6. Market Research & Competitive Analysis

Watch the video here to understand how to complete the market research and competitive analysis process for the product ideas on your list

Review of the Process:

1. Identify the problem / need

2. Search as if you are a customer aiming to solve that problem or buy a product to solve it

3. There is no perfect formula to follow or order in which to search… but you should be able to answer the questions in the worksheet when you’re done and explain WHY a customer would buy your product and not your competition.

ASSIGNMENT:

Follow the process to refine your ideas:

The goal is to choose the best products and differentiation from your list based on answering the questions in the worksheet

Use the worksheet here for reference https://docs.google.com/document/d/1QcLA2MvCKTQVxDqbtxYFQDKpNXH4Sp6xa7Nxc307ohg/edit?usp=sharing

Refine your list of potential products and differentiations for each

You can add these products to a new tab in the profits spreadsheet from Class 2 here https://docs.google.com/spreadsheets/d/1Ud3KEKI9VZnFLDXRUfXVGHjCBh_emLho4arPWPZrfXo/edit?usp=sharing