Lesson 6: Target Market and Market Research

• Business
• 8th,9th Grade
• 9-12 Grade

Use Google form to create a product market fit survey to collect data about your customers need and wants for your business. Remember to include the 3 questions from the YouTube video.

Take Note on Vocab.

Customer Discovery: Helps a business test out hypotheses and build a deep understanding of what problems their customers have.

Customer Needs: A need or want in the market not currently being met by an existing product or service.

Minimal Viable Product (MVP): A prototype or first attempt at an idea built quickly and cheaply that the entrepreneur tries to sell to get feedback from potential customers.

Need: Something that people must have to survive, such as water, food, clothing, or shelter.

Prototype: Model on which future reproductions of an invention are based.

Target Customer: A customer who is the most likely to buy a specific product or service.

Value Proposition: A short statement that summarizes the benefits a company gives to its customer segments.

Want: A product or service that people desire.