Flea Market 2 focused on manufacturing and marketing of the idea for a smartphone app we came up with at Flea Market 1. We split up into 2 groups, one to research manufacturing and one to research consumer market analysis.
Here are some example research questions each group was asked to answer:
- How much does it cost to hire a programmer?
- What materials do we need?
- How do we make a test prototype?
Consumer Market Analysis
- Who are our customers, how do we provide them value?
- What differentiates our product?
- Who are our competitors?
After answering these questions we had a role play presentation and Q & A session where each group got the chance to present their research as well as act as the buyer/venture capitalists when the other group presented their research. Some questions we addressed about the smartphone app were:
- Why is this product helpful to us?
- How does this fit into our budget?
- Will this product have fast growth?
It is always a good exercise to practice researching manufacturing and marketing, and putting yourself in the shoes of those funding or your product/business or considering buying your product can provide new insights and answers. I hope everyone who attended got a lot out of the Flea Market!