Testing the Waters
What is primary market research?
Directly from the consumers
Information you collect yourself
What is a bell curve?
A bell curve is a graph depicting the normal distribution, which has a shape reminiscent of a bell.
Name a company that would care about one's education status
Chegg
What is wrong with this question: “Would you use a personal trainer fitness app?”
It asks about a solution!
Too simple of a question = one word answer
What University hosts the upcoming Diamond Challenge?
The University of Delaware
Provide an example of quantitative primary market research.
Surveys.
What does the "vertex" of the bell curve represent?
The mean value.
How will you find your customer persona?
Market research...interviews
The ideal time for an interview is...
10-15 min
Who is the founder of Virgin Atlantic Airlines?
Richard Branson
Exploratory information in market research does what?
Narrows down the root of the problem
What is one example discussed that displays the 80/20 rule in nature
Crop Yield
What is the importance of developing a customer persona
To provide an example of a typical customer
"Meet Mike....."
What is the best way to confirm an interview?
Calling, face-to-face interaction
What company (startup) did our guest speaker from last week start?
Ssonar
Conclusive information in market research solidifies what?
Narrows down the solution to the problem
What are the ways to segment a market?
Geographic, Demographic, Psychographic and Behavioral
What is the customer persona and how does it relate to a target market?
target market: a broader range of people
customer persona : perfect customer
What is the negative side of interviewing close family and friends?
Biased answers
What is the difference between psychographic and behavioural segmentation?
Psychographic = actions
Behavioural = actions towards a product
What keeps you from your workout goals? What level is this question?
3
What is McDonald's approach to market segmentation (managerial perspective)
Head of Young Adults, African-Americans, etc...
Describe the difference between a customer persona, a target market and a segmented market.
Segmented market: very broad, not focussed
Target Market: Picks one market that will generate the most revenue
Customer Persona: Perfect customer in your target market
What is crucial to ask before ending an interview
A recommendation for another person
What is the first and last name of both of our guest speakers?
Adam Martinez
Mark Higgins