3.1 Environment and Market
3.1 Environment and Market
3.1 Environment and Market
There must be something that will make you the best option for target
customers; otherwise, they have no reason to buy what you are selling.
This implies further, that you offer something to your customers that will
make them value your product or service.
The value you incorporate in your product is called value
proposition.
Value proposition is a believable collection of the most persuasive
reasons why people should notice you and take the action you’re asking for. It
is what gets people moving, what makes people spend for your product or
service.
Innovation
Innovation is the introduction of something new in your product or service.
This may be a new idea, a new method, or a new device.
Use empathy:
Put yourself in the shoes of your customers. Always focus on the needs of
the target customers and forget falling in love with your own product or service.
Always remember, you are making/providing this product not for yourself
but for the target customers to eventually increase sales and earn profit. Essential
question such as what could make them come back and ignore competition,
should be asked to oneself.
Most possible answers may be focused on quality, availability, convenience,
cleanliness, and reliability of the product or service.
Identify customer’s desires:
It is very important for you to understand and find out what drives and
motivates your customers to buy your product or service.
Make some effort to find out, analyze and utilize the information that motivates
the customers in the decision to purchase the product or service.
There are two problems that arise; first is the excessive generation of ideas
that can forever remain as a dreaming stage and the second is when they don’t have
ideas and don’t want to become entrepreneurs.
There are many ways of improving a product from the way it is made to the way
it is packed and sold. You can also improve the materials used in crafting the
product.
In addition, you can introduce new ways of using the product, making it more
useful and adaptable to the customers’ many needs.
When you are improving the product or enhancing it, you are doing an
innovation. You can also do an invention by introducing an entirely new
product to replace the old one.
Here are some basic yet very important considerations that can be used to generate possible ideas for business:
Other needs are not that obvious because they can only be identified later on, in
the event of certain development in the community.
For example, a province will have its electrification facility in the next six
months. Only by that time will the entrepreneur could think of electrically-
powered or generated business such as photo copying, computer service, digital
printing, etc.
Here are some basic yet very important considerations that can be used to generate possible ideas for business:
For example, in a copra producing town, there will be many coconut husks and
shells available as “waste” products. These can be collected and made into coco
rags or doormats and charcoal bricks and sold profitably outside the community.
Here are some basic yet very important considerations that can be used to generate possible ideas for business:
You can pick up new business ideas from magazines such as Newsweek,
Reader’s Digest, Business Magazines, “Go Negosyo”, Know About Business
(KAB)materials, and Small-Industry Journal.
The Internet also serves as a library where you may browse and surf on
possible businesses.
It will also guide you on how to put the right product in the right place, at
the right price, and at the right time.
Branding
Branding is a marketing practice of creating a name, a symbol or design that
identifies and differentiates product or services from the rest.
It is also a promise to your customers. It tells them what they can expect
from your product or service and it differentiates your offerings from other
competitors.
Your brand is derived from who you are, who you want to be and what
people perceive you to be.