ENTREPRENEURSHIPS 11

1. How do you feel today?
A
B C D

2. Recognize a Potential
Market:
Market Need Analysis
Lesson
3

3. Identify the
Market Problem

4. In identifying market problem, the following can be
considered:
1. Existing customers are the people who have
already purchased the product you are selling.
2. Target market users are the people in your
market who are not currently looking for a
solution.
3. Prospects are the people who have not yet
purchased your product but have an intention to
buy.

5. Tips in Identifying Market Problem
1. Focusing only on innovation and
the competition
2. Focusing only on customers
3. Focusing on revenue

6. Problem-
Identification
Research

7. 1. Brand Image
-is the feeling and impression in the
consumers’ mind of a brand’s total
personality. It developed over time through
advertising campaigns with consistent
ideas, this is authenticated through the
consumers’ direct experience.

8. 2. Market Characteristics
-describe attributes of the buyers in
making decision connected in
purchasing a certain product.

9. 3. Market Potential
-is the estimated maximum total
sales revenue of all supplies of a
product in a market throughout a
certain period.

10. 4. Market Share
-is a portion of total sales volume in
a market captured by a brand,
product or company.

11. Problem-Solving
Research

12. 1. Distribution Research
-determining on how to transfer the
product from the manufacturer to
ultimate user.

13. 2. Market Segmentation
- grouping customers by similar
characteristics or similar purchase
behaviors.

14. 3. Pricing Research
-determining the ideal price for the
product. Setting the price for the
product is one of the most important
marketing steps.

15. 4. Product Research
- testing the new or revised
products or completing test
marketing.

16. 5. Promotional Research
- determining the best research
in the area of disseminating
information.

17. Market Need
Analysis

18. Market Need Analysis
Determining the marketability of the
business is typically done in the context of
creating a business plan and performing
an analysis of competition. It requires
research in the areas of marketability.

19. Market Need Analysis
Consider whether the business offers a new solution to
an old problem or complements an emerging trend.
Untapped markets that are profitable are few.
Understand the benefits that the product or service
offers compare to others. Focus on benefits of what
your product or service does.

20. Define the Market Need for the
New Business
1. Who will get interested in my profit?
2. What does the market need or want?
3. Who is buying the product? What and
how much? Or how. Where and why are
they buying those goods or services?

21. Market
Analysis

22. Market Analysis
- is a quantitative and qualitative assessment of
a market ability to respond positively. It looks
into the size of the market both in volume and in
value, the various customer segments and
buying patterns, the competition, and the
economic environment in terms of barriers to
entry and regulations in the industry.

23. How to do a Market Analysis?
1. Demographics and Segmentation
Demographics – the statistical characteristics of human
population (as an age or income) used to identify markets; a
market or segment of the population identified by
demographic.
Segmentation – the process of dividing into segments
with similar characteristics. Markets are needed to slice it
into different segments. (size and value).

24. How to do a Market Analysis?
2. Target Market
type of customers that are focused
within the market. It is focused on the more
qualitative side of the market analysis by
looking at what drives the demand .

25. How to do a Market Analysis?
3. Market Need
-Investors must determine the needs of
the market through analysis based on
research conducted focusing on their needs.
Identifying what the customer wants to
classify their needs

26. How to do a Market Analysis?
4. Competition
-determining the competitors’ positioning and describe their
strengths and weaknesses. Analyze competitors’ angles to
the market in order to find a weakness that company will be
able to use in its own market positioning. Benchmark the
competitor against each of the key drivers of demand for the
market (price, quality, add-on services, etc.) and present the
results in a table.