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EG 391 – Senior Design Project - Rusu

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Market Research - Engineering Capstone Projects

 

1. Opportunity and Market Analysis

  • What is the problem or need being solved by the venture?
  • Who is the customer or customer segment(s)?
  • How large is the potential market, and how much is it growing?
  • What factors affect the buying behavior of the customers in this market?
  • What products/services are in demand in the market?

2. Industry and Business Environment

  • Who are your main/potential competitors? What does the competition do? What is the basis of competition (price, quality etc.)?
  • How are you differentiated from them? What is unique about your product/service?  
  • How easy is it to enter the industry?  
  • What strategies can be used to mitigate competitive threats?

3. The Solution and Concept

  • What is the product or service?
  • Describe a “day-in-the life” of the customer before and after adoption of the solution.
  • What is the value proposition to a customer, and why is it compelling for the customer?
  • Which customers have validated the product and are willing to pay for it?
  • What is unique and defendable about the business?
  • What is the appropriate price point? How attractive are the financial margins?

4. Marketing, Promotion, and Sales

  • What are the most appropriate marketing mediums to reach the customer segment(s) and promote the product/service ?
  • Who is the customer decision maker with purchasing power, and who influences that person to buy?
  • What is the most appropriate type of sales channel for the product (e.g. direct vs.indirect sales)?
  • What are the sales targets (forecast three years).

5. Product Development and Operations

  • What is the current state of the development of the product(s)?
  • What resources will be required to finish and ship the product? Be specific about what types of resources will be required (e.g. engineering, tools, suppliers, materials, partners, and customer involvement).
  • What are the planned development timelines and key milestones targeted?
  • What are the key risks that will be mitigated at each milestone?
  • Do any patents, trade secrets, or other defendable advantages exist?
  • Are there any regulatory hurdles that must be cleared?

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