Need to speak the same language

As product developers, new entrepreneurs, its imperative that we understand market dynamics completely. One cannot do justice unless ground realities, strengths, weaknesses, buying patterns, consumer behavior, present demand-supply situation, supply gaps by way of either non availability of goods, or due to high prices forcing masses to stay away

When we talk of a particular market, its key to understand population statistics, age wise, gender wise, income wise etc., so as to get a grip of understanding the target audience

Most of the developing countries face with quite a few common scenarios, one, is the fact that high end customers are only about 3-4% of the population, where as the rest of the masses come into low-middle income segments, it means its absolutely vital to understand customers buying capacity and at the same time look for gaps, as one needs to be progressive rather than being negative, to me, these are opportunities as most of the blue chip multinationals lack this mindset to target masses, instead they all fight for the small 3% consumer segment – doesn’t make sense to me atleast

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