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Summary: Lecture 4.4: Satisfying Real Market Needs
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Read the summary and the most important questions on Lecture 4.4: Satisfying Real Market Needs
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2 Economic Feasibility
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Beware _____________ the product to the point that the price is beyond your customer
overdesigning -
Keep production _____ manageable and ______ appropriately high.
costs, volume -
High development + low demand =
unprofitable opportunity -
3 Take an honest look at your product
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• What might trying to convince yourself that your solution is better than the competitors lead to?
over-optimism -
Engage in a fair __________ of the strengths & weaknesses of your solution to the customers’ current & future _____.
evaluation, needs -
4 Exploring new venture opportunities
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What should you use to explore new venture opportunities?
your relationships -
How can you use your social networks?
to gather information about competitors and their products -
Who can you talk to for feedback?
friends, family, potential customers, competitors, and others in thefield -
5 Understanding the marketing & selling processes
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To be successful at entrepreneurship, you also have to understand how to ______ and ____ new products and services.
market, sell– The best marketed products often outsell the best products (if not marketed well) -
What two very important concepts should you focus on?
– Understanding the process of personal selling– Understanding the pricing of new products & services
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