How well do you know your target market? January 20, 2012 RICCentre By Marielle Voksepp You’ve probably made certain assumptions about your target market. How do you validate them? At last week’s Entrepreneurship 101 lecture, market research experts Usha Srinivasan of MaRS and Daniel Colquhoun of Frost & Sullivan introduced the basics of market research and analysis. Their presentation covered the following topics: concept evaluation, packaging and pricing, messaging and communications, and more. They also highlighted important questions you should be asking yourself in order to develop an accurate value proposition. Have you asked yourself these questions? Who am I competing with? What is the size of my market? Which industry am I selling to? Find out if you are on top of your industry. Watch the lecture video for further insight into where to start looking for these answers and tips on which sources of information you can trust. For a brief overview, watch this Quick Hits video: To watch the entire lecture, click here. Resources: Speaker slides: Market and Customer Development Video: Essential Market Intelligence Questions – Five Hot Tips for Startups Article: Market analysis Workbook: Market Strategy Workbook 1: The Analytical Foundation Course schedule Join the LinkedIn Group Get updates on Vimeo Watch our live webcasts here. Reposted from MaRS DD. Marielle works as part of the education team at MaRS. She helps entrepreneurs get access to business resources both online and in-person. The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.