Step 3 - Choose the targetmarketWhich are potentialspecific positive (+) andnegative (-) reasons thatcould make the need you areaddressing commerciallyviable or not?• Report creating a table ofpositive and negative reasons petitors mayRisks to consider• Value of a solution isQuestions to answerCommon innovator errorsCustomers• Is the need sufficiently. Assume improvement isimportant to the customer. Is gain sufficient to motivatechange in behavior?(stakeholdertoo small to changesufficient to change behaviormaking thebehavior• Assume that a "need" equates topurchasingdecision)an "opportunity"Overestimate the role price playsin purchase decision• Underestimate impact ofswitching costsUnrealistic timeline for adoptionInvestors• Underestimate competitors• Market is too small tojustify effort and• Is the potential market at least3-4 times the cost of(providers ofability to improve productdeveloping a solution?• Are there ways to mitigate riskduring development byshortening timelines?. Will a new solution still becapital)investmentofferings over time• Takes too long to• Project unrealistic market sharedevelop andcommercializeCompetitors mayimprove theircompetitive when it reachesproductsthe market?• How long will a solution taketo develop?• What is the opportunity cost?• When and how do innovators• Losing objectivity. Misreading customerInnovators• Need is too weak to(providers ofjustify time necessaryencouragement to mean marketvalidation• Giving up too early• Giving up too latelabor andto develop, fund, andintellectualintroduce a newcapital)solutiontell when they have succeededor failed in the space?

Answered: Choose the target market Which are…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Step 3 - Choose the target market Which are potential specific positive (+) and negative (-) reasons that could make the need you are addressing commercially viable or not? • Report creating a table of positive and negative reasons

petitors may
Risks to consider
• Value of a solution is
Questions to answer
Common innovator errors
Customers
• Is the need sufficiently
. Assume improvement is
important to the customer
. Is gain sufficient to motivate
change in behavior?
(stakeholder
too small to change
sufficient to change behavior
making the
behavior
• Assume that a "need" equates to
purchasing
decision)
an "opportunity"
Overestimate the role price plays
in purchase decision
• Underestimate impact of
switching costs
Unrealistic timeline for adoption
Investors
• Underestimate competitors
• Market is too small to
justify effort and
• Is the potential market at least
3-4 times the cost of
(providers of
ability to improve product
developing a solution?
• Are there ways to mitigate risk
during development by
shortening timelines?
. Will a new solution still be
capital)
investment
offerings over time
• Takes too long to
• Project unrealistic market share
develop and
commercialize
Competitors may
improve their
competitive when it reaches
products
the market?
• How long will a solution take
to develop?
• What is the opportunity cost?
• When and how do innovators
• Losing objectivity
. Misreading customer
Innovators
• Need is too weak to
(providers of
justify time necessary
encouragement to mean market
validation
• Giving up too early
• Giving up too late
labor and
to develop, fund, and
intellectual
introduce a new
capital)
solution
tell when they have succeeded
or failed in the space?

Expert Solution

Step 1

Innovators stands out in the market space as a leader due to its commitment to creating innovative products and flawless service. Innovators offer a wide spectrum of products and services. Regardless of the type of engagement, Innovators seeks collaborative client relationships with a singular focus on successful project delivery – as determined by our clients. Innovators who pioneered whole new technologies and industries. No one had thought the way they did before. Anyone who blazes a trail into new territory can be an innovator — athletes, artists, business people, and chefs, to name just a few.