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= Market Research for IT Startups =
−
= Business Development, Sales and Marketing in IT Industry =
  
−
* '''Course name''': Business Development, Sales and Marketing in IT Industry
 +
* '''Course name''': Market Research for IT Startups
−
* '''Code discipline''': S22
 +
* '''Code discipline''':
−
* '''Subject area''': all around marketing and sales in IT industry.
 +
* '''Subject area''': Technological Entrepreneurship
   
 
== Short Description ==
  
== Short Description ==
  +
This course is for students who see themselves as entrepreneurs. The course is designed for the early development of business ideas and provides methods and guidelines for business research. The course teaches how to assess the potential of business ideas, hypothesis thinking, methods for generating ideas and testing their quality
−
This course contains two important for successful company parts: marketing and sales.
  
−
These are the parts that are linked with each other - it is very difficult to sell without marketing support and it is very difficult to achieve results with marketing efforts only.
  
−
Marketing part, starting from defining things like developing marketing strategy for the companies, finally offers practical tools of digital marketing. We will explore new digital reality and its impact on IT business. We will learn success stories of real businesses and how companies are adapting to the new changing landscape.
  
−
The second part of the course covers important things for every company's success – the sales process. Understand how to attract customers in negotiations, how to “get to yes” getting great deals, how to control the sales funnel – you will get the understanding how it works and try it in practice.
  
   
 
== Prerequisites ==
  
== Prerequisites ==
   
 
=== Prerequisite subjects ===
  
=== Prerequisite subjects ===
  +
* N/A
−  
   
 
=== Prerequisite topics ===
  
=== Prerequisite topics ===
  +
* N/A
−
* Basic IT industry knowledge
  
   
 
== Course Topics ==
  
== Course Topics ==
Line 25: Line 22:
 
! Section !! Topics within the section
  
! Section !! Topics within the section
 
|-
  
|-
−
| Marketing Strategy ||
+
| Ideation tools ||
  +
# Art VS Creativity
−
# Types of markets
  
  +
# Ability to discover
−
# Product-centric marketing
  
  +
# How to generate ideas
−
# Customer-centric marketing
  
  +
# Creativity sources
−
# Developing Marketing Strategy
  
  +
# Ideation in groups
  +
# Rules for ideation for startups
 
|-
  
|-
−
| Marketing tools ||
+
| Market research content ||
  +
# Types of research: primary vs secondary
−
# Brand&Presentation
  
  +
# How to plan a research
−
# Analytics
  
  +
# Market research chapters content
−
# Content
  
  +
# Frameworks used in a market research (SWOT, Persona, etc)
−
# SMM
  
  +
# Tools and sources to conduct a competitors analysis
−
# Context advertising
  
−
# E-mail marketing
  
 
|-
  
|-
−
| Sales ||
+
| Customer development ||
  +
# Interviews are the main tool for “Get Out The Building” technique
−
# CRM systems
  
  +
# The "Mum's Test"
−
# B2B
  
  +
# Jobs-To-Be-Done
−
# B2C
  
  +
# Good and bad interview questions
−
# Negotiations
  
 
|-
  
|-
−
| Final Project Presentation ||
+
| Market sizing ||
  +
# Market analysis VS market sizing
−
# Presentation of marketing&sales strategy and tactics for startup
  
  +
# Sizing stakeholders and their interests
−
|}
 
  +
# Sizing methods
  +
# TAM SAM SOM calculation examples
  +
|-
  +
| Data for a research ||
  +
# Sources and tools for competitors overview
  +
# Sources and tools for product and traffic analysis
  +
# Sources and tools for trend watching
  +
# Life hacks for search
  +
|-
  +
| Founder motivation ||
  +
# Ways to Stay Motivated as an Entrepreneur
  +
# Exercises for founders motivation
  +
|-
  +
| Pitch Day ||
  +
# Market research results presentations
  +
|}
  +
 
== Intended Learning Outcomes (ILOs) ==
  
== Intended Learning Outcomes (ILOs) ==
   
 
=== What is the main purpose of this course? ===
  
=== What is the main purpose of this course? ===
−
This course aims to give students the skills of developing a winning marketing strategy for a startup, as well as the skills to implement marketing strategy using real digital-marketing tools and sales tactics for a startup product.
 +
This course aims to give students theoretical knowledge and practical skills on how to assess market potential at an early stage of an IT startup (or any company) development. The ultimate goal is to teach students to conduct market research for their business.
   
 
=== ILOs defined at three levels ===
  
=== ILOs defined at three levels ===
Line 57: Line 72:
 
==== Level 1: What concepts should a student know/remember/explain? ====
  
==== Level 1: What concepts should a student know/remember/explain? ====
 
By the end of the course, the students should be able to ...
  
By the end of the course, the students should be able to ...
  +
* Market research techniques using open data,
−
* Develop naming, presentation, and product offer
  
  +
* Typology of market assessment methods,
−
* Use digital marketing tools
  
  +
* Types of research data and their application,
−
* Use CRM
  
  +
* Market research components: competitors overview, value proposition, trend watching, venture status, business models, buyers profile etc
   
 
==== Level 2: What basic practical skills should a student be able to perform? ====
  
==== Level 2: What basic practical skills should a student be able to perform? ====
 
By the end of the course, the students should be able to ...
  
By the end of the course, the students should be able to ...
  +
* Methods of ideation,
−
* Skills in developing naming, presentations, product offerings
  
  +
* TAM SAM SOM method, 2 approaches,
−
* Skills of context advertising
  
  +
* Applied tools and resources for market sizing,
−
* Skills of SMM doing
  
  +
* Principles to work with business hypotheses
−
* Skills of content marketing
  
   
 
==== Level 3: What complex comprehensive skills should a student be able to apply in real-life scenarios? ====
  
==== Level 3: What complex comprehensive skills should a student be able to apply in real-life scenarios? ====
 
By the end of the course, the students should be able to ...
  
By the end of the course, the students should be able to ...
−
* Skills how to find the right addressable market for its product
 +
* Identify and describe the market
  +
* Assess market potential for any business idea
−
* Skills of web analytics
  
  +
* Conduct relevant market research before starting up a business
−
* Skills of CRM using
 
  +
* Use the most relevant and high-quality data for a market research
  +
 
== Grading ==
  
== Grading ==
   
Line 81: Line 99:
 
! Grade !! Range !! Description of performance
  
! Grade !! Range !! Description of performance
 
|-
  
|-
−
| A. Excellent || 90-100 || Pass
 +
| A. Excellent || 85.0-100.0 || -
 
|-
  
|-
−
| B. Good || 75-89 || Pass
 +
| B. Good || 70.0-84.0 || -
 
|-
  
|-
−
| C. Satisfactory || 60-74 || Pass
 +
| C. Satisfactory || 50.0-69.0 || -
 
|-
  
|-
−
| D. Fail || 0-59 || Fail
 +
| D. Fail || 0.0-50.0 || -
 
|}
  
|}
   
Line 96: Line 114:
 
! Activity Type !! Percentage of the overall course grade
  
! Activity Type !! Percentage of the overall course grade
 
|-
  
|-
  +
| Paper #0: Market research structure || 0-10 scale (costs 10% final)
−
| Seminar classes || 40
  
 
|-
  
|-
  +
| Paper #1: TAM SAM SOM || 0-10 scale (costs 20% final)
−
| Interim performance assessment on the results of lecture assignments and its presentations || 30
  
 
|-
  
|-
  +
| Workshops activity || 3 points for each of 7 workshops: 1 point=participation, 2 points=discussion, 3 points=valuable results (costs 21% final)
−
| Final presentation || 30
  
  +
|-
  +
| Paper #2: Market research || 0-10 scale (costs 30% final)
  +
|-
  +
| Final Presentation || 0-10 scale (costs 20% final)
 
|}
  
|}
   
 
=== Recommendations for students on how to succeed in the course ===
  
=== Recommendations for students on how to succeed in the course ===
  +
Participation is important. Showing up and participating in discussions is the key to success in this course.<br>Students work in teams, so coordinating teamwork will be an important factor for success.<br>Reading the provided materials is mandatory, as lectures will mainly consist of discussions and reflections not slides or reading from scratch.<br>The main assignment in the course is Market research paper which is supposed to be useful not only for this course but s a basis for future business oriented courses
−
The student is recommended the following scheme of preparation for classes:<br>Marketing and sales are much more about hypothesis testing and math, than creativity. Therefore, it is so important for students to try the acquired knowledge in real practice, doing small tasks after each lecture.<br>Finally, we will try to assemble a working strategy for a startup from these tasks.<br>Moreover:<br>Participation is important. Showing up is the key to success in this course.<br>Reading the recommended literature is optional, and will give you a deeper understanding of the material.
  
   
 
== Resources, literature and reference materials ==
  
== Resources, literature and reference materials ==
   
 
=== Open access resources ===
  
=== Open access resources ===
  +
* - article with reflections on the methodology book on the 55 typical business models
−
* Андрей Кравченко. Неидеальная стратегия для идеальной компании.
  
  +
* - a book with instructions on how to communicate with your potential users. How to conduct interviews so that you understand what the client wants to say and not what you want to hear.
  +
* - the case book on the Jobs To Be Done. With JTBD, we can make predictions about which products will be in demand in the market and which will not. The idea behind the theory is that people don't buy products, but "hire" them to perform certain jobs.
  +
* A selection of with a summary of key ideas from Harvard Business Review
  +
* F. Sesno "" - the book on how to get information out of people through questions.
  +
* a visual guide book to dealing with your inner procrastinator
   
 
=== Closed access resources ===
  
=== Closed access resources ===
  +
* Crunchbase.com
−
* Viktor Pelevin. Empire V.
  
  +
* Statista.com
−
* W. Chan Kim, Renee Mauborgne. Blue Ocean Strategy.
  
−
* Eric ries. Lean startup.
  
−
* Simon Kingsnorth. Digital Marketing Strategy.
  
   
 
=== Software and tools used within the course ===
  
=== Software and tools used within the course ===
  +
* Boardofinnovation.com
−
 
  +
* Miro.com
  +
* Notion.com
  +
* MS Teams
  +
 
= Teaching Methodology: Methods, techniques, & activities =
  
= Teaching Methodology: Methods, techniques, & activities =
   
Line 125: Line 154:
 
|+ Teaching and Learning Methods within each section
  
|+ Teaching and Learning Methods within each section
 
|-
  
|-
−
! Teaching Techniques !! Section 1 !! Section 2 !! Section 3 !! Section 4
 +
! Teaching Techniques !! Section 1 !! Section 2 !! Section 3 !! Section 4 !! Section 5 !! Section 6 !! Section 7
 
|-
  
|-
−
| Problem-based learning (students learn by solving open-ended problems without a strictly-defined solution) || 1 || 1 || 1 || 1
 +
| Problem-based learning (students learn by solving open-ended problems without a strictly-defined solution) || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Project-based learning (students work on a project) || 1 || 1 || 1 || 1
 +
| Project-based learning (students work on a project) || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Business game (learn by playing a game that incorporates the principles of the material covered within the course). || 1 || 1 || 1 || 1
 +
| Differentiated learning (provide tasks and activities at several levels of difficulty to fit students needs and level) || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
  +
| Contextual learning (activities and tasks are connected to the real world to make it easier for students to relate to them); || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| Task-based learning || 1 || 1 || 1 || 1
  
  +
|-
  +
| Business game (learn by playing a game that incorporates the principles of the material covered within the course). || 1 || 1 || 1 || 1 || 1 || 1 || 1
  +
|-
  +
| inquiry-based learning || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|}
  
|}
 
{| class="wikitable"
  
{| class="wikitable"
 
|+ Activities within each section
  
|+ Activities within each section
 
|-
  
|-
−
! Learning Activities !! Section 1 !! Section 2 !! Section 3 !! Section 4
 +
! Learning Activities !! Section 1 !! Section 2 !! Section 3 !! Section 4 !! Section 5 !! Section 6 !! Section 7
 
|-
  
|-
−
| Lectures || 1 || 1 || 1 || 0
 +
| Interactive Lectures || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Interactive Lectures || 1 || 1 || 1 || 0
 +
| Lab exercises || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Lab exercises || 1 || 1 || 1 || 0
 +
| Group projects || 1 || 0 || 0 || 0 || 0 || 1 || 1
 
|-
  
|-
−
| Cases studies || 1 || 1 || 1 || 0
 +
| Flipped classroom || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Individual Projects || 1 || 1 || 1 || 1
 +
| Discussions || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Peer Review || 1 || 1 || 1 || 1
 +
| Presentations by students || 1 || 0 || 1 || 0 || 0 || 0 || 1
 
|-
  
|-
−
| Discussions || 1 || 1 || 1 || 1
 +
| Oral Reports || 1 || 0 || 1 || 0 || 0 || 0 || 1
 
|-
  
|-
−
| Presentations by students || 1 || 1 || 1 || 1
 +
| Cases studies || 0 || 1 || 0 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Written reports || 1 || 1 || 1 || 1
 +
| Experiments || 0 || 0 || 1 || 0 || 0 || 0 || 0
 
|-
  
|-
−
| Simulations and role-plays || 1 || 1 || 1 || 1
 +
| Written reports || 0 || 0 || 1 || 0 || 0 || 1 || 0
 
|-
  
|-
−
| Experiments || 0 || 1 || 1 || 0
 +
| Individual Projects || 0 || 0 || 0 || 1 || 0 || 0 || 0
 
|-
  
|-
−
| Group projects || 0 || 0 || 0 || 1
 +
| Peer Review || 0 || 0 || 0 || 0 || 0 || 0 || 1
−
|}
+
|}
  +
 
== Formative Assessment and Course Activities ==
  
== Formative Assessment and Course Activities ==
   
Line 174: Line 208:
 
! Activity Type !! Content !! Is Graded?
  
! Activity Type !! Content !! Is Graded?
 
|-
  
|-
  +
| Discussion || Difference between Art and Creativity. Examples from your personal experience <br> Tools to manage your attention: work with exercises above <br> Is it true that an ideation stage is the very first step to take when starting your own business? If not, what needs to be done before? <br> Idea diary: share your experience, was it useful? How to keep motivation to continue? <br> Sharing your business ideas: is it risky for a founder? Why? <br> Name and discuss principles of hypothesis thinking <br> Name and comment on ideation tool you know. Did you have an experience with it? <br> Where to take creativity? Your advice <br> Lets find examples of “Steal like an artist” approach among startups <br> Create a list of 5 business ideas you have ever had in your mind. Choose 1 and make an exhaustive list of the problems that are associated with the proposed business idea. || 0
−
| after lecture assignments || Define target audience and describe type of market for your product. || 1
  
 
|-
  
|-
  +
| Workshop || Break into teams, choose from the list below 1 tool to work with. Use the templates to create new business ideas. Summarize the results. Share your results and experience of using the template with other teams || 1
−
| after lecture assignments || Make 3 cusdev with potential/existing customers of your product. || 1
  
 
|-
  
|-
  +
| Exercise || Start an "Idea diary" (not necessarily business ideas): create a convenient place for notes (notion, pinterest, instagram, paper notebook, etc.). Note the time/place/circumstances of ideas coming, learn to write down ideas. Draw conclusions from 1 week's work: where, when, how, why new ideas arise and whether you can manage their flow. || 0
−
| after lecture assignments || Develop your marketing strategy and present it in-class. || 1
  
−
|}
+
|}
  +
 
==== Section 2 ====
  
==== Section 2 ====
 
{| class="wikitable"
  
{| class="wikitable"
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! Activity Type !! Content !! Is Graded?
  
! Activity Type !! Content !! Is Graded?
 
|-
  
|-
  +
| Discussion || What are the basic steps in market research? <br> What are the commonly used market research methods? <br> What research question types can be asked in surveys? <br> Should startup prefer primary or secondary research? || 0
−
| after lecture assignments || Write a marketing article about your product or technology in the informational style manner. || 1
  
 
|-
  
|-
  +
| Workshop || SWOT analysis: compare your business idea with competitors and market situation <br> Get familiar with industry trends and reports: Find and create a list of 3 to 5 business research papers or trend reports in your industry || 0
−
| after lecture assignments || Create a landing page for your product and connect it to Yandex Metrica or Google Analytics. || 1
  
 
|-
  
|-
  +
| Home written assignment || Market research doc: create a structure that is: <br> 1-2 pages long <br> Describes your business idea <br> Contains the structure of your future research <br> Contains a list of questions to answer during the research for each chapter proposed <br> Contains links and references to data sources potentilly interesting to use in a research <br> Its feasible: it should be a chance you may answer all the questions stated in the doc <br> The doc format is designed and well structured || 1
−
| after lecture assignments || Create a semantic core for your product and determine the current positions on your landing page. Determine key marketing metrics, including conversion rate, on your landing page. || 1
  
−
|}
+
|}
  +
 
==== Section 3 ====
  
==== Section 3 ====
 
{| class="wikitable"
  
{| class="wikitable"
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! Activity Type !! Content !! Is Graded?
  
! Activity Type !! Content !! Is Graded?
 
|-
  
|-
  +
| Oral test || Good or bad interview question? <br> Useful or useless feedback? || 0
−
| after lecture assignments || Create the sales funnel of your product and present it in-class. || 1
  
 
|-
  
|-
  +
| Workshop || Work on your customer profile using the Persona template. Make a client interview script with the help of the Problem-validation-script. || 1
−
| after lecture assignments || Create the budget for your marketing and sales activities and approve it with management. || 1
  
 
|-
  
|-
  +
| Case study || Watch the video with the case study. This is an example of HOW NOT to take a customer discovery interview. Discuss what went wrong? || 0
−
| in-class exercise || “Sell me the pen” exercise. || 1
  
−
|}
+
|}
  +
 
==== Section 4 ====
  
==== Section 4 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! Activity Type !! Content !! Is Graded?
  +
|-
  +
| Workshop || Estimate your target market using the TAM-SAM-SOM template in MIRO. Explain the data. || 1
  +
|-
  +
| Case study || Learn a market sizing case: online babysitting service || 0
  +
|}
  +
  +
==== Section 5 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! Activity Type !! Content !! Is Graded?
  +
|-
  +
| Workshop || Use 3 tools from this lesson's theory that you are least familiar with or have not used at all. From each source, take one insight on the state of your project's market. (For example, the total size of your target market, a leading competitor, number of users, or a growing trend) || 0
  +
|-
  +
| Oral presentation || Take one tool from the list below and create a “how-to” guide to the service for your classmates. The guide could be done in a form of 1) video-instruction 2) text 3) visualized scheme 4) presentation. The guide must answer how to use a tool and give an example of its use on concrete case study. Studying the guide should take your reader not mach then 15 min. || 1
  +
|}
  +
  +
==== Section 6 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! Activity Type !! Content !! Is Graded?
  +
|-
  +
| Workshop || Exercises: <br> Personal SWOT Analysis <br> List of Personal Achievements <br> Analysis of Motivating Activities <br> Your Personal Vision || 0
  +
|}
  +
  +
==== Section 7 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! Activity Type !! Content !! Is Graded?
  +
|-
  +
| Pitch session || The final Market Research report should follow the structure discussed <br> Content of the oral presentation may include: business description, market overview, main sources used in the research, competitors overview, monetization opportunity, market size, further stages of research or business work, team, comments on some challenges during the work || 1
  +
|}
   
 
=== Final assessment ===
  
=== Final assessment ===
 
'''Section 1'''
  
'''Section 1'''
−
# For the final assessment, students have to prepare a full project of marketing and sales promotion of their IT product and present it on the exam. The project should contain the next parts:
+
# For the final assessment, students should complete the Market Research paper.
  +
# It should follow the market research paper structure, contain information about market volume (TAM SAM SOM), data must be gathered with help of data sources learnt.
−
# The idea of your product/service.
  
  +
# The paper should refer to market potential and give the basis to make business decisions, answer questions on how to start and develop your idea, what is your business model, target customer persona, product MVP etc.
−
# Define your market.
  
  +
# Grading criteria for the final project presentation:
−
# Analise what type of market.
  
  +
# Market sizing has been carried out
−
# Target segment, who should we talk to?
  
  +
# Customer segments are named
−
# What is your main message(s)?
  
  +
# Сompetitor analysis has been conducted
−
# What should we do to achieve the addressable market?
  
  +
# At least 2 prominent data sources are used
−
# Brand promotion, knowledge, interest, coverage, sales etc.
  
  +
# Customer discovery interviews conducted
−
# Media design.
  
  +
# Future steps are mapped out
−
# How should we say it? Creative strategy&content.
  
  +
# The final report is visualized clearly and transparent
−
# Channel (media) strategy.
  
−
# How do we reach them? Evidence on a real case.
  
−
# Budget.
  
−
# Money for promotion.
  
−
# How to close deals. Evidence on a real case.
  
−
# Measurement.
  
−
# How we control the result. Evidence on a real case.
  
 
'''Section 2'''
  
'''Section 2'''
   
Line 230: Line 299:
   
 
'''Section 4'''
  
'''Section 4'''
  +
  +
'''Section 5'''
  +
  +
'''Section 6'''
  +
  +
'''Section 7'''
   
   
 
=== The retake exam ===
  
=== The retake exam ===
 
'''Section 1'''
  
'''Section 1'''
  +
# For the retake, students have to submit the results of the market sizing exercise with the TAM SAM SOM method in the form of a visual framework studied.
−
# .3 The retake exam.
  
−
# For the retake, students have to implement a product and follow the guidelines of the course. There has to be a meeting before the retake itself to plan and agree on the product ideas, and to answer questions.
  
 
'''Section 2'''
  
'''Section 2'''
   
Line 241: Line 315:
   
 
'''Section 4'''
  
'''Section 4'''
  +
  +
'''Section 5'''
  +
  +
'''Section 6'''
  +
  +
'''Section 7'''

Latest revision as of 09:50, 29 May 2023

Market Research for IT Startups

  • Course name: Market Research for IT Startups
  • Code discipline:
  • Subject area: Technological Entrepreneurship

Short Description

This course is for students who see themselves as entrepreneurs. The course is designed for the early development of business ideas and provides methods and guidelines for business research. The course teaches how to assess the potential of business ideas, hypothesis thinking, methods for generating ideas and testing their quality

Prerequisites

Prerequisite subjects

  • N/A

Prerequisite topics

  • N/A

Course Topics

Course Sections and Topics
Section Topics within the section
Ideation tools
  1. Art VS Creativity
  2. Ability to discover
  3. How to generate ideas
  4. Creativity sources
  5. Ideation in groups
  6. Rules for ideation for startups
Market research content
  1. Types of research: primary vs secondary
  2. How to plan a research
  3. Market research chapters content
  4. Frameworks used in a market research (SWOT, Persona, etc)
  5. Tools and sources to conduct a competitors analysis
Customer development
  1. Interviews are the main tool for “Get Out The Building” technique
  2. The "Mum's Test"
  3. Jobs-To-Be-Done
  4. Good and bad interview questions
Market sizing
  1. Market analysis VS market sizing
  2. Sizing stakeholders and their interests
  3. Sizing methods
  4. TAM SAM SOM calculation examples
Data for a research
  1. Sources and tools for competitors overview
  2. Sources and tools for product and traffic analysis
  3. Sources and tools for trend watching
  4. Life hacks for search
Founder motivation
  1. Ways to Stay Motivated as an Entrepreneur
  2. Exercises for founders motivation
Pitch Day
  1. Market research results presentations

Intended Learning Outcomes (ILOs)

What is the main purpose of this course?

This course aims to give students theoretical knowledge and practical skills on how to assess market potential at an early stage of an IT startup (or any company) development. The ultimate goal is to teach students to conduct market research for their business.

ILOs defined at three levels

Level 1: What concepts should a student know/remember/explain?

By the end of the course, the students should be able to ...

  • Market research techniques using open data,
  • Typology of market assessment methods,
  • Types of research data and their application,
  • Market research components: competitors overview, value proposition, trend watching, venture status, business models, buyers profile etc

Level 2: What basic practical skills should a student be able to perform?

By the end of the course, the students should be able to ...

  • Methods of ideation,
  • TAM SAM SOM method, 2 approaches,
  • Applied tools and resources for market sizing,
  • Principles to work with business hypotheses

Level 3: What complex comprehensive skills should a student be able to apply in real-life scenarios?

By the end of the course, the students should be able to ...

  • Identify and describe the market
  • Assess market potential for any business idea
  • Conduct relevant market research before starting up a business
  • Use the most relevant and high-quality data for a market research

Grading

Course grading range

Grade Range Description of performance
A. Excellent 85.0-100.0 -
B. Good 70.0-84.0 -
C. Satisfactory 50.0-69.0 -
D. Fail 0.0-50.0 -

Course activities and grading breakdown

Activity Type Percentage of the overall course grade
Paper #0: Market research structure 0-10 scale (costs 10% final)
Paper #1: TAM SAM SOM 0-10 scale (costs 20% final)
Workshops activity 3 points for each of 7 workshops: 1 point=participation, 2 points=discussion, 3 points=valuable results (costs 21% final)
Paper #2: Market research 0-10 scale (costs 30% final)
Final Presentation 0-10 scale (costs 20% final)

Recommendations for students on how to succeed in the course

Participation is important. Showing up and participating in discussions is the key to success in this course.
Students work in teams, so coordinating teamwork will be an important factor for success.
Reading the provided materials is mandatory, as lectures will mainly consist of discussions and reflections not slides or reading from scratch.
The main assignment in the course is Market research paper which is supposed to be useful not only for this course but s a basis for future business oriented courses

Resources, literature and reference materials

Open access resources

  • - article with reflections on the methodology book on the 55 typical business models
  • - a book with instructions on how to communicate with your potential users. How to conduct interviews so that you understand what the client wants to say and not what you want to hear.
  • - the case book on the Jobs To Be Done. With JTBD, we can make predictions about which products will be in demand in the market and which will not. The idea behind the theory is that people don't buy products, but "hire" them to perform certain jobs.
  • A selection of with a summary of key ideas from Harvard Business Review
  • F. Sesno "" - the book on how to get information out of people through questions.
  • a visual guide book to dealing with your inner procrastinator

Closed access resources

  • Crunchbase.com
  • Statista.com

Software and tools used within the course

  • Boardofinnovation.com
  • Miro.com
  • Notion.com
  • MS Teams

Teaching Methodology: Methods, techniques, & activities

Activities and Teaching Methods

Teaching and Learning Methods within each section
Teaching Techniques Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
Problem-based learning (students learn by solving open-ended problems without a strictly-defined solution) 1 1 1 1 1 1 1
Project-based learning (students work on a project) 1 1 1 1 1 1 1
Differentiated learning (provide tasks and activities at several levels of difficulty to fit students needs and level) 1 1 1 1 1 1 1
Contextual learning (activities and tasks are connected to the real world to make it easier for students to relate to them); 1 1 1 1 1 1 1
Business game (learn by playing a game that incorporates the principles of the material covered within the course). 1 1 1 1 1 1 1
inquiry-based learning 1 1 1 1 1 1 1
Activities within each section
Learning Activities Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
Interactive Lectures 1 1 1 1 1 1 1
Lab exercises 1 1 1 1 1 1 0
Group projects 1 0 0 0 0 1 1
Flipped classroom 1 1 1 1 1 1 0
Discussions 1 1 1 1 1 1 1
Presentations by students 1 0 1 0 0 0 1
Oral Reports 1 0 1 0 0 0 1
Cases studies 0 1 0 1 1 1 0
Experiments 0 0 1 0 0 0 0
Written reports 0 0 1 0 0 1 0
Individual Projects 0 0 0 1 0 0 0
Peer Review 0 0 0 0 0 0 1

Formative Assessment and Course Activities

Ongoing performance assessment

Section 1

Activity Type Content Is Graded?
Discussion Difference between Art and Creativity. Examples from your personal experience
Tools to manage your attention: work with exercises above
Is it true that an ideation stage is the very first step to take when starting your own business? If not, what needs to be done before?
Idea diary: share your experience, was it useful? How to keep motivation to continue?
Sharing your business ideas: is it risky for a founder? Why?
Name and discuss principles of hypothesis thinking
Name and comment on ideation tool you know. Did you have an experience with it?
Where to take creativity? Your advice
Lets find examples of “Steal like an artist” approach among startups
Create a list of 5 business ideas you have ever had in your mind. Choose 1 and make an exhaustive list of the problems that are associated with the proposed business idea.		 0
Workshop Break into teams, choose from the list below 1 tool to work with. Use the templates to create new business ideas. Summarize the results. Share your results and experience of using the template with other teams 1
Exercise Start an "Idea diary" (not necessarily business ideas): create a convenient place for notes (notion, pinterest, instagram, paper notebook, etc.). Note the time/place/circumstances of ideas coming, learn to write down ideas. Draw conclusions from 1 week's work: where, when, how, why new ideas arise and whether you can manage their flow. 0

Section 2

Activity Type Content Is Graded?
Discussion What are the basic steps in market research?
What are the commonly used market research methods?
What research question types can be asked in surveys?
Should startup prefer primary or secondary research?		 0
Workshop SWOT analysis: compare your business idea with competitors and market situation
Get familiar with industry trends and reports: Find and create a list of 3 to 5 business research papers or trend reports in your industry		 0
Home written assignment Market research doc: create a structure that is:
1-2 pages long
Describes your business idea
Contains the structure of your future research
Contains a list of questions to answer during the research for each chapter proposed
Contains links and references to data sources potentilly interesting to use in a research
Its feasible: it should be a chance you may answer all the questions stated in the doc
The doc format is designed and well structured		 1

Section 3

Activity Type Content Is Graded?
Oral test Good or bad interview question?
Useful or useless feedback?		 0
Workshop Work on your customer profile using the Persona template. Make a client interview script with the help of the Problem-validation-script. 1
Case study Watch the video with the case study. This is an example of HOW NOT to take a customer discovery interview. Discuss what went wrong? 0

Section 4

Activity Type Content Is Graded?
Workshop Estimate your target market using the TAM-SAM-SOM template in MIRO. Explain the data. 1
Case study Learn a market sizing case: online babysitting service 0

Section 5

Activity Type Content Is Graded?
Workshop Use 3 tools from this lesson's theory that you are least familiar with or have not used at all. From each source, take one insight on the state of your project's market. (For example, the total size of your target market, a leading competitor, number of users, or a growing trend) 0
Oral presentation Take one tool from the list below and create a “how-to” guide to the service for your classmates. The guide could be done in a form of 1) video-instruction 2) text 3) visualized scheme 4) presentation. The guide must answer how to use a tool and give an example of its use on concrete case study. Studying the guide should take your reader not mach then 15 min. 1

Section 6

Activity Type Content Is Graded?
Workshop Exercises:
Personal SWOT Analysis
List of Personal Achievements
Analysis of Motivating Activities
Your Personal Vision		 0

Section 7

Activity Type Content Is Graded?
Pitch session The final Market Research report should follow the structure discussed
Content of the oral presentation may include: business description, market overview, main sources used in the research, competitors overview, monetization opportunity, market size, further stages of research or business work, team, comments on some challenges during the work		 1

Final assessment

Section 1

  1. For the final assessment, students should complete the Market Research paper.
  2. It should follow the market research paper structure, contain information about market volume (TAM SAM SOM), data must be gathered with help of data sources learnt.
  3. The paper should refer to market potential and give the basis to make business decisions, answer questions on how to start and develop your idea, what is your business model, target customer persona, product MVP etc.
  4. Grading criteria for the final project presentation:
  5. Market sizing has been carried out
  6. Customer segments are named
  7. Сompetitor analysis has been conducted
  8. At least 2 prominent data sources are used
  9. Customer discovery interviews conducted
  10. Future steps are mapped out
  11. The final report is visualized clearly and transparent

Section 2

Section 3

Section 4

Section 5

Section 6

Section 7


The retake exam

Section 1

  1. For the retake, students have to submit the results of the market sizing exercise with the TAM SAM SOM method in the form of a visual framework studied.

Section 2

Section 3

Section 4

Section 5

Section 6

Section 7

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