Discussion
You mention that you would use the characteristics of the target market to develop a product or service. That is a different approach than I have experienced before. I have product ideas and work to discover the best market to love and use my idea. Your idea is the reverse. I see how numerous products may be borne from your approach as large markets are discovered and changes in consumer behaviors are identified. Many products are created in response to large markets.
My father is a triathlete and so many new products are available at every event, especially the large ones. A large shoe manufacturer was present at a recent event and allowed runners to use their product for the running section and then asked for feedback, stating that they want to develop a premier product for long-distance runners.
Our book mentions lean startup practices. These lend themselves to getting products on the market with the minimal financial expense, getting customer impressions and then updating as needed until the product yields the results sought. This would also seem effective in creating products to follow the market.
To you, what markets are most obvious to you that might be fertile for which to launch products and service ideas?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.