Market Problem PEACE

THE MARKET
PROBLEM
KASSANDRA KAY K.
DE ROXAS, MMT
Entrepreneurship Teacher
Review: Q&A
The teacher will draw lot three (3)
names of students who would have a
chance to ask own question from the
previous lesson.
Names of students to answer would be
also drawn.
Outstanding Entrepreneur
of the Day (OEOD)
Anna Meloto Wilk

Outstanding Entrepreneur
of the Day (OEOD)
The country’s in the midst of a real estate boom, and Go, the
president of Robinsons Land Corporation, is among those fueling it.
At the helm of the company since 2006, Go was chosen as the 2017
Real Estate Personality of the Year at the fifth annual PropertyGuru
Philippines Awards. In a statement, Go said, “We at Robinsons Land
want to leave a legacy of having improved the quality of life of
everyone we have touched in our businesses… We are building the
business of building dreams and making life better.”
“ENTREPRENEURSHIP is
a journey that begins
with an IDEA.”
Group Activity
Form four (4) groups. Each group will brainstorm
about the different market problems. Those are the
problems that customers / consumers have that will
eventually enable them to wish or aspire for a
product that manufacturers will be created to help
them solve their problem.
Example 1: Shampoo
Problem: Once opened
and kept on your bag, it
might spill.
Example 2: Toothpaste
Problem : An amount
of toothpaste is left
inside the tube.
Group Presentation
Rubrics:
Group Cooperation 4
Relevance 3
Time Management 2
Neatness of output 1
Total points 10 pts.
How do you assess
that there is a
problem?
Market Research
The process of gathering,
analysing and interpreting
information about a market,
about a product or service to be
offered for sale in that market,
and about the past, present and
potential customers for the
product or service.
Market Research
Research into the characteristics,
spending habits, location and
needs of your business's target
market, the industry as a whole,
and the particular competitors you
face .
After you have interviewed
potential users of your product
and reviewed the results, the
next step is to understand their
common problems, which are
also known as market problems.
Market Problems
Market problems are your target
market’s stated or silent problems.
This could refer to existing
inefficiencies, awkward workflows
or non-optimal solutions. The key to
finding a market problem is to
listen for frustrations, or “if only”
statements, that arise during
interviews.
How to evaluate
market problems?
1. Is the market problem urgent?
Once you identify a problem that
applies to the market, ensure that
potential and existing customers
actually care about the problem. Is
the perceived problem actually
urgent? Will customers care if the
problem is not solved? Do they have
another way to solve this problem?
2. Is the market problem pervasive?
Determine if the identified market
problem applies to a significant
percentage of your target market. Use
quantitative research to collect the data.
Methods of data collection include
surveys, census information and other
primary market research. This can be
accomplished without investing
significant resources.
3. Will your buyers pay to have
this problem solved?
 If the problem is significantly urgent and
pervasive, chances are good that
customers would agree to pay for a
solution. The next step would be to
understand how much they would be
willing to pay for a solution to this
problem. This can be achieved by
conducting surveys or additional
interviews with your target market.
If you answered “Yes” to all of the
preceding questions, then you will
have identified a problem that is
worth solving. Be sure to investigate
whether your competition is already
solving this problem, otherwise you
might not have a competitive edge
in your market.
Examples of a market
problem and solution
Example 1: Shampoo
Problem: Once opened
and kept on your bag, it
might spill.
Solution:
Relockable
Shampoo Sachet
Example 2: Toothpaste
Problem : An amount
of toothpaste is left
inside the tube.
Solution:
Toothpaste
Squeezer
Possible solution:
Umbrella with Cup holders

Seatwork
Provide solution to the
following market problems.
1. Stairs consume
spaces at home.
How will you
make the stairs
more useful to a
house with a
limited space?
2. If you had a gardening
tools business, you would
interview gardeners to
identify problems that
occur on the job. One
problem could be that
paper yard bags do not
stay open while people
are weeding. Without
changing the materials
used in making the bag,
how are you going to
solve the problem?
3. People
regularly
misplace their TV
remote control.
What solution
can you
provide?
4. When going to
school or work and
you brought
banana for lunch,
the appearance of
the banana
changed after
hours once you get
it from your bag. It
can be damaged
or broken.
5. Candles
quickly melt
and easily
replaced. How
can we reuse
the candles in
the easiest
possible way?

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THE MARKET

Anna Meloto Wilk

Umbrella with Cup holders

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