EXPLORATORY MARKET RESEARCH

PART B

1. Make a mock-up or a prototype.

a. A mockup is a model of your invention made out of common material, such as cardboard, clay, foam board, etc.

b. A prototype is a working model, which may or may not be made out of the actual end materials.

2. Conduct target market research

a. Interviews

b. Questionnaires

c. Focus groups

d. Expert interviews

3. Address the 4 “P’s” of Marketing:

a. Packaging

b. Price

c. Promotion

d. Placement (distribution)