Analyze the Market
need
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WHAT IS YOUR DEFINITION OF A
MARKET
MARKET
It is a place where two or more people can
gather to facilitate the trade of good or services.
MARKET
It is the total of all the buyers and seller in the
area under consideration.
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ANALYZING THE MARKET NEED
It is analyzing the needs of consumers. Consumer
needs and desires are important in any business
because consumers are the lifeblood of any
business. If there are no consumers or not enough
consumers in your business, it may not last long
because one of the factors influencing the success
of any business is the quality of its buyers.
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WHAT ARE MARKET NEED
NEED
Is something that is necessary.
WANT
Is something that is desire to
posses.
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METHODS TO IDENTIFY MARKET
NEEDS
FOCUS GROUP
Is a market research method that brings together 6-10 people in room to
provide feedback about their needs phrases entered.
SOCIAL LISTENING
Social listening gives you access to what people are saying about their needs
across social media and the web.
KEYWORD RESEARCH
Keyword research is a way of identifying the need by the use of search
engine, most common words and phrases entered.
MARKET
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SIZING
TOTAL AVAILABLE MARKET (TAM)
is a reference to the total market
demand for goods or services.
SERVICEABLE AVAILABLE MARKET
(SAM)
is the part of the tam targeted by the
z or services that is
entrepreneur’s goods
within reach.
SERVICEABLE OBTAINABLE
MARKET
(SOM)
is the portion of the sam that
realistically reachable.
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DETERMINE THE POSSIBLE
PRODUCTS THAT WILL ET THE
NEED
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Products, Goods, and Services
 Product is an object or system created for customers use; it is
anything that can be counted to a market to meet the want or need
of a customer.
 Goods are physical or tangible products that consumers buy to
meet their need and involve the transfer of ownership from the
seller to the costumers.
 Services are intangible or non-material that consists of activities,
benefits, or satisfaction and do not result in the ownership of
anything.
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THE DIFFERENCE BETWEEN
PRODUCTS, GOODS, AND SERVICES,
PRODUCTS
GOODS
SERVICES
TANGIBLE
INTANGIBLE
HOMEGENOUS
HETEROGENOUS
CAN BE STORED
CANNOT BE STORED
TRANSFER OFOWNERSHIP
TAKE PLACE
CANNOT TAKES PLACE
EXAMPLE
PENCIL, CELLPHONE
PLUMBING, REPAIRING
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WHAT ARE MARKET NEEDS
Market needs are the identified and unidentified
necessity of the market that communicate with your
business, your competitors, or when they search for
the answers you provide.
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TYPE OF MARKET NEEDS
GOODS NEEDS
 PRICE: markets generally set their budgets for any goods purchase.
 FEATURES: markets look for features that would solve their problem and
reliability in functioning while using the product.
SERVICES NEEDS
 EMPATHY: market sticks to brand that serve them with emphatic attitude.
 CLARITY: market look for transparent information from the brand related to
pricing, refund policy, etc.
 COMMUNICATION: the market needs information from the point of
interaction until the end.
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DETERMINING THE POSSIBLE
GOODS OR SERVICES
Determining the possible goods or services that will meet the
need of the market is essential to any startup entrepreneurs.
The simple through is that no one will buy your product if they
believe they don’t want it or they don’t need it and we won’t
pursuit anyone to buy what you’re offering unless you clearly
understand what is your market want.
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HOW TO MEET THE MARKET NEEDS
IDENTIFY THE MARKET
NEEDS BY ANALYZING
THE CONDUCTED
INTERVIEWS,FOCUS
GROUPS, SOCIAL
LISTENING OR
KEYWORD RESEARCH.
COLLECT
CUSTOMERS
FEEDBACK
REGULARLY TO
LEARN THE
EFFORTS TO MEET
THEIR
EXPECTATIONS
IDENTIFICATION
COLLECTION
DISTRIBUTION
CREATE
DISTRIBUTE THE
INFORMATION
TO RELEVANT
STAKEHOLDERS
TO THE GROUP
OR
ORGANIZATION.
TAILOR
PRODUCT
FEATURE
DETAILED
CONTENT THAT
SPEAKS
TO THE
MARKET
NEEDS.
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POSSIBLE PRODUCTS OR SRVICES
THAT WILL MEET THE NEED
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Entrepreneurs must have a full knowledge as to what
products are needed in the society. The product will
be for satisfaction of the group of the target market. It
must be specific, identified from the others, and easily
be recognized.
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PRODUCT DESCRIPTION
NECESSITIES
1. Cite the uniqueness of product over other existing products in terms of
characteristics, variations and the like
2. Use layman’s term in describing the firm’s product or service. Present a
product mix if the firm will be selling more than one product.
3. Illustrate the usefulness of the product/service. Provide substantial
information on effectiveness of marketing which includes positioning and
strategies.
4. Present the nature including the content of raw materials that will be used
in the proposed product and its source.
Level of Product
1. Tangible Products
2. Augmented Product
3. Generic
Product
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LEVEL OF PRODUCT
1. TANGIBLE PRODUCTS- basic physical appearance
which can be a service or idea having precise
specifications and is offered under a given/specified
description or model number.
EXAMPLE: Honda Brio Model, House and Lot 400sq
meters (floor and lot area)
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2. AUGMENTED
PRODUCT- includes the image and service
features of a certain entity. It gives emphasis on the tangible
benefits that the customer will be getting from buying and selling.
EXAMPLE: car insurance, medical and dental benefits, fire
insurance.
3. GENERIC PRODUCT- emphasizes the impact of the product to
the consumer, not the seller. This will signify the purpose of its
existence and the primarily objective in creating the product.
EXAMPLE: prestige, status signal, professional image .
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TYPES OF PRODUCT
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LEVEL OF PRODUCT
1. GOODS
2. SERVICES
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TYPES OF PRODUCT
1. Goods – sale of the physical products
from the ,manufacturer to the consumer or
ultimate user; tangible products.
GOODS
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1. DURABLE GOODS
2. NON-DURABLE
GOODS
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TYPES OF PRODUCT
1. GOODS
DURABLE GOODS- physical products that are used over a
long period of time.
EXAMPLE: steel, stainless, appliances.
NON-DURABLE GOODS- physical goods that are quick and
easily be consumed or worn out.
EXAMPLE: plastic wares
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TYPES OF PRODUCT
2. Services- intangible products that satisfaction
can be measured in future preferences.
Example: relaxation in salon and spa; education
from school.
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SERVICES
1. RENTED-GOODS SERVICES
2. OWEND-GOODS SERVICES
3. NON-GOODS SERVICES
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TYPES OF PRODUCT
2. SERVICES
RENTED-GOODS SERVICES- consumer rented facility of the sellers in a certain period of
time.
Example: car or space rental
OWEND-GOODS SERVICES- repair and maintenance services rendered by the sellers to
the products of the customer.
Example: laundry business, car wash
NON-GOODS SERVICES- personal service on the part of the seller, most common are the
expertise and profession of the seller.
Example: teacher will act as a tutor, accountant act as a bookkeeper, lawyer act as a legal
consultant, receptionist and guess relation offer
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CONSUMERS PRODUCTS
These are goods and services
destined/produced for the final consumer for
personal, family, or household use. The use of
the goods or services designated it as a
consumer product.
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CONSUMERS PRODUCTS
1. CONVINIENCE PRODUCTS
2. SHOPPING PRODUCTS
3. SPECIALITY PRODUCTS
CONSUMER PRODUCTS
1. Convenience Product – are purchased with the
minimum or less effort because the buyer has
knowledge of product characteristics prior to
shopping.
2. Shopping
Products- are products that the
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consumers acquire through further knowledge and
information in order to make final purchase
decision.
3. Specialty Products- are the items with particular
brands and stores which consumers are loyal. They
are willing to make a significant effort to acquire the
brand desired units and will pay a higher or above
the
price
of
similar
products.
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INDUSTRIAL PRODUCTS
- are goods or services purchased for
use/consumption in the production/manufacturing of
other goods or services, in the operation of a
business or for resale other customers