What is a PROTOTYPE?
What is MARKET RESEARCH?
What Types of Market Research are there? Which types do the Millionaire Inventors use?
Click here to watch "Millionaire Inventor"
SURVEYS: Face-to-face, Email, Telephone, etc… Businesses can offer samples of their product to evaluate response (how could you do this with your business?)FOCUS GROUPS: A group of people are brought together to ask questions or lead a discussion which can provide direction for the business idea. Answers are usually more personal than a survey. Usually videotaped or recorded in some way
PERSONAL INTERVIEWS: Unstructured, open-ended questions (not “yes or no” questions). While this doesn’t give a broad sense of a target market, it can raise issues like what was wrong with previous products in that category…
OBSERVATION: Individual responses to surveys and focus groups are sometimes at odds with people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.
FIELD TRIALS: Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging. (HOW COULD YOU DO THIS AT WCS?)
