Potential Of Untapped Markets-Study One-Topic One

Monday, 25 August 2014

1.3.1.1 The Primary Concerns In New Product Development
Bertrand Sosa came from Mexico to the US and saw the potential for a new market. What potential did he see? That there was a gap in the market where credit cards were out of reach for a lot of immigrants. They were used to a cash economy and not familiar with the internet or credit cards. So he & his brother created a way to close the gap in the market and make it accessible for everyone to have a debit card

How did he identify the new market? What questions did he ask? He identified that market through his own influences & upbringing. He states in the video that they were customer 1 & 2. He mentioned that they had the idea, but the process leading up to it took many years. They also identified the new market by looking at it from the customer’s point of view. Questions he asked were along the lines of should it be done? And why has it not been done before? Others have tried but are not doing it the right because the consumers that need it are not seeing it. Basically this means that they are not researching the new market the right way and correctly engaging the target market or directing the product to within reach of the targeted market.  

Reflect on how entering into a new culture helped Bertrand to generate innovative, creative ideas. What can you learn from his experience? That if you can combine a social reason with a business reason you are adding more value to a product or service. Searching out what the consumer needs are and fill that gap in the market. Creating a product that is going to benefit and help people in the long run and target your marketing around this. Use your own experiences and influences to fuel new ideas. You can use entrepreneurship to change the world by creating something meaningful on a product bases and have a significant impact on people lives. 

ACTIVITY

Marketing innovation

What advice does the consultant have for people wanting to sell their products? That the best products & services don’t need to be sold to people because the best products & services are solutions to problems and are the results all in themselves. The reasons people are buying products or services are because they want an outcome, a result or solution to a problem that they are facing or feeling. Advice given is to not try to sell the product or service but to understand what the person is wanting the product for. My interpretation is FEEL FELT FOUND. I understand how you feel, we have had other customers who have felt the same way, so what we have found is a way to help you by using this product or service. Basically the product is a means to an end for a consumer.

What is his definition of innovation?

That innovation should come first or lead on to marketing-Under the general idea of innovation being creating new things that people want. Definition of innovation is along the lines of new, better and different. He expands on  his definition with you are trying to solve a problem, delivering a result, or gets the customer the outcome that they want that was not available before.