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1. Discuss the process of identifying market needs.

2. What makes new venture creation difficult?

3. How might one come up with a unique idea?

*200 words minimum

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Solution Summary

The response addresses the queries posted in 468 words with references.

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The response addresses the queries posted in 468 words with references.

//Identification of the needs is an important and fundamental part of any marketing research. The process of identifying the needs is not merely focused on what the consumer can tell the company about their need, but it is also concerned about the latent wants of the consumers. This section contains various steps in a process of identifying the needs//

The process of identification of needs contains following steps.

Start up with the thorough research of the market to understand the habits, culture and lifestyle of the potential consumers.
Identification of the consumer dissatisfaction with the product choices available to satisfy a particular need.
Find the reason behind this dissatisfaction.
Identify the cultural and social norms of the potential market.
Apply the various qualitative ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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