Chapter 4: Opportunity seeking: Market Product Fit

• OPPORTUNITY SEEKING is the process of spotting, evaluating, and pursuing relevant and sustainable revenue and profit generating activities in the market place.
• Product/Market Fit- Means being in a  good market with a  product can satisfy  that market.
• Voice of Customers is a research used  to capture the  changing needs of  consumers (end  users) and  customers  (channels).
• A key to a voice customers is identifying and understanding pain points, barriers, and its root causes to trigger greater demand in an industry.
• Step 1: Pain Hunting - Entrepreneurs must choose a specific group of people as their target market. Whether customer or non customer group, the group must behave in a homogenous way like having common traits and seeking common benefit.
• Step  2: Pain Points Identification - To know consumer pain points, the target market can be asked what they dislike about particular brand or product
• Step 3: Pain Points Understanding- Not all pain points have the same level of importance. Entrepreneurs must understand the frequency, and depth then choose to the key pain point priorities that must solved due to relative higher impact that can be felt by the customers.
• Pain Hunting- Entrepreneurs must choose a specific group of people as their target market.
• 4 Types of  Consumer Benefit (SOCIAL BENEFIT, ECONOMIC BENEFIT, EMOTIONAL BENEFIT, FUNCTIONAL BENEFIT)
• FUNCTIONAL  BENEFIT  -     Benefit related to the  performance of the  product or service
• ECONOMIC  BENEFIT - Benefit related to the price of  the product or service
• EMOTIONAL  BENEFIT - Benefit related to how  the owner feels when  owning or using the  product or service
• SOCIAL BENEFIT - Benefit related to how others will  perceive the owner of the product or  service
• PAIN POINTS IDENTIFICATION- To know consumer pain point, the target market can be asked what they dislike about a particular brand or product.
• 1. Consumer preferences – tastes of  particular groups of people.
• 1. Consumer Piques –refers to the things  that irritate customers.
• 1. Consumer Perception – ex. The product  is not changed by the enterprise but  what changes is the ways consumers  perceive the product.
• FOOD INDUSTRY is a complex, global network of diverse businesses that supplies most of the food consumed by the worlds population.