1.

Recognize potential market:

6 Common Marketing Problems And How to Solve Them

#1: You’re Not Getting Enough Website Traffics.

#2: You’re Getting Traffic, But No One’s Buying.

#3: there to much competition.

#4:Your attracting the wrong custumer.

#5:People seem Interested, but they’re not ready to buy.

#6:People Always Want a Discount.

Marketplace needs” is a marketing concept that relates to the Functional or emotional needs or
desires of a target Market. Generally, a successful company identifies when a segment of customer
is not effectively served by existing providers and develops and promotes products or services to
match.

1.2. Proposed solution/s in terms of product/s and service/s that will meet the need using
techniques on seeking, screening and seizing opportunities;

Opportunity Seeking

*Entrepreneurs are innovation opportunity seekers. They Have an insatiable curiosity to discover
new or different ideas that will work in the marketplace.

Opportunity Screening

*You have looked at your surrounding environment. You have considered the trends in the market
place. You have an idea of what products or services people are looking for.

Opportunity Seizing

*After screening several opportunities according to well-defined criteria, the next step for the
entrepreneur is to seize the chosen business opportunity.

1.2.1. Analyze the market need.

Customers need analysis is the process of identifying what requirements the customers has for a
product or services. The goal of a customer needs analysis survey is to understand the customers
needs and their position in the overall market.

1.2.2. Determine the Possible product/s or Service/s the will meet the need;

The Four Needs of a Consumer

*Fair Price-pricing should be important to you for revenue,but also its important to your
[Link] need the pricing to be fair.
*Good service-Good customer service has been proven time and time again to allow business to
charge more.

*Good product-creating a solid product is obviously a major need for the consumer,and a major
need for you too. There is no point in excessive manufacture costs if no one is buying your poor
product.

*Meet customer expectations-how much your customer feel valued by your company is often
overlooked .some companies seem to forget that without your customers, you would have no
business. Customer value is the one need we think most ecommerce stores overlook.

1.2.3. Screen the proposed solution/s based on viability profitability and customer requirements.

What are customers needs?

*The success of every company is dependent on its ability to create products and services that
address unmet customers needs. Despite this fact. In over 95 percent of all companies, marketing
and development managers don’t agree on what a customers “need” even is. More specifically, they
do not agree on what characteristics a customer need statement should possess.

1.2.4. Select the best product or service that will meet the market need

How to select the Right Product for Your Business

*To succeed as an entrepreneur, you must develop the ability to select and offer the right products
or services to your customers in a competitive market. More than any other factor, your ability to
make this choice will determine your success or failure.

2. Recognize And Understand The Market:

2.1. Described the unique selling proposed selling proposition and value proposition that
differentiates one’s product/service from existence products/services:

These are all unique selling proposition. Your product also needs a unique value proposition.
Value is what the product does for customers that they’re prepared to pay you for – not its features.
A product can have unique features, but do they benefit the customers, and is the customer
prepared to pay for them.

2.2. Determine who the customer are in terms of

Demographic. Potential customers are identified by criteria such as age, race, religion, gender,
income level, family size, occupation, education level and marital status.

2.2.1. Target Market;

A target market refers to a group of customers to whom a company wants to sell its products and
services. And to whom it directs its marketing efforts. Consumers who make up a target market
share similar characteristics including geography, buying power, demographics, and incomes.

2.2.2. Customer requirement;

2.2.3. Market size

Market size is the number of individuals in a certain market segment who are potential buyers.
Companies should determine market size before launching a new product or service.

2.3. Validate customer through

*Start your customer validation process as early as possible.

*Learn what your Customer Personas want.

*Make your interview long enough to count.

*Conduct enough interviews to get an accurate sense of your potential market.

*If possible, speak to prospective customers face to face.

2.3.1. Interview

An interview is essentially a structured conversation where one participant asks questions. And
the other provides answers. In common parlance, the word “interview” refers to a one on one
conversation between an interviewer and an interviewee.

2.3.2. Focused Group Discussion (FGD)

A focus group discussion (FGD) is a good way to gather together people from similar backgrounds
or experiences to discuss a specific topic of interest.

2.3.3. Survey

A Survey is defined as a research method used for collecting data from a pre-defined group of
respondents to gain information and insights on various topics of interest. Surveys have a variety of
purposes and can be carried out in many ways depending on the methodology chosen and the
objectives to be achieved.

[Link] the importance of marketing mix in the development of marketing strategy:

3.1. Described the Marketing Mix (7ps) in relation to the business opportunity vis-à-vis

The marketing mix the tactical or operational part of a marketing plan. The marketing mix is also
called the 4Ps and the 7Ps. The 4Ps are price, place, product and promotion. The services marketing
mix is also called the 7Ps and includes the addition of process, people and physical evidence.

3.1.1. Product;

A product is the item offered for sale. A product can be a service or an item. It can be physical or
in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that
can be charged depends on the market, the quality, the marketing and the segment that is targeted.
3.1.2. Place;

Place Marketing, also referred to as Place branding refers to promotion of a particular place. It
goes beyond the notion that the struggle for preference is only for the products and services. All
over the world, countries, states, cities are competing for the attention in terms of business, tourism
income etc.

3.1.3. Price;

Price is the amount of money that your customers have to pay in exchange for your product or
service. Your pricing strategy should reflect your product’s positioning in the market and the
resulting price should cover the cost per item and the profit margin.

3.1.4. Promotion;

In marketing, Promotion refers to any type of marketing communication used to inform or
persuade target audiences of the relative merits of a product, service, brand or issue. The aim of
promotion is to increase awareness, create interest, generate sales or create brand loyalty.

3.1.5. People;

My People’s Market is a marketplace re-imagined as a gathering of portland’s diverse and vibrant
entrepreneurs, makers, artists, culinary.

3.1.6. Packaging;

A common use of packaging is marketing. The packaging and labels can be used by marketers to
encourage potential buyers to purchase the product. Packages and labels communicate how to use,
transport, recycle, or dispose of the package or product.

3.1.7. Positioning;

Positioning refers to the place that a brand occupies in the minds of the customers and how it is
distinguished from the products of the competitors.

3.2. Develop a brand name;

#1. Impact Your Audience through your Brand. Once a brand is created, it is not important for
companies to begin selling the product to the customers.

#2. Building the Brand Image.

#3. Understand your target Audience.

#4. Make Your Brand launced a big affair.

4. Demonstrate understanding of the 4ms of operation

4.1. Describe the 4Ms (Manpower, Method, Machine, Materials) of operations in relations to the
business opportunity;

Manpower-When examining the methods you now have in place, what is the ideal number of
people it will take to perform these methods and what position should they be in!.
Method-The manager will determine the most efcient way or each portion of the process to be
done to eliminate damage to the product and to elimate areas where time and manpower are be
wasted.

Machine-When examining your facilities, vehicles, and tools, do you have everything you need to
ensure the safety of the employees while maximizing the efciency and productivity of the
department!.

Materials-Do you have the materials needed to perform all parts of production and are they
conveniently located to minimize waste!.

4.1.1. Develop a Product description;

Evolving your prototypes with digital twin simulation software reduces time to market. Solid edge
simulation modeling reduces the need for multiple prototypes for testing. Personalization.
Maximum plan availability.

4.1.2. Create a prototype of the product;

Making a prototype by hand is a great way to start bringing your product to life. Remember, there
are no rules! Give yourself permission to experiment. Look around the house and select materials
that you can use to test to see if your idea work.

4.1.3. Test the product prototype;

Prototype testing is the process of testing the original model on which a physical product will be
based. While many businesses believe that a prototype needs to be perfect before testing, the truth
is that it’s wise to evaluate market response at an early stage.

4.1.4. Validate the service description of the product with potential customers to determine is
market acceptability;

#1. Ring the cash register- The first and arguably best way to validate your product is to prioritize
making a few initial sales nothing more important than customers seeing the value in your product
and exchanging money for it.

#[Link] competitive analysis- Research can be useful when you still in the ideation stage or
searching for a product to sell.

#[Link] the existing demand- A third strategy you can use to validate your product and its
market is to analyze demand and search volume .now that you know more about competitors.

#[Link] a crowdfunding campaign- A crowdfunding campaign is a helpful, proven option to see if

4.1.5. Select/Pinpoint Potential suppliers of Raw materials;

Follow this step-by-step approach to help you identify the type and potential suppliers you need,
so you can make the best choices.
4.1.6. Discuss the value/supply chain relation to the business enterprise;

The Value chain is a process in which a company adds value to its raw materials to

Produce products eventually sold to consumers. The value chain gives companies a competitive
advantage in the industry, while the supply chain leads to overall customer satisfaction.

4.1.7. Recruit qualified people for one’s business enterprise;

Embody the company’s values. Work hard and work smart. Have the specific skills required. Learn
quickly when new skills are needed. Are able to work with little supervision. Take initiative to make
things happen. Are comfortable in the uncertainty of an entrepreneurial situation.

5. Demonstrate understanding of the 4Ms of operations:

4.2. Develop the business model;

At its core, your business model is a description of how your business makes money. It’s an
explanation of how you deliver value to your customers at an appropriate cost. These tools let
entrepreneurs experiment, test, and well model different ways that they could structure their costs
and revenue streams.

4.3. Forecast the revenues of the business;

Your business revenue forecast is an essential part of future business planning. You need to know
approximately how much you can make throughout the year, your expected cash flow and how
much growth your business may experience. Revenue forecasting is not intended to give you exact
figures for yearly earnings.

4.4. Forecast the cost to be incurred;

Forecasting in Accounting. Forecasting in according refers to the process of using current and
historic cost data to predict future costs. Forecasting in important for planning purposes- it is
necessary to estimate and plan for costs that will be incurred prior to actually incurring them.

4.5. Compute for profits;

Total income – Total Expenses = Net Profit in simple term, profits are all the incomes you earned
from your business less all the expenses you’ve incurred to run the business. Take note the
difference between income, revenue, and gain.

4.6. Create the company’s five(5) year projected financials statements;

Start with a sales forecast. Set up a spreadsheet projecting your sales over the course of three
years. Create an expenses budget. Develop a cash-flow statement. Income projections. Deal with
assets and liabilities. Breakeven analysis.