FOOD TRUCK ROLL OUT
EQ: HOW DO WE MEASURE OUR MARKET RESEARCH?
Learning Target:
Students will create a food truck business together and test their market research using a simulator.
Cornell Notes
Test on a Small Scale Market testing involves taking a small-scale version of your business idea and getting customer feedback. The Mythbusters, Adam Savage and Jamie Hyneman, constantly build new and crazy projects to prove – or more likely disprove. But they rarely build a complicated product in full-scale right out of the gate. Instead, they scale it down and build a model that can demonstrate their idea, but won’t cost a lot of time and money if they’re wrong. They then fine-tune the concept before ramping it up to the large, and usually explosive, finale. You should market test for the same reason Adam and Jamie build small-scale models. You can’t afford to be wrong in the large scale. If it’s a new restaurant venture, you might have perfected the recipes, but until you know how people will respond, it’s dangerous to buy everything necessary to open a new eatery. Ideas for Market Testing Instead, work in the small scale, figure out the blemishes that need to be corrected, and then you can ramp up production with confidence. Not every market test needs to be the same; be creative and do what’s best for you and your small business. Here are a few suggestions to spark your creativity:
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