Market Validation Study

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.

Market Expansion Research

As a company, we currently exist in one market, but we believe we are ready to take our business to the next level and expand our scope of locations. With your help, we hope to assess our customer landscape beyond the demographics we currently cater to by learning about their expectations and behaviors. This will involve several different steps for the students, including: Researching the target market in potential new locations including demographic data such as spending power, proximity, accessibility, and location appeal, and creating a weighted decision matrix to assign importance to each factor. Creating a survey based on the location and demographic information above to be distributed by our company. Analyzing survey data using the weighted decision matrix to decide on the best location options for us to expand to. Compiling a report including the location analysis, and optimal location recommendations.

Survey Creation

Our company advertises thousands of products online. The main problem we are trying to solve is to garner more user feedback through users’ experiences. We would like to understand our strengths and areas of improvement from a customer perspective. We would like to collaborate with students to develop a survey that can generate accurate data for future decision-making. This will involve several different steps for the students, including: Conducting background research on our products and customers. Researching platform options to conduct the survey. Identifying the most suitable survey platform for our company. Recommending multiple-choice and short-answer questions to gauge customer opinions. Bonus steps in the process would also include: Testing and improving the questionnaire based on feedback.