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Identifying market needs
SUBTOPICS OF THE REPORT
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Market needs refer to the functional needs, desires
and goals of a target audience.

SUB TOPIC Part 1
Goal
• Identify the market by analyzing the needs of
costumers
• Explain how market segmentation can help an
entrepreneur analyze a
a target market

Consider the following information regarding your costumer
• individual or companies
• age and income
• needs and wants my product will satisfy
• competitive environment
• pricing of product and services
• what is unique about my offering

What are the included when identifying
market needs?

The process of dividing a customer base into distinct groups
of individuals that have similar characteristics.
• Mass market
• Niche market
• Segmented market
• Diversified market
• Multi sided market

❖ The Value Propositions, Distribution Channels, and Customer
Relationships all focus on one large group of customers with
broadly similar needs and problems.
❖ Specific, specialized Client Segments are catered to by business
models aimed at niche markets.
❖ These business structures are frequently observed in supplier-
buyer interactions. For instance, many suppliers of auto parts rely
substantially on orders from significant automakers.

❖ Some business models distinguish between market segments with
slightly different needs and problems.
❖ Two unrelated client segments with extremely diverse demands and
issues are served by an organization with a diversified customer
business strategy.

❖ Some businesses cater to two or more interconnected customer
segments.

A description of the characteristic of the person or company
that is likely to purchase a product or service.
• Demographics
• Psychographics
• Use-base data
• Geographic data

❖ data that describes a group of people in terms of;
• Age
• Marital status
• Family size
• Ethnicity
• Gender
• Profession
• Education
• Income

❖ data that describe a group of people in terms of;
• Tastes
• Opinion
• Personality traits
• Lifestyle habits

❖ data that helps you determine how often potential customers use a
particular service.
❖ data that helps you determine:
• Where your potential costumers live and;
• How far customers will travel to do business with you

SUB TOPIC Part 2
Goal
• Explain the role of market research
• Identify the six steps involve in market research

A system for collecting, recording, and analyzing information
about costumers, competitors, goods, and services.

❖ Information collected for the very first time.
Example:
Autobiographies and memoirs. Diaries, personal letters,
and correspondence. Interviews, surveys, and fieldwork.
❖ Information found in already-published sources.
Example:
Government publication and websites
Books
News papers articles.

❖ Define the question.
• Determine exactly what you need to know
❖ Determine the data needed.
• Define what kind of data you need to answer the question.
❖ Collect the data.
• Questioners should contain only the most pertinent question.
❖ Analyze the data.
• Thoroughly analyze and interpret the data.
❖ Take action.
• Use your analysis result to take action plan.
❖ Evaluate the results.
• Entrepreneurs must perpetually reassess the effectiveness of
their actions.

SUB TOPIC Part 3
Goal
• Explain the importance of understanding your
competition.
• Determine types of competition.
• Prepare a competitive analysis.
• Describe strategies for maintaining customer loyalty.

To remain competitive, you should offer products that are of
equal or better quality than the
competition and that sell for the same or lower prices.

Determine the ways your competition is not meeting the
needs of their customers. The unmet needs of these
customers provides you with an entrepreneurial
opportunity.

❖ Sells similar products and services
❖ Products are of comparable quality, value, and price point
❖ Has the same ideal customer
❖ Sells different products and services from the same category
❖ Products may be at a different price point, but could serve as a
substitute
❖ Meets the same need for the customer

competitive analysis identifying and examining the
characteristics of a competing firm

❖ Make a list of your competitors.
❖ Summarize the products and prices offered by your competitors.
❖ List each competitor's strengths and weaknesses.
❖ Find out the strategies and objectives of your competitors.
❖ Determine the strength of the market.

100% Done 19+ 5 Members
Reporters: Barcebal, Caracena, Mamalintao, Tiña, Peñaflor
Subject: Technopreneurship
Teacher: Dr. Marcicel Dayaday
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