In this lesson, we will start our Market research with an understanding of how many opportunities for products there are

MARKET RESEARCH

When you embark on creating a product, you typically begin with MARKET RESEARCH, a process that involves gathering, analyzing, and interpreting information about needs, problems, and the people who experience them, including their views, preferences, behaviors, and other characteristics. We’ll start by understanding needs and problems and then delve deeper into comprehending our consumers and creating their profiles.

The Need for Products

How the World Operates

The world is inherently dynamic, and constantly changing, and these changes impact every individual. Not only does everything change, but the world also deteriorates if not properly managed. Consider this:

• Flowers wither without water.
• A house will crumble if neglected.
• The body falls ill without care.
• Streets become dirty if not cleaned.
• Corruption thrives when unpunished.

As everything deteriorates and faces decay, there arises a need to organize, maintain, create systems, build solutions, and produce items that serve customers’ needs. In fact, even the Creator has implemented systems. For instance, the human body has its cleansing and protection mechanisms, while nature operates with a water circulation system. All these are solutions to the problem of deterioration. Deterioration isn’t inherently bad; it’s simply the natural order of things. Even systems themselves require care to continue functioning.

This understanding should lead you to the realization that there are countless needs for products, making it nearly impossible not to create one. In essence, you’ve been doing this your whole life, both for yourself and your loved ones. Now, let’s extend our view beyond the needs within our homes to encompass society, the people around us, and the world at large.