Question

Explain a situation in which that company explored or could explore an opportunity or how to solve a marketplace problem by:

Explain a situation in which that company explored or could explore an opportunity or how to solve a marketplace problem by:

1. Identifying a problem/opportunity area
2. Checking with customers, suppliers, or other key stakeholders
3. Revealing hidden issues
4. Gathering data
5. Looking for root causes
6. Rethinking the issue

Answer 1

(a). In order to solve a market problem, we can identify a problem by doing market research.

- First of all, we need to check what our customer think about our company and what they expect from our company. By researching these factors we can determine which strategy should we use so we can fulfill the needs of our customer.  

- We need to identify which kind of customer is willing to buy our products and which do not. By identifying these, we can work on improving our product or market strategy in order to meet the needs of those customers as well who do not want to buy.

- The best way to set a price for our company's product is by researching the market. Before changing the price, it is always better to research how the customers will behave by seeing the change of the price in their favorite product.

(b). Checking with customers, suppliers, or other key stakeholders:

In order to solve the market problem, it is very important to check with customers, supplier or other stakeholders.

- When a company sells something, it's the main target to sell it to the customers who are willing to buy the product by paying something to the company. If there is no customer or the customers are not happy, then a company can't survive. So, it is very important to find out what problems a customer is facing with our product and how can we help them to solve that out.

- Suppliers are the people who supply raw materials to the company. If a company doesn't get raw materials, then they won't be able to produce anything. So, knowing the problems of supplier and solving that out is the best way to make a long lasting relationship with a supplier.

- Employees are the gems of a company. Without employees, a company can't run. So, by sorting out their problems, providing better job security and salaries, a company can sustain and achieve anything they wish to achieve.

(c) Revealing hidden issues: It is not easy to find out the real problem a company facing because sometimes those issues are hidden. But it can find out by,

- giving more time to analyze the data

- finding out the cause for this issue

- discussing with all the members of the company, in order to get a lot of perspective of the issue

- excluding all the factors which are not related to the problem. Analyze and focus on the cause and their effects.

(d) Gathering data: Gathering the data related to an issue is the most important step to sort out an issue. In order to gather the data, we have to,

- Determine the issues of the market by taking feedback or online surveys from the customers.

- collect the data from the customers.

- analyze those data

- present the outcomes to the team members

- make a decision by studying those outcomes.

(e) Looking for root causes: The next step for solving a marketplace problem is by looking for root causes. The root cause can be identified by,

- understanding the current situation after identifying the issue and analyzing the data.

- finding out why this situation arose.

- finding out the cause, check whether this could be the root cause for the issue or not. Or maybe some other thing caused this issue.

(f) Rethinking the issue: Rethinking the whole issue can really help in getting another perspective of an issue. It is very important to know whether we have found the right issue or not. If yes, then analyze it and gather the data and solve the issue so that it won't be able to arise in the future.