Vishwaniketan’s Institute of Management Entrepreneurship & Engineering Technology [ViMEET]
Affiliated to University of Mumbai, Approved by AICTE, New Delhi
NAAC Accredited with A+ Grade (1st Cycle)
DTE CODE: EN 3467
Department of Electrical Engineering
Entrepreneurship Management
Experiment 2 Date :
Market Research
Aim:
To conduct Market Research and Customer Validation to understand customer needs
and validate business assumptions.
Theory:
Market Research involves collecting and analyzing primary (e.g., surveys, interviews)
and secondary (e.g., reports, databases) data to understand target customer behavior
and preferences. Customer Validation, part of the Lean Startup Methodology, tests
whether assumptions about customer problems, willingness to pay, and usage behavior
are accurate. These steps help reduce risk, ensure problem-solution fit, and strengthen
product-market alignment before scaling.
1.Name of the project/Business Idea: -
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2.Name of the students in the group with contact no and mail id: -
Name Phone no. Mail id
3.What is the problem statement and how are you going to solve the problem of the
society?(Describe your project in short with application)
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4.Aer you providing service and/or product?
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MARKET OPPORTUNITY(know your future market for your project)
1. What is the market opportunity and market size(geographically) for your product
/service?
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2. What is the economic climate now and in the next couple of years? How will the
economic climate affects your Product/service? (study and write as per the product
which is already in the market)
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3.Is your product affected by business cycles or seasons? If so, describe how it is
affected?
(demand is temporary or permanent)
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Target Audience
1. What kind of audience are you targeting?
Demographic variables- Age, marital status, gender, occupation, income, and location
Benefit variables-Convenience, cost, style, trends
Audience Demographics Benefits
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2. What is your customer’s primary reason for buying or wanting to use your product
or service?
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3. Why would someone prefer your offering versus that offered by the (other
organisations) competition?
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4. Are there any issues or concerns that the target audience might have regarding this
type of product?
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Competitive Analysis
1.Table 1
Competitor Strength Weakness
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2.Table 2
SELF COMPETITOR 1 COMPETITOR 2
Key Success
Factors
Product/Service
Quality
Cost
Management
Marketing Effort
Technology
Manufacturing
Financial Strength
Location
TOTAL
Scale
4 = Best 3 = Good
2 = Fair 1
=Poor
3.Which competitors have the largest market share within your target market
segments?
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WORKSHEET (PRODUCT/SERVICE OFFERING)
1. Identify the need for each target audience. Let’s define it as a problem/solution.
Target Audience Problem /Need your Solution
2.Identify features and associated benefits for each target audience.
Target Audience Feature Benefit
3.What improvements can we make to your offering to better meet customer needs?
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4.If any similar product /service developed by other students in your
class/university compare with your product in terms of technology, cost, look,
application, demand.
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Signature of Faculty Date Grade/Marks
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