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Identifying Market Problems in Entrepreneurship

This document provides an overview of lesson 1 of an entrepreneurship course on developing a business plan. The lesson focuses on identifying market problems or needs. Students are asked to identify problems with example products and define what constitutes a market problem. The document defines market problems as stated or silent issues customers face. It distinguishes stated needs that customers explicitly voice from silent needs where problems lack defined solutions. Students are instructed to evaluate identified market problems based on urgency, pervasiveness among the target market, and customers' willingness to pay for solutions. For assessment, students must describe problems with three example products in 3-6 sentences each.

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Alfie Lumpay Cagampang
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425 views3 pages

Identifying Market Problems in Entrepreneurship

This document provides an overview of lesson 1 of an entrepreneurship course on developing a business plan. The lesson focuses on identifying market problems or needs. Students are asked to identify problems with example products and define what constitutes a market problem. The document defines market problems as stated or silent issues customers face. It distinguishes stated needs that customers explicitly voice from silent needs where problems lack defined solutions. Students are instructed to evaluate identified market problems based on urgency, pervasiveness among the target market, and customers' willingness to pay for solutions. For assessment, students must describe problems with three example products in 3-6 sentences each.

Uploaded by

Alfie Lumpay Cagampang
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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SUBJECT: ENTREPRENEURSHIP 12

LESSON 1:

CONTENT: DEVELOPMENT OF BUSINESS PLAN

CONTENT STANDARD: The learner demonstrates understanding of concepts , underlying principles ,


and processes of developing a business plan.

PERORMANCE STANDARD: The learner independently presents an acceptable detailed business


plan.

LEARNING COMPETENCY: Identify the market problem to be solved or the market need to be met.

Activity 1:

Can you identify any problem with the use of any of these products? Choose only one product.

Answer here: _________________________

ANALYSIS

Answer the following questions. Write your answers after each questions.

1. Was it easy for you to find the market problem? If no, wht were your difficulties ?

2. How did you able to identify the market problem?

3. Based on the activity, what is a market problem?

OBJECTIVES
1. Recognize a market problem.
2. Define what is a market problem.
3. Describe what a market consist.
4. Search for other problems in the market.

MARKET PROBLEMS

Are your target market’s stated or silent problems which refer to existing inefficiences, awkward
workflows or non-optimal solutions.

What do we mean by MARKET? They are....

Existing customers – people who have already purchased your product


Prospects – people wh hav not yet purchased your produt but are considering it.
Target market users – people in your target market who are not currently looking for a solution.

What’s the difference between Stated and Silent market problems?

Stated needs – are explicit statements from your market that declare, “ I want a product like this.”
While stated needs are important, they are not as powerful as silent needs.

Silent needs – which are problems with as yet undefined solutions.

QUESTION:

Can you identify a Stated & Silent need with this product?

Answer here: __________________________________

Example:
While doing market research, a mojor TV manufacturer uncovered the problem that people regularly
misplace their TV remote control.

Customers did not identify this is a problem that needed solving, but it was a common issue.

How do we evaluate a market problem?

Urgency (Is the market problem urgent?)


 The problems need immedite solution.
 Customers should care if the problem is not solved.
 Customer don’t have another way to solve the problem.

Pervasiveness (Is the market pervasive?) – the identified market problem aplies to a significat
percentage of your target market. Here are some steps below:
 Use quantitative research o collect the data.
 Methids of data collection include surveys, census information and other primry market
research.

Willingness of the Buyers (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.

POST LESSON ACTIVITY: In a 1 whole sheet of paper.

Think three (3) of any product that you are using, and identify and describe the “problem” with it in
three (3) to six (6) sentences in each products.

End of the lesson

PREPARED BY: CHECKED BY:

ALFIE L. CAGAMPANG MARICHI P. GIGAYON


Teacher II Principal I

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