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Understanding the Market
Entrepreneurs are directly responsible for ensuring that the needs of customers are met by the products or services
offered by them. Therefore, in this phase of the business, it is very important to understand exactly what most customers
want. Customer needs can be grouped into four types:
Partially fulfilled Unfulfilled and
Fulfilled needs Unknown needs
needs known needs
Fulfilled Needs
These are the needs that customers understand. The needs are met by various companies or governments. For example,
the need for travelling modes is covered by both private bus services and state bus or metro services.
Partially Fulfilled Needs
These are needs that are met through different products or services, but customers are not completely satisfied and
still have problems using them. For example, people always use taxi services like ola, uber and auto-rickshaws to get to
different places, but they struggle to find one on time and end up paying an extra amount for it.
Unfulfilled and Known Needs
These needs are known to customers, but are not met by anyone in the market. For example, residents of small towns
had no electricity at all times, and therefore their children could not study after sunset. A company recognized this
problem and installed solar lamps, which are charged during the day and can be used at night.
Unknown Needs
These are needs that people have but are not aware of or expect to be addressed by a business. For example, 10 years
ago people didn't know that online education is possible. However, through innovation, entrepreneurs have found the
technology to make it happen.
Certain aspects should be kept in mind while figuring out the above needs:
QUALITY QUANTITY
Quality & Quantity Price
Location Time
Entrepreneurial Skills-III 77

