An important approach to look for entrepreneurial opportunities is to search for unmet market needs. For example, when smart phones became popular, there was a new market for all kinds of smart phone accessories, including iPhone cases and portable chargers.

An important approach to look for entrepreneurial opportunities is to search for unmet market needs

An important approach to look for entrepreneurial opportunities is to search for unmet market needs. For example, when smart phones became popular, there was a new market for all kinds of smart phone accessories, including iPhone cases and portable chargers.

Explain one or two market needs that have not been satisfied.

Finally, analyze how the needs can be served and how profit might be made out of it.

More details;

In marketing, satisfying customer needs and wants is the easiest way to increase profits and sell more products and services. The definition of desire in marketing is finding what the consumer is longing for and needing. Marketing strategies look to fulfill different needs to get the consumer to buy the product. Often several needs are fulfill at the same time to build stronger client satisfaction. The following consumer needs examples illustrate the desires that buyers have and what key points marketing strategies should target.

Fulfill Consumer Need

Fulfilling the consumer needs start with understanding what your product does and how it helps people. Taking the time to fully research and understand how you help consumers is the best way to properly target marketing campaigns. Proper targeting generates the best sales results. Consumers fall into what is referred to as the “Awareness Pyramid” with people at the base of the pyramid unaware of their need or your product. As people move up the pyramid, they understand more about how your problem solves the need.

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