Primary Research

In Support of

Concept Statement

An extremely important part of startup activity and/or the introduction of a new product or service is primary research in support of Feasibility Analysis. In chapter 3 of the text, Product/Service Feasibility Analysis is defined as “an assessment of the overall appeal of the Product or Service being proposed.” Furthermore, it is suggested that a concept test which involves showing a mockup or visual be presented to potential customers to gauge their interest, the desirability of your concept, and purchase intent. As part of your team’s submittal of a Concept Statement, you will also submit a separate summary of the concept testing your team has accomplished involving primary research. This primary research should also be part of the Market Assessment portion of your Business Plan and possibly other sections.

In plain words, go out and interface with your target market in an organized and cohesive manner. Show them your concept, get their input, and incorporate suggestions for improvement into your concept statement and eventually your team’s CCS. If your product/service merits a mockup, do it. If it is web-based, do it. Show the mockup/web page to customers in your target market; learn from these interfaces and show that your team has in your Concept Statement. Nothing will improve your entrepreneurial chances of success more than interfacing with your target market. Do it! It’s actually fun J.

A “how to do basic primary research” primer is available at the following Purdue link: http://owl.english.purdue.edu/owl/resource/559/01/.

Follow the guidelines in Chapter 3 of your textbook for the Concept Statement (100 points), and Primary Research in support of your Concept Statement (100 points).