Intro to Market Research for entrepreneurs — Transcript

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1. 0:05hi
2. 0:06after identifying the problem and the
3. 0:07need we come up with an idea
4. 0:09for the solution now we need to explore
5. 0:12the market
6. 0:13ventures don't exist in a vacuum there's
7. 0:15a world around us and therefore if i
8. 0:17don't understand and recognize my
9. 0:18surrounding
10. 0:19it's like a blind person walking down a
11. 0:21path for the first time
12. 0:23how can we know which way to go which
13. 0:26obstacles to avoid
14. 0:27the chances i'll create the proper
15. 0:29solution without understanding my
16. 0:31markets are slim
17. 0:33knowledge is power and we need to really
18. 0:35know and understand our market
19. 0:38so what do we need to know what is our
20. 0:40market how big it is
21. 0:42who are the customers what are they
22. 0:44trying to achieve what are their
23. 0:45challenges
24. 0:46how big is the problem how much is the
25. 0:49problem worth
26. 0:50who will be willing to pay or use my
27. 0:52solution
28. 0:55there are three dimensions to the market
29. 0:57my offering
30. 0:58the demand what are people looking for
31. 1:02and the competition what other people
32. 1:04are offering the same demand
33. 1:06is there market relevance meaning is
34. 1:08there a significant need to be solved
35. 1:10and does my solution address this need
36. 1:13also
37. 1:14is there a market opportunity is there a
38. 1:16significant need to be solved and the
39. 1:18current solutions that are offered are
40. 1:19not good enough
41. 1:21if there is a significant need that
42. 1:23needs to be solved and if the current
43. 1:24solutions are not good enough
44. 1:26and if my solution is good enough
45. 1:28there's willingness to adopt my solution
46. 1:30and pay what i'm asking for if payment
47. 1:33is involved
48. 1:34then we have a product market fit
49. 1:37a word about the examples i'll be
50. 1:39demonstrating with today
51. 1:40i'll be using two examples the first one
52. 1:42is mcdonald's we all know mcdonald's
53. 1:44it's one of the biggest restaurant
54. 1:46chains in the world it has over 40
55. 1:48000 restaurants and over 200 000
56. 1:50employees around the world
57. 1:52mcdonald's is known for its adoption as
58. 1:54well as innovation to lock
59. 1:56local cultures while maintaining a level
60. 1:58of standard of service worldwide
61. 2:01it is also known in its ability to
62. 2:03identify and respond to global trends
63. 2:05our second example today will be doctors
64. 2:07without borders which is a non-profit
65. 2:09that provides medical assistance for
66. 2:11people
67. 2:12that are affected by conflicts disaster
68. 2:15epidemics
69. 2:15or exclusion from health care this
70. 2:17organization has over 67
71. 2:20000 members and works in over 70
72. 2:22countries
73. 2:23in this talk we've seen the importance
74. 2:25of understanding our market and we've
75. 2:27talked about briefly about the concept
76. 2:29of
77. 2:29product market fit in the next talk
78. 2:33through our examples mcdonald's and
79. 2:35doctors without borders
80. 2:36we will deep dive into a market analysis
81. 2:38and try
82. 2:39to understand how to achieve this
83. 2:42product market fit