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5 Identify The Market Problem

This document discusses identifying market problems and conducting research. It defines a market problem as an existing inefficiency, awkward workflow, or non-optimal solution experienced by the target market. Research methods for problem identification include assessing brand image, market characteristics, market potential, and market share. Research for problem solving can explore distribution, market segmentation, pricing, products, and promotions. Properly identifying the problem is essential before attempting to solve it.

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bernadettepatricio9135
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190 views

5 Identify The Market Problem

This document discusses identifying market problems and conducting research. It defines a market problem as an existing inefficiency, awkward workflow, or non-optimal solution experienced by the target market. Research methods for problem identification include assessing brand image, market characteristics, market potential, and market share. Research for problem solving can explore distribution, market segmentation, pricing, products, and promotions. Properly identifying the problem is essential before attempting to solve it.

Uploaded by

bernadettepatricio9135
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Lesson 5

Identify the Market Problem


Learning Objectives:
• Recognize a market problem.
• Identify the market problem to
be solved or the market needs
to be met.
• Discover different factors in
problem-identification research
and problem-solving research.
Market Problem
• Market problems are your target market's
stated or silent problems. This could refer to
existing inefficiencies, awkward workflows or
non-optimal solutions.
Market Segmentation
Refers to aggregating
prospective buyers into
groups with common
needs and who respond
similarly to a marketing
action.
Market Survey
An investigation into the
state of the market for a
particular product or
service, including an
analysis of consumers’
needs and preferences.
Target Market
A particular group
of consumers at
which a product
or services is
aimed.
Distribution Channel
A chain of businesses or
intermediaries through
which a good or service
passes until it reach the
final buyer or the end
consumer.
Firm
A company can be
any trade or business
in which goods and
services are sold to
produce income.
Patents
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.
Profit
A financial gain,
especially the difference
between the amount
earned and the amount
spent in buying,
operating, or producing
something.
Your Market Consist of:
• Existing Customers: people who have already purchased your
product
• Prospects: people who have not yet purchased your product but
have an intention to buy
• Target market users: people in your target market who are not
currently looking for a solution
Tips in Identifying Market Problem

1.Focusing only on innovation


and the competition
2.Focusing only on customers
3.Focusing only on revenue
Problem-Identification Research
By conducting new market research projects, you can
discover problem or opportunity. You could discover any of
the following factors through problem-identification
research:
1. Brand image
2. Market Characteristics
3. Market Potential
4. Market share
1. Brand Image
Is the impression in the customers’
mind of a brand’s total personality.
It developed over time through
advertising campaigns with a
consistent ideas, this is
authenticated through the
customers’ direct experience.
2. Market Characteristics
Describes attributes of
the buyers in making
decision related in
purchasing a certain
product.
3. Market Potential
Is the estimated
maximum total sales
revenue of all suppliers
of a product in a market
during a certain period.
4. Market Share

Is a percentage of
total sales volume in
a market captured
by a brand, product
or company.
Problem-Solving Research
1.Distribution Research
2.Market Segmentation
3.Pricing Research
4.Product Research
5.Promotional Research
1. Distribution Research

Determining on how
to transfer the
product from the
manufacturer to
ultimate user
2. Market Segmentation

Grouping customers
by similar
characteristics or
similar purchase
behaviours.
3. Pricing Research
Determining the ideal
price for the product.
Setting the price for the
product is one of the most
important marketing
steps.
4. Product Research

Testing the new or


revised products
or completing test
marketing.
5. Promotional Research

Determining the
best research in the
area of
disseminating
information.
• Using research for
problem identification
and problem solving is
essential when you
want to make your
company the best in
its market. Classifying
your problem should
always come before
attempting to solve
them.

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