UNDERSTANDING CUSTOMER NEEDS
NEEDS VS WANTS
•A need is something you have to have and something you can't do without. A good example is food.
•A want is something you would like to have. It is not absolutely necessary, but it would be a good thing to have. A good example is music.
MARKET RESEARCH What a start up business needs to know?
1. How big is the market? (size - both money and units sold)
2. How fast is the market growing? and it potential?
3. Competitors?
4. Potential customers? preferences? needs? possible prices that they pay for your product?
•A need is something you have to have and something you can't do without. A good example is food.
•A want is something you would like to have. It is not absolutely necessary, but it would be a good thing to have. A good example is music.
MARKET RESEARCH What a start up business needs to know?
1. How big is the market? (size - both money and units sold)
2. How fast is the market growing? and it potential?
3. Competitors?
4. Potential customers? preferences? needs? possible prices that they pay for your product?