Friday, October 11, 2019

MKT 309 Fall innovation project: market data for things made at the Forge

I wrote earlier about the project for this class that all 18 sections are working on (http://uncgreference.blogspot.com/2019/08/mkt-309-fall-innovation-project-forge.html)

After fall break, students are going to starting focusing on the market size of their proposed products. SimplyAnalytics (https://library.uncg.edu/dbs/auth/go.asp?vdbID=520) is the best source for such data, thanks to the SimmonsLocal dataset UNCG pays for separably (NC LIVE funds the other datasets).

However, many of the products are going to be too narrow in scope to be covered (ex. birdhouses; portable book/tablet stands that attach to tables, etc.) So the students will need to use a broader term (a proxy), such as birding or book reading (or spending on books). Use total #, not % of interest, and then the students guess what percentage of the total # of households might actually buy the thing.

--Steve


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