Activity
5 minutes
Form into groups and assign someone to present the
output in front of the class.
Can you identify any problem with the use of any of these products?
Choose one and present them before the class.
Analysis
1. Was it easy for you to find the market problem? If no,
what were your difficulties?
2. How did you able to identify the market problem?
3. Based on the activity, what is a market problem?
Recognizing a
Potential Market Problem
LESSON5
Objectives:
1. Recognize a market problem
2. Define what is a market problem
3. Describe what a market consists
4. Search for other problems in the market
Market Problems
are your target market’s stated or silent
problems which refer to existing inefficiencies,
awkward workflows or non-optimal solutions.
What do we mean by MARKET?
Existing customers: People who have already
purchased your product
Prospects: People who have not yet purchased your
product 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.
Can you identify a Stated & a Silent need with this
product?
Example:
While doing market research, a major TV manufacturer
uncovered the problem that people regularly misplace their
TV remote control.
Customers did not identify this as 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 problem needs immediate solution.
Customers should care if the problem is not solved.
Customer don’t have another way to solve the problem.
Pervasiveness
Is the market problem pervasive?
The identified market problem applies to a significant
percentage of your target market.
Tips
◦ Use quantitative research to collect the data
◦ Methods of data collection include surveys, census information
and other primary 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 ¼ sheet of paper:
Think of any product that you are using, and identify
and describe the 'problem' with it in 3 to 6
sentences.
Performance Task #1
Title: Problem Products Scrapbook
Mechanics:
1. Think of 5 products with problems that you use or those already
available in the Philippine Market.
2. Include the product image/picture and describe the problem
with each product in 3 to 5 sentences.
3. Provide valid information why the problem is urgent and
pervasive.
4. Put the output in short bond paper and a folder.
5. To be submitted 1 week after notice.
Criteria: Problem Products Scrapbook
Description Excellent Good Fair Poor
5 4 3 2
Composition All required
40% components
are present
Structure Information are
30% logically
presented
Accuracy Information are
20% relevant and
truthful
Creativity Additional
10% materials and
effort was
visibly applied.
Sample computation
(Total Score / Perfect Score x 30 ) + 70 =
(4.3/5 x 30 ) + 70 = 95.8
References:
[Link] accessed Nov. 20, 2018
[Link]
