Part 3: Market Research and Marketing
Reading:
Topics to Research and Describe Before Starting a Business:
- Alternative solutions and how they compare in terms of costs and performance.
- Industry, including its risks and obstacles.
- Customer discovery, including their characteristics, the problem it solves for them, and why they would prefer your solution. The market size is the percent of the total potential customers who are likely to adopt the product. The target market should be large enough and/or rapidly growing.
- Other stakeholder requirements and motives, including the end user and payer, if different from the customer, and regulators (state/local/federal).
- Suppliers of each category of supplies, challenges involved, availability of alternative suppliers or alternative materials, if they become necessary.
- Competitors including their market share and a comparison.
- Regulatory requirements, such as FDA approval.
- Marketing and sales plan – the strategy and how it will be executed.
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Challenge
Evaluate Leslie’s business value proposition below.
Investor Rating
User rates a company as a potential investment.Tip:
To learn about your competition, use the searchable database, NIH RePorter/Matchmaker. You can identify similar projects to determine the amount of overlap with your product, learn from their science, and determine their target customer.
Read More:
Tips for Biomedical Market Research
