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Entrepreneurship

The document outlines key concepts in entrepreneurship, focusing on marketplace needs, customer requirements, and components of market analysis. It emphasizes the importance of understanding customer perception, market trends, and competition, while providing a structured approach to conducting market analysis. Additionally, it discusses methodologies for generating new products and services, including focus groups and brainstorming, and highlights the significance of market share and competitor assessment.

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7 views5 pages

Entrepreneurship

The document outlines key concepts in entrepreneurship, focusing on marketplace needs, customer requirements, and components of market analysis. It emphasizes the importance of understanding customer perception, market trends, and competition, while providing a structured approach to conducting market analysis. Additionally, it discusses methodologies for generating new products and services, including focus groups and brainstorming, and highlights the significance of market share and competitor assessment.

Uploaded by

nyxflrzzzz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Entrepreneurship

Marketplace Needs

is a marketing concept that relates to the functional or emotional needs or desires of a market.

Main Customer Needs

1. Price—the amount of money that has to be paid to acquire a given product. It is a


measure of value.

2. Quality—it is the degree to which the product or service meets the customers
expectation.

3. Choice—the act of making or selecting a decision when faced with two or more products
or service providers

4. Convenience—an element of customers experience that saves the customer time and
effort

Components of Market Analysis

Customer Description—person or company that receives, consumes or buys a product or


service

Customer Perception—refers to customers' awareness, their mpressions and their opinion


about a certain business, product, brand or service rendered

Market Trends—perceived tendency of financial markets to move in a particuler direction over


time

Market Projection—a core component of a market analysis. It projects the future numbers,
characteristics and trends in your target market.

Market Competition—the rivalry between companies selling products or rendering services


with the goal of achleving revenue, profit and market share growth.

Basic Question in Market Analysis

the seven basic questions that you must be asked in preparation for any major market analysis.

1. WHY—Purpose and objective for conducting the market analysis


2. WHAT—Determines the scope and the limitations of the market analysis to be
conducted

3. WHICH—Determines which segment of the market must be studied; this must be the
market segment that the entrepreneur is eyeing.

4. WHO—Identifies who among the members of the selected market segment will
participate in market analysis

5. WHEN—Determines the time and timing of the research. This is critical for
entrepreneurs whose product or service will be offered on a time-constrained markets
such as office workers.

6. WHERE—Pinpoint the relevant location of the market research.

7. HOW—Determines the methodology to be used for market analysis

How to conduct a Market Analysis?

1. Determine the purpose of your study.


2. Look at your industry's outlook.
3. Pinpoint target customers.
4. Compare your competition.
5. Gather additional data.
6. Analyze your findings.
7. Put your analysis into actions.

Market Analysis Methodologies

Focus Group Discussion (FGD) is one of the most common qualitative research tools. It is
non-consumer experiences regarding products, places or programs. This method can also be
used for generating initial insights.

FGD can be used to address substantive issues such as:

● Understanding consumers' perception, preferences, and behaviour concerning a product


category;

● Obtaining impressions on a product conceptit

● Generating new ideas about older poduce

● Developing creative concepts and copy material for advertisements;


● Securing price impressions; and

● Obtaining preliminary consumer reaction to specific marketing programs.

Nine steps in conducting FGD

1. Develop research objectives;

2. Determine the participants profile;

3. Determine the appropriate compensation/token for the participants;

4. Develop participants; screener questionnaire;

5. Recruit the participants;

6. Select good facilitator;

7. Develop facilitators discussion guide;

8. Arrange for the venue and logistics; and

9. Analyze the results of the

Modes of Generating New Products/Services

1. Focus Group

A moderator leads a group of 8-14 participants through an open, in-depth discussion in a


directive or non-directive manner. This Is an excellent method for generating and screening
ideas and concepts

2. Brainstorming

Good ideas emerge when the brain storming effort focuses on a specific product or market area.

3. Problem Inventory Analysis

Consumers are provided with a list of problems and are asked to identify products that have
those problems. Results must be carefully evaluated as they may not actually reflect a new
business opportunity.

Sources of New Products and Services


1. Consumer

Monitor potential ideas and needs from customers and formally arrange for consumers to
express their opinions.

2. Listing Products and Services

Analysis of Products and services uncovers ways to improve offerings that may result in a new
product or service.

3. Distribution Channels

Channel members can help suggest and market new products.

4. Government [patent office]

Files of the Patent Office can suggest new product possibilities.

5. Research and Development

● Conduct research on your market and your customers' needs. This results to the
development and identification of new and improved product and services.

● In many cases, new entrepreneurs over-estimate the share that they could expect, with
the results that production operates at only a small proportion of the planned capacity.

● This figure should not be assumed to represent the scale of production that could be
expected. Even if no one else is currently making a product locally.

Market share and competition

● Market surveys and calculation of market size and value are important to find out
whether the demand for a product really exists.

● It is therefore important from the outset, to estimate the proportion of the total market
that a new business could reasonably expect to have. This is referred to as market
share.

● It is often difficult to estimate a realistic market share. The figure depends on a large
number of variables

Competitors
Competitors are very important to the success or failure of a new business. The entrepreneur
should recognize that there are different types of competitors.

1. General competitors
2. Type competitors
3. Brand competitors

They also compete with the profit margin and level o service that they offer to the retailers and
with special offers or
incentives to costumers.

● New entrepreneurs must therefore assess each of these factors using a Strength,
Weakness, Opportunities and Threats (SWOT) analysis.

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