Principles of technopreneurship

Entrepreneurial information gathering (Researching the Idea)

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Techno 1 notes

Marketing information

Entrepreneurial information gathering (Researching the Idea)
a) Entrepreneurial networking
In order to survive, a would-be entrepreneur needs information to help answer two basic questions i) Is there sufficient demand for the products or services of anew enterprise so that it can establish itself as a viable business This market research has two purposes
 To develop and confirm a strategy for market entry based upon the identifiable needs of the target customer group.
 To provide credibility to outside backers and financiers and convince them that the new venture is founded on the realities of the marketplace, not just the dreams of the entrepreneur. ii) Can an established small business adapt to the ever-changing environment to take advantage of any opportunities that may arise and withstand any threats to its existence. bib Entrepreneurial information needs What does a small enterprise need to know about its marketplace
i) Market information
This is essentially about existing customers and competitors. It seeks to give answers to questions including the following What are the characteristics of existing and potential new customers
 Who makes the buying decision
 What are the differences between customer groups i.e. those who buy a lot and those who buy little.
 When are purchases made E.g. on a regular or cyclical basis. What is the size of the target market
 Number of customers
 Volume of purchases
 Value of purchases
 What are the estimates for the above in one year’s time and subsequently. Who is the direct competition
 How many competitors
 How big are they
 How successful are they. What are the substitutes for the product or service What choices does the buyer have in terms of indirect alternatives substitutes for discretionary expenditure.

Technoprenuership1 21 ii) Marketing information This is about those factors which can change the existing position of customers and competitors. It seeks to answer such questions as
 What benefits is the customer seeking to acquire from the product or service offered ?
 How will the buying decision be made ?
 Where does the customer buy existing products or services
 What distribution channels are used ?
 What price parameters are there
 How does the customer find out about the product or service Byword of mouth, advertising and other promotional activities.
 How well do competitors meet the requirements of the target customer groups What are their strengths and weaknesses in relation to customer preferences
 How do competitors use marketing activities in relation to the target market What is their pricing policy How do they promote. How do they distribute. What is their product strategy

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