Module 1:Lesson1

Question 1

Are your target markets stated or silent problem which refer to existing inefficiencies, awkward workflow or non optimal solutions

Answer 1

Market problems

Question 2

What is the difference between stated and silent problem

Answer 2

•stated problem-are the customers who have a problem with a certain product and then complain about it and said the problem
•silent problem-are the customers that have a problem with a product but didn’t say it or did not complain

Question 3

5 types of market problems

Answer 3

1.silent problem
2.stated problem
3.existing inefficiencies
4.awkward workflow
5.non-optimal solutions

Question 4

Your market consists of ?

Answer 4

•existing customers
•prospects
•target market users

Question 5

People who have already purchased your product

Answer 5

Existing customers

Question 6

People who haven’t purchased your product but are considering buying

Answer 6

Prospects

Question 7

People in your target market who are not currently looking for a solution

Answer 7

Target market users

Question 8

•the problem needs immediate solution
•customers should care if the problem is not solved
•customer don’t have any other way to solve the problem

Answer 8

Urgency

Question 9

Is the market pervasive
The identified market problem applies to a significant percentage of your target market

Answer 9

Pervasiveness

Question 10

How do we evaluate a market problem

Answer 10

•Evaluating the market problem
1.identification
2.collection
3.analysis
4.dissemination of information

Question 11

Will your buyers pay to have this problem solved?

Answer 11

Willingness of the buyer