLETE THE FOLLOWING WORKSHEET:
 * <span style="font-family: 'Trebuchet MS',sans-serif;">Advertising **<span style="font-family: 'Trebuchet MS',sans-serif;">-
 * <span style="font-family: 'Trebuchet MS',sans-serif;">Public relations **<span style="font-family: 'Trebuchet MS',sans-serif;">-and give an example


 * <span style="font-family: 'Trebuchet MS',sans-serif; line-height: 1.5;">Types of Advertising (Adv/Disadv) **
 * 1) <span style="font-family: 'Trebuchet MS',sans-serif;">Television Advertising (commercials)
 * 2) <span style="font-family: 'Trebuchet MS',sans-serif;">Radio Advertising
 * 3) <span style="font-family: 'Trebuchet MS',sans-serif;">Internet Advertising
 * 4) <span style="font-family: 'Trebuchet MS',sans-serif;">Direct-mail Advertising (ads in newspaper)
 * 5) <span style="font-family: 'Trebuchet MS',sans-serif;">Magazine Advertising
 * 6) <span style="font-family: 'Trebuchet MS',sans-serif;">Outdoor advertising- billboards/signs-

**<span style="font-family: 'Trebuchet MS',sans-serif;">Publicity **<span style="font-family: 'Trebuchet MS',sans-serif;">- free promotion generated by media - How can publicity be negative and harm your business?
 * **<span style="font-family: 'Trebuchet MS',sans-serif; line-height: 1.5;">press release **<span style="font-family: 'Trebuchet MS',sans-serif; line-height: 1.5;">-

**<span style="font-family: 'Trebuchet MS',sans-serif;">SET YOUR GOALS (what are goals you should be looking at for each of the 3 lengths of time) **
 * <span style="font-family: 'Trebuchet MS',sans-serif; line-height: 1.5;">Short-term: (0-1 year)
 * <span style="font-family: 'Trebuchet MS',sans-serif; line-height: 1.5;">Medium-term: (2-5 years)
 * <span style="font-family: 'Trebuchet MS',sans-serif; line-height: 1.5;">Long-term: (5+ years)


 * **TEEN ENTREPRENEUR: PROJECTS 6-8**