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WorksheetsChapter 10-Using Data to Make Business Decisions
Total questions: 10
Worksheet time: 5mins
Before performing market research, the first thing you should do is
analyze the competition
identify your target market
identify your research objective
determine the research method
The most important reason to do ongoing market research is
to help entrepreneurs find new ideas
to test assumptions about a business opportunity
to waste time in between sales
to throw out the work already done on an idea
How do you organize market research data?
create a competitive matrix of indirect competitors
create a grid that compares the characteristics of three or four direct competitors
group indirect competitors by demographics
all of the above
How do you analyze market research data?
make comparisons between categories
look for trends or patterns in the data
use your critical thinking skills
all of the above
Business model validation means
to disregard market research data that does not prove your business idea is valid
to use market research to prove that your business idea is a valid opportunity
to use modeling to prove that your business idea is a real (valid) business opportunity
to build a computer model of your business
Market research will help you validate a business idea before you invest too much money in it.
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Organizing your market research data into pie charts or graphs can help you identify trends.
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Lean startup methodology involves running your business while you conduct market research, instead of doing the market research before you open for business.
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The Minimum Viable Product (MVP) is the least amount of product you need to sell to make a profit.
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Conducting market research will help you avoid costly mistakes.
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