market problem

• MARKET PROBLEMS- Refers to the challenges, frustrations, and unmet needs of your customer base. Market problems are your target market’s stated or silent problems.
• TIPS IN IDENTIFYING MARKET PROBLEM:

  1.      Focusing only on innovation and the competition.

  2.      Focusing only on customers

  3.      Focusing only on revenue
• IN IDENTIFYING MARKET PROBLEM:

  1.      Existing customer are the people who have already purchased the product you are selling.

  2.      A target market is a set of consumers who have been identified by their shared characteristics as the most likely potential customers for a product.

  3.      Prospects are the people who have not yet purchased your product but have an intention to buy.
• HOW TO EVALUATE MARKET PROBLEMS? 1.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.

  2. Evaluate if the market problem is pervasive or easily diffused, if yes think for a temporary solution.

  3. Determine if the buyers will pay to have this problem solved.
• PROBLEM-IDENTIFICATION RESEARCH are distribution, market segmentation, pricing, product, promotional researches.
• Distribution Research: determining on how to transfer the product from the manufacturer to ultimate user
• Market Segmentation: Grouping customers by similar characteristics or similar purchase behaviours.
• 3.      Pricing Research: determine what price to charge for the product
• 4.      Product Research: develop new products that meet consumer demand
• 1.      Promotional Research: Developing effective marketing messages and channels to reach the target audience.