Paper Example on Market Dynamics: Satisfying Customer Needs for Entrepreneurial Success

Market Needs

Entrepreneurs seek to ensure they can satisfy the needs of their target market and minimize costs to maximize profits. Every target market has specific needs that need to be satisfied. In most cases, these needs predict how an entrepreneur can maintain customers of a particular product. Market needs comprise the emotional or fictional needs or desires within the target market. Some unmet market needs include the functionality of the products that an entrepreneur introduces to the market, its price, and the convenience of the products an entrepreneur presents (Jelonek et al. 201).

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

Functionality

Entrepreneurs have to ensure that the products they bring to the market match the product's description during product promotion. In most cases, some entrepreneurs fail to avail of products that function according to the target market's expectations. An entrepreneur's products have to be the right quality and function according to customer expectations towards satisfying their needs (Hart et al. 216). The products have to parts effectively so that they can be able to meet customer problems and desires. To ensure the functionality of the products entrepreneurs bring to the market, entrepreneurs have to ensure they test the products before introducing them to the target market to fully functional. This will increase their overall revenue generation.

Price

The price of products that entrepreneurs introduce to the market predicts whether customers will be satisfied. Price is an essential need in the market since it seeks to ensure that the target market is comfortable when products are available for them in the market. Most entrepreneurs fail to consider the prices they charge their products before introducing them to the market. Customers have individual budgets; thus, costs have to be convenient and affordable to satisfy their wants. Businesses have to ensure that they analyze the target market and determine their capability and whether they can afford the target price for the products they need to make profits in their operations (Hart et al. 216).

Convenience

Entrepreneurs have to ensure that their products are convenient and offer a ready solution to customer needs within the target market and, at the same time, help the entrepreneur meet entrepreneurial goals and objectives (Jelonek et al. 201). The customers' needs are trying top meet have to be the main priority of interest for a business to help satisfy their wants. To effectively manage this need for better revenue generation, entrepreneurs have to ensure they avail essential products to the market to help meet consumer needs and, at the same time, ensure that the products they provide are convenient and readily available within the target market. Entrepreneurs need to ensure their products and services in their businesses are suitable and readily available for customers within the target market.

Works Cited

Hart, Adam G., and Seirian Sumner. "Marketing insects: can exploiting a commercial framework help promote undervalued insect species?." Insect Conservation and Diversity 13.2 (2020): 214-218.

Jelonek, Magdalena, and Maria Urbanic. "Development of sustainability competencies for the labour market: An exploratory qualitative study." Sustainability 11.20 (2019): 5716.