Session 3: Market Research
ICEBREAKER!! Movie Quotes: Each student says a famous movie quote. The other students will guess which movie it is from and get a point for each correct answer. Students may use Chromebooks to research quotes for their own ideas if needed. Students may not look up answers to others’ quotes. |
Understanding Your Target Market
ACTIVITY: Real World Examples
Can Someone in the class read these?
1. Think of LEGO sets. While anyone can play with them, their primary target market is children between ages 5-12. That's why their ads often show kids building and playing, not adults.
2. Imagine a local ice cream shop. They notice fewer sales in winter. After a survey, they find out that customers want warm beverages during cold months. So, they introduce hot chocolate and sales go up!
VIDEO TRANSCRIPTIONS
Understanding Your Target Market
Imagine you're throwing a party. You'd want to know what snacks your friends like, their favorite music, and what games they'd enjoy, right? Well, in the business world, this is called understanding your "target market," or the people who would buy your product.
Why Is This Important?
Knowing your target market helps you create things people will actually want to buy.
How Do You Do It?
Learn About Them: Find out basic information like how old they are, where they live, and what they do for a living.
Find Out What They Want: Think about what problems they have that you can solve. What would make your product special for them?
Check Out The Competition: Look at what similar products or services are already out there. This can help you make yours even better.
Ask People: The best way to find out what people want is to ask them. You can use surveys or just talk to them.
Try It Out: Sometimes you might want to test your idea on a few people to see what they think before you launch it.
Building a Customer Profile:
Once you gather this information, you can create a "profile" of your ideal customer. WHO (what type of person) will pay for what you are selling?