Lesson 5: Identify the Market Problem Flashcards
are your target market’s
stated or silent problems. This could refer to
existing inefficiencies, awkward workflows or
non-optimal solutions.
Market Problem
Refers to aggregating
prospective buyers into
groups with common
needs and who respond
similarly to a marketing
action.
Market Segmentation
An investigation into the
state of the market for a
particular product or
service, including an
analysis of consumers’
needs and preferences.
Market Survey
A particular group
of consumers at
which a product
or services is
aimed.
Target Market
A chain of businesses or
intermediaries through
which a good or service
passes until it reach the
final buyer or the end
consumer.
Distribution Channel
A company can be
any trade or business
in which goods and
services are sold to
produce income.
Firm
A right granted to an
inventor by the federal
government that permits
the inventor to exclude
others from making, selling
or using the invention for a
period of time.
Patents
A financial gain,
especially the difference
between the amount
earned and the amount
spent in buying,
operating, or producing
something.
Profit
Your Market Consists of?
- Existing Customers
- Prospects
- Target Market Users
people who have already purchased your
product
Existing Customers
people who have not yet purchased your product but
have an intention to buy
Prospects
people in your target market who are not currently looking for a solution
Target Market Users
Tips in Identifying Market Problem
1.Focusing only on innovation
and the competition
2.Focusing only on customers
3.Focusing only on revenue
By conducting new market research projects, you can
discover problem or opportunity.
Problem-Identification Research
Factors that can be discovered through Product Identification Research
- Brand image
- Market Characteristics
- Market Potential
- Market share
