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Select pinpoint supplier, Summaries of English

English

hshsjsjshsghdbxnsjzjzjiaauhsbsjxkxjxbbxbxjzjxjxbxjsisjwuiqbsjxkxoxjsbajsixhxbzjzjzhxbxjxjjxbxbxjxjx

Typology: Summaries

2022/2023

Uploaded on 05/07/2023

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VALIDATE THE SERVICE DESCRIPTION OF THE PRODUCT WITH POTENTIAL
CUSTOMERS TO DETERMINE ITS MARKET ACCEPTABILITY
WHAT IS PRODUCT/SERVICE DESCRIPTION?
A product/service description is the marketing copy that explains what a product/service is
and why it's worth purchasing. The purpose of a product/service description is to supply
customers with important information about the features and benefits of the product/service so
they're compelled to buy. (Henneke, 2019)
Here is an example of a product description.
IN THIS MODULE, A “MARKET” IS REFERRED TO AS:
It refers to a set of individuals sharing similar needs or characteristics that a business
hopes to serve. These individuals are the end users most likely to purchase your product.
WHAT IS MARKET VALIDATION?
Market validation is the process of presenting a concept for a product to its target market and
learns from those prospective buyers whether or not the idea is worth pursuing.
The two most common approaches to market validation are:
1. Interview people in the target market, such as the buyers.
2. Send out surveys to these personas.
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VALIDATE THE SERVICE DESCRIPTION OF THE PRODUCT WITH POTENTIAL

CUSTOMERS TO DETERMINE ITS MARKET ACCEPTABILITY

WHAT IS PRODUCT/SERVICE DESCRIPTION?

A product/service description is the marketing copy that explains what a product/service is and why it's worth purchasing. The purpose of a product/service description is to supply customers with important information about the features and benefits of the product/service so they're compelled to buy. (Henneke, 2019) Here is an example of a product description. IN THIS MODULE, A “MARKET” IS REFERRED TO AS: It refers to a set of individuals sharing similar needs or characteristics that a business hopes to serve. These individuals are the end users most likely to purchase your product. WHAT IS MARKET VALIDATION? Market validation is the process of presenting a concept for a product to its target market and learns from those prospective buyers whether or not the idea is worth pursuing. The two most common approaches to market validation are:

  1. Interview people in the target market, such as the buyers.
  2. Send out surveys to these personas.

HOW TO VALIDATE A PRODUCT’S OR A SERVICE’S MARKETABILITY?

1. Sales - The first and arguably best way to validate your product is to prioritize making a few initial sales. Nothing is more important than customers seeing the value in your product and exchanging money for it. 2. Conduct competitive analysis - Research can be useful when you’re still in the ideation stage or searching for a product to sell. Exploring the current market can also help you mitigate risk and build confidence in your idea before investing too much time and money. Evaluate the market for your product as it stands today to ensure there’s enough demand to build a viable business. One way to make sure there is a healthy market to sell to is to look closely at your direct competition. Find out what they are doing and how it compares to what you are planning to do. Remember not to get discouraged when you see competitors that have already grown big businesses. The fact that they exist will give you a good sense of whether what you are offering is unique or different than what’s currently in the market, which can point you toward untapped opportunities or help you figure out what to focus on going forward. Competition is good, because it confirms that there’s existing demand for what you plan to sell. You can also check out your competition’s social media to see how engaged their customers are with their posts and products. It’s a great way to check out negative feedback about a product and see if you can find a way to improve. 3. Research 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 your competitors, let’s take a closer look at interest from potential customers. The easiest starting place is to go to Google Trends. This is a free tool that allows you to see how often people are searching for the product you’re selling. Knowing where the market is going can help you make a more informed decision and using Google Trends lets you see if you're dealing with a trending product that's on the upswing, or it’s a stagnant product category. The last thing you want to do is jump into a declining market.

WHAT HAPPENS IF NO ONE SEEMS INTERESTED?

What if your potential customers do not want your idea? Take a look at the execution; it might be they love the concept, but the delivery needs to be different. Or, that the idea is sound but the offer isn’t clear. If you are passionate about your product or service and truly believe it has a place in the market, test it with a few variants of concepts and play around with some methods of delivery and adding value. Do your research, build as you go, and make sure that the vibrancy and energy behind your passion for your offering remain there, and your business and clients will thank you for it! Ryah

    1. Conduct competitive analysis
  • WHAT HAPPENS IF NO ONE SEEMS INTERESTED? Jermaine
    1. Research the existing demand Dianne
    1. Start a crowd-funding campaign Warren
    1. Meet customers in person David/Carim
    1. Beta Test