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Shark Tank: Investigate

A guide for the Year 10 Shark Tank assignment

                            This part of the task is where you use your stem question to prompt your research. This involves market research and consideration of materials.

five person by table watching turned on white iMac

Source: Jason Goodman

7 steps of market research before launching a new product (LH Agenda, 2015, June 10)

New ideas for products and services are conceived every day — yet many of them fail because they weren’t properly introduced to the market. Market research helps ensure both that the product launch will hit the ‘right buttons’ in the consumer, and ensures that the product idea itself addresses the (often unspoken) desires of the customer. This article lists the seven steps in the pre-launch research process: understanding the market and the competition, targeting the customer, devising a unique value proposition, determining marketing strategy, testing the product and overall approach, rolling out the campaign, and keeping track of the overall lifecycle.

How to research your market (Australian Government, 2021, October 11)

Market research is a valuable tool for all businesses. It can help you to understand your market, including potential customers and their needs. Learn how to research your market, including goods and services, customers and your competitors.

The role of market research in your product strategy (Crayon, 2021, August 13)

Market research involves a process of collecting, analysing, and interpreting data about a target market. This market may include consumers, products, competitors, or an industry at large. The reason that companies conduct market research is to optimise the time, money, and resources they invest in product development efforts. They may also conduct research to find their product-market fit or expand their target audience. This article looks at four different ways you can conduct market research and how you can leverage it in shaping your product strategy.

How to research the market and identify opportunities (Product Tribe, 2018, January 30)

Market research is the process of collecting data about a market, service or product. It’s used to analyse the current situation and pave the way for a product launch or increased sales. The market research definition suggests that the study will shed light on the consumer’s habits and needs, the economic shape of the industry and the competitors’ state of affairs. Its main purpose is to discover a market opportunity for a certain business. This article will take you through a step by step process on how to conduct market research for your product.

A guide to material selection in sustainable product design (Shapes by Hydro, 2019, August 8)

Sustainable product design is about you doing the right thing for the planet. It includes picking the materials that suit your design, that support your carbon footprint target, that are not harmful during use, and that can be used again. This article lists some of the things you need to consider when picking materials for your product.