3. WHAT IS YOUR DEFINITION OF A
MARKET?
IT IS A PLACE WHERE TWO OR
MORE PEOPLE CAN GATHER TO
FACILITATE THE TRADE OF GOOD
OR SERVICES.
MARKET
IT IS THE TOTAL OF ALL THE
BUYERS AND SELLER IN THE
AREA UNDER
CONSIDERATION.
MARKET
4. ANALYZING THE MARKET NEED
It is analyzing the needs of consumers.
Consumer needs and desires are important in
any business because consumers are the
lifeblood of any business. If there are no
consumers or not enough consumers in your
business, it may not last long because one of the
factors influencing the success of any business
is the quantity of its buyers.
5. WHAT ARE MARKET NEEDS?
IS SOMETHING THAT IS
NECESSARY.
NEED
IS SOMETHING THAT IS A
DESIRE TO POSSES.
WANT
6. METHODS TO IDENTIFY
MARKET NEEDS
IS A MARKET RESEARCH METHOD THAT
BRINGS TOGETHER 6-10 PEOPLE IN A ROOM
TO PROVIDE FEEDBACK ABOUT THEIR
NEEDS PHRASES ENTERED.
FOCUS GROUP
SOCIAL LISTENING
SOCIAL LISTENING GIVES YOU ACCESS TO
WHAT PEOPLE ARE SAYING ABOUT THEIR
NEEDS ACROSS SOCIAL MEDIA AND THE
WEB.
KEYWORD RESEARCH
KEYWORD RESEARCH IS A WAY OF
IDENTIFYING THE NEED BY THE USE OF
SEARCH ENGINE, MOST BCOMMON WORDS
AND PHRASES ENTERED.
7. MARKET SIZING
IS A REFERENCE TO THE TOTAL
MARKET DEMAND FOR GOODS OR
SERVICES.
SERVICEABLE AVAILABLE
MARKET (SAM)
SERVICEABLE OBTAINABLE
MARKET (SOM)
IS THE PART OF THE TAM
TARGETED BY THE
ENTREPRENEUR'S GOODS OR
SERVICES THAT IS WITHIN REACH.
IS THE PORTION OF THE SAM
THAT REALISTICALLY
REACHABLE.
TOTAL AVAILABLE MARKET
(TAM)
14. Products, Goods, and Services
Product is an object or system created for
customer use; it is anything that can be
counted to a market to meet the want or need
of a customer.
Goods are physical or tangible products that
consumers buy to meet their needs and
involve the transfer of ownership from the
seller to the customer.
Services are intangible or non-material that
consists of activities, benefits, or satisfaction
and do not result in the ownership of
anything.
15. THE DIFFERENCE BETWEEN PRODUCTS,
GOODS, AND SERVICES. PRODUCTS
PRODUCTS
GOODS SERVICES
TANGINLE
HOMOGENEOUS
CAN BE STORED,
INTANGIBLE
HETEROGENEOUS
CANNOT BE STORED
TRANSFER OF OWNERSHIP
TAKE PLACE CANNOT TAKES PLACE
EXAMPLE
PENCIL , CELLPHONE PLUMBING, REPAIRING
16. WHAT ARE MARKET NEEDS?
MARKET NEEDS ARE THE
IDENTIFIED AND UNIDENTIFIED
NECESSITY OF THE NARKET
THAT COMMUNICATE WITH
YOUR BUSINESS, YOUR
COMPETITORS, OR WHEN THEY
SEARCH FOR THE ANSWERS
YOU PROVIDE
17. TYPES OF MARKET NEEDS
GOODS NEEDS
PRICE: MARKETS GENERALLY SET THEIR BUDGETS FOR ANY
GOODS PURCHASE.
FEATURES: MARKETS LOOK FOR FEATURES THAT WOULD SOLVE
THEIR PROBLEM AND RELIABILITY IN FUNCTIONING WHILE USING
THE PRODUCT.
EFFECTIVENESS: THE PRODUCTS SHOULD BE USEFUL IN
STREAMLINING THE PROCESS TO SAVE TIME
SERVICES NEEDS
EMPATHY: MARKET STICKS TO BRAND THAT SERVE THEM
WITH AN EMPATHETIC ATTITUDE.
CLARITY: MARKET LOOK FOR TRANSPARENT INFORMATION
FROM THE BRAND RELATED TO PRICING, REFUND POLICY,
ETC.
COMMUNICATION: THE MARKET NEEDS INFORMATION FROM
THE POINT OF INTERACTION UNTIL THE END.
18. DETERMINING THE POSSIBLE
GOODS OR SERVICES
DETERMINING THE
POSSIBLE GOODS OR
SERVICES THAT WILL
MEET THE NEED OF THE
MARKET IS ESSENTIAL
TO ANY STARTUP
ENTREPRENEURS.
19. DETERMINING THE POSSIBLE
GOODS OR SERVICES
The simple through is that no one
will buy your product if they believe
they don't want it or they don't need
it and we won't pursuit anyone to
buy what you're offering unless you
clearly understand what it is your
market want.
20. HOW TO MEET THE MARKET
NEEDS
IDENTIFY THE MARKET
NEEDS BY ANALYZING THE
CONDUCTED INTERVIEWS
, FOCUS GROUP, SOCIAL
LISTENING, OR KEYWORD
RESEARCH.
DISTRIBUTE THE
INFORMATION TO
RELEVANT
STAKEHOLDERS TO
THE GROUP OR
ORGANIZATION.
TAILOR PRODUCT
FEATURE DETAILED
CONTENT THAT
SPEAKS TO THE
MARKET NEEDS
COLLECT CUSTOMER
FEEDBACK
REGULARLY TO
LEARN THE EFFORTS
TO MEET THEIR
EXPECTATIONS.
