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© 2005 Ewing Marion Kauffman Foundation FastTrac ® TechVenture tm FastTrac ® TechVenture tm 2_A

Module 2

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Page 1: Module 2

© 2005 Ewing Marion Kauffman Foundation

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FastTrac® TechVenturetm

2_A

Page 2: Module 2

© 2005 Ewing Marion Kauffman Foundation

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The Real Key to Success

Having someone buy your product or service

2_B

Page 3: Module 2

© 2005 Ewing Marion Kauffman Foundation

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Target Market Definition

• Market segment• Market trends• Customers• Competitors• Other participants, such as manufacturers and service

providers• Marketing and distribution channels

2_C

Page 4: Module 2

© 2005 Ewing Marion Kauffman Foundation

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Criteria to Select Target Market

• Ease of sales• Profit potential• Frequency or quantity of purchases• Entry barriers that could hinder efforts of additional

competitors

2_D

Page 5: Module 2

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Research Resources

Begin with current secondary resources:• Internet• Libraries• Colleges and universities• Local resources (government)• Associations• Market researchers

2_F

Page 6: Module 2

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Profiles

Industry• Current size• Growth potential• Trends• Distribution channels

Customers• Buying behavior• Buying pattern• Marketing methods

Competitors• Direct• Indirect• Future

2_E

Page 7: Module 2

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Action Steps

• SWOT Analysis of at least one competitor• First draft marketing plan • Refine Personal Vision Statement, Business Concept

Statement and Elevator Pitch• Read Module 3

Page 8: Module 2

© 2005 Ewing Marion Kauffman Foundation

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Is your business concept going to meet your personal or professional needs?

Are the advantages of running your own business worth the trade-offs?