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MGT 6351: Management Communication: Problem, Relevance, Solution

Problem, Relevance, Solution

For a successful pitch, you need to understand the problem, its relevance to the buyer and the solution offered. We all Google – but what’s unique about your pitch that goes above and beyond?

Where do you find facts to strengthen your case?  As a journalist, you’d know the Five Ws (Who, What, When, Where, Why) needed for a good article.  These simple concepts can help you begin library research.

  • Who *cares* about this product or service?  Is it a trade association? Government? Key competitors?

  • What is the nature of your idea?  Does it compete with an existing product/service or replace one that already exists? What do you already know about it?

  • When will this be needed or used?  Is that important for you in promoting it?

  • Where will the person/company be – geography, phase of life, what other demographics matter?  What channel will you use to reach them?

  • Why does your idea have value? Why would someone buy it?

To make sure that you qualify for the maximum research points on your final presentation, please consult the research checklist linked below which highlights the most common areas & items that students should focus on. 

 

Industry Analysis

To fully understand an industry, you’ll want to see what information already exists, look at the opinions and ideas of experts, and reach your own conclusions based on facts and analysis. Examples of where this information is found include:

  • Analyst reports
  • Market research reports
  • News articles
  • Industry experts

Database: First Research (Intellect)

If you only have time for one industry database, use First Research. Search by industry or company name (if it is a large player.)

First Research has:

  • Call Prep Sheets: Highlights industry analysts' concerns.
  • Industry overviews and challenges
  • Trends and Opportunities
  • Executive insights

In the unlikely event that your industry is not there, find a related industry.

  • EXAMPLE: If you are interested in Pixar, look at "Motion Picture Production and Distribution" and also "Graphic Design."

Note: use the Web Links to find leading organizations with an interest in this sector for more industry information

Database: IBISWorld

IBISWorld: Global industry market research reports as well as insight on the business environment. Search by industry name, NAICS code or company name.

Industry reports include:

  • Industry Performance
  • Industry Outlook
  • Industry Life Cycle
  • Products & Markets
  • Competitive Landscape
  • Major Companies
  • Operating Conditions
  • Key Statistics
  • Jargon & Glossary

Database: Hoovers

Hoovers
Example of OneSource

Contains company profiles, analyst and market reports, SWOTs, and current news.

Example of SWOT analysis from Hoovers:

Example of SWOT from OneSource

Niche and Fragmented Industries

For niche or fragmented industries, think about who cares about the industry. It might not be gathered all nicely and packaged for you. You may need to rely on industry experts using First Research’s web links described above. Business news and articles will also help by looking for similar products, competitors, ideas, etc.

Market Research Databases

Look at the market and the consumer. What is important about them? What already exists? Access experts’ opinions and ideas so you can back your analysis with facts. The following databases focus on the market and consumer:

Consumer and Demographics Databases

Web Sources for Demographics