market research strategy & resources
TRANSCRIPT
Innovate CarolinaMay 2020
Market Research Strategy & Resources
Where to start?
Source: iStock.com
Market Research: Fundamentals
§ Why is it important?
§ What is the process?
§ Choosing the right resources
What is Market Research?
Gathering, analyzing and interpreting information about§ markets, § products or services in that market, and § about customers/beneficiaries
Adapted from Entrepreneur.com
What is Market Research?
Customers/beneficiaries: § characteristics, § spending habits, § location and § needs
Adapted from Entrepreneur.com
Two Ways to Conduct Research
vs
Two Ways to Conduct Research
original research involving surveys, interviews, focus groups, etc.
what has already been gathered, written, summarized, studied and published
Why Market Research?
§ Helps determine if the product/service worth developing
§ May lead to funding to develop product/service and grow company
§ Positions the product/service appropriately
Market Research Process
Research Question(s)
Select Resources
Collect Data
Analyze the Results
Apply Research/ Analysis
Market Research Process
Market Research Process
Research Question(s)
Select Resources
Collect Data
Analyze the Results
Apply Research/ Analysis
Types of Resources
§ Government§ Associations & Research Centers§ Web Search Engines§ News Databases§ Market Research Report Providers
Business subject page:https://guides.lib.unc.edu/go.php?c=23609022
Market Research Report Providers
§ Market Size § Market Drivers§ Market Segmentation § Competitive Landscape
• Companies• Partners or Licensees• Supply Chain/distribution
Source: freepik
Market Research Reports
§ Life Sciences & Technology
§ Industry Agnostic
Market Research Reports
§ Life Sciences & Technology
§ Industry Agnostic
Source: Business Excellence
Company Databases
- Search by keywords (products/services/industry)
Business & Industry News
Search company names (your company or competing firms)
Associations & Research Centers
§ Most industries have specialized associations/interest groups
§ Relevant, accurate, and timely data on niche industries
§ Data available to media and/or members
Industry & Professional Associations
§ Digital Therapeutics Alliancehttps://www.dtxalliance.org
§ The Association for Addiction Professionalshttps://www.naadac.org/
§ National Waste & Recycling Associationhttps://wasterecycling.org/
Demographic & Statistical Data
Where & how many Shifts & Trends What is the impact on my business?
Demographic & Statistical Data
§ United Nations• http://unstats.un.org/unsd/demographic/default.htm• http://www.un.org/en/development/desa/population/
§ World Health Organization (WHO)• http://www.who.int/research/en/
§ World Bank:• http://www.worldbank.org/ & select “Data &
Research” from the top menu
Demographic & Statistical Data
§ US Foreign Commercial Service Market Research Library: https://www.export.gov/Market-Intelligence (includes Country Commercial Guides)
§ World Trade Organization (WTO): • http://www.wto.org/
§ The CIA World Factbook• https://www.cia.gov/library/publications/the-world-
factbook
Tuesdays | 1 pm – 4 pm (virtual)Fridays | 9 am – 12 pm
1789 Venture Lab173 E Franklin St
Market Research Office Hours
INNOVATETogether. Innovate for all.CAROLINA
STRATEGY
With a special focus on urgent challenges, innovations and innovators launched at Carolina, consistently apply important ideas for a better word.
Be a place where innovators thrive.
VISION
MISSION
HOW WE CHAMPION INNOVATION
Office of Innovate Carolina Office of Commercialization and Economic Development
CATALYZE COMMERCIALIZE§ Strengthens the culture and practice of innovation and
entrepreneurship.
§ Leads the 200-member pan-university Innovate Carolina Network and the global network.
§ Develops strategy and leads task forces for the building blocks of innovation.
§ Collects, manages, reports and analyzes data.
§ Creates communications about innovation and entrepreneurship across campus.
§ Works on fundraising for IEED and for I&E projects within school and departments.
§ Manages all aspects of University IP.
§ Accelerates the pipeline of putting ideas into practical use and returning revenue to the University.
§ Assists startup ventures with mentorship, leadership formation, and securing space and funding.
§ Administers proof-of-concept grants and startup investment funds.
§ Structures partnerships that bring University research to market.
§ Helps faculty, students and staff manage, translate and commercialize inventions and technologies into licenses.
At Carolina, we believe in the exponential power of our innovation ecosystem.
UNC