ENTREP LESSON 2

• are the people who have already purchased the product you are selling.

  Existing Customers
• users are the people who are not currently looking for a solution

  TARGET MARKET
• are the people who have not yet purchased your product but have an intention to buy.


  Prospects
• How to evaluate market problems?

  Consider if the market problem is urgent, if yes consider necessary actions by identifying alternative courses of action (ACA) Then enumerating their advantages and disadvantages

  Evaluate if the market problem is pervasive (takes time) or easily diffused (short time problem), if yes think for a temporary solution.

  Determine if the buyers will pay to have this problem solved.
• Tips for Identifying market problem:

  Focusing only on innovation and competition. (your resources)

  Focusing only on customers.

  Focusing only on revenue.
• It is the selling price

  Revenue
• is the amount of income that remains after accounting for all expenses


  profit
• By conducting new market research projects, learner can discover problem or opportunity.


  Problem - Identification Research
• Is the impression in the consumer’s mind of a brand’s total personality. It developed over time through advertising campaigns with consistent ideas, this is authenticated through the consumer’s direct experience.


  Brand image
• Is the estimated maximum total sales revenue of all suppliers of a product in a market during a certain period.


  Market potential
• It describes attributes of the buyers in making decisions related to purchasing a certain product.


  market characteristics
• Is a percentage of total sales volume in a market captured by a brand, product, or company.


  market share
• Determining on how to transfer the product from the manufacturer to the ultimate user.

  Distribution research
• Grouping customers by similar characteristics or similar purchase behaviors.


  market segmentation
• Testing the ideal price for the product. Setting the price for the product is one of the most important marketing steps. 


  Pricing research
• Testing the new or revised products or completing test marketing.


  Product research
• Determining the best research in the area of disseminating information.


  Promotional Research
• what is ACA?


  alternative course of action