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Finding Opportunities in the Marketplace: Solving Common Problems

Every industry and service faces unique challenges that create opportunities for innovation. By carefully observing societal issues, such as poor customer service or high costs, we can identify problems that require solutions. This guide encourages businesses to listen actively to consumer grievances, analyze market trends, and think creatively to develop products and services that address prevalent issues. From streamlining banking services to creating user-friendly technology, discover how to turn complaints into competitive advantages and drive success in your industry.

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Finding Opportunities in the Marketplace: Solving Common Problems

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  1. FINDING OPPORTUN ITIES IN THE MARKETPLACE: SOLVE THE PROBLEM M. W. PICZAK SEPTEMBER 2004

  2. BASIC PREMISE • EVERY INDUSTRY HAS PROBLEMS • EVERY COMPANY HAS PROBLEMS • EVERY PRODUCT HAS PROBLEMS • EVERY SERVICE HAS PROBLEMS

  3. HOW TO NOTICE A PROBLEM • LISTEN TO PEOPLE • READ THE NEWSPAPER • WATCH TV • TRY PRODUCTS AND SERVICES YOURSELVES • NOTICE AS YOU GO CRUISE THROUGH THIS WORLD

  4. “Geez…that’s a real problem…” • SO WHAT DO PEOPLE COMPLAIN ABOUT OR ARE FRUSTRATED WITH?

  5. PROBLEMS I • GRAFITTI IN PUBLIC PLACES • TRAFFIC CONGESTION • GOLF BALLS THAT GET LOST • SPAM • POOR SERVICE GENERALLY • OXYMORONIC JEWEL CASES • COMPUTER OPERATING SYSTEMS THAT TELL YOU HAVE “PERFORMED AN ILLEGAL OPERATION” • CD’s THAT SKIP • DVD’s THAT FREEZE MOMENTARILY • HOLLYWOOD MOVIES THAT AVERAGE ONE CONTINUITY ERROR PER RUNNING MINUTE • HYDRO THAT COSTS TOO MUCH • GRASS SNIPPERS THAT DEPOSIT ALL THAT PLASTIC LINE IN YOUR LAWN • REPAIR PEOPLE THAT ARE NOT ON TIME

  6. PROBLEMS II • THINGS THAT COST TOO MUCH (LIQUOR, BEER, INK CARTRIDGES, SCHOOLING, TEXTBOOKS) • GOVERNMENT SERVICES THAT COST TOO MUCH • HYDRO THAT COSTS TOO MUCH • WHISTLES THAT DON’T WHISTLE • GARBAGE THAT IS ALL TOO PLENTIFUL • AIRPORT SECURITY • ANALOG CLOCKS ON STOVES • TOO MANY COMPUTER CABLES • LONG LINE UPS AT THEME PARKS, DOCTORS’ OFFICES, BANKS, TOLL BOOTHS/CUSTOMS • OBESITY WITHIN OUR POPULATION • INCONSISTENT CLOTHES AND SHOES SIZING • TELEPHONE BOOK FONTS AT 6 POINT • WOMEN’S NYLONS

  7. GETTING SELFISH OR OPPORTUNISTIC • NOW, CAN YOU THINK OF ANY THAT COULD/SHOULD BE ADDED TO THE LIST FOR YOUR PARTICULAR INDUSTRY?

  8. PRODUCT/SERVICE SOLUTIONS:BANKS AS AN ILLUSTRATION • IN THE OLD DAYS, BANK HOURS WERE 10-3 • BANKS WERE OPEN MONDAY THROUGH FRIDAY • IN PERSON BANKING ONLY • BY HAND (SLIP, BANK BOOK UPDATE AND RECORD UPDATE) AND WERE HANDLED BY THE “TELLER” ONLY • NUMBER OF BRANCHES MINIMAL • PARKING AT BRANCHES MINIMAL • LARGELY HAD TO DO YOUR BANKING AT YOUR BRANCH ONLY • NSF CHARGES HEFTY • CUMBERSOME LOAN APPROVAL PROCESSES • JOCKEYING IN LINE UPS

  9. BANKING TODAY: STREAMLINED ALONG MANY DIMENSIONS… • ATMs • GENERIC ATMs • TELE BANKING • E BANKING (4 ¢vs. $2 FOR A TELLER PER TRANSACTION) • PAPERLESS BANKING • COMPUTERS • MULTI BRANCH BANKING • YOU FILL OUT A FORM • NSF PROTECTION/INSURANCE • PRE-APPROVED LOANS • CUSTOMER FRIENDLY HOURS (8-6 + SATURDAYS) • MALL LOCATIONS • SERPENTINE LINES

  10. HOW YOU WILL BE DIFFERENT AND BETTER…THINK • THINK OF THE INDUSTRY YOU WANT TO JOIN • THINK THROUGH WHAT PEOPLE COMPLAIN ABOUT…WHAT YOU HAVE COMPLAINED ABOUT • THINK ABOUT SOLUTIONS TO THESE PROBLEMS AS YOU CONSIDER YOUR BUSINESS CONCEPT • ENSURE THAT THESE SOLUTIONS BECOME YOUR COMPETITIVE ADVANTAGE OR DISTINCTIVE COMPETENCE

  11. SOLUTIONS IN THE MARKETPLACE • PEALESS WHISTLE • HEALTHY FOODS • ORGANIC FOODS • SLOW FOOD RESTAURANTS • RETURN OF THE FORMAL DINING RESTAURANT • CUSTOM COURSE WARE • SUN GLASSES FOR FINDING GOLF BALLS • PAINT THAT GOES FROM PINK TO WHITE AS IT DRIES • SPAM BLOCKERS • LINUX OPERATING SYSTEM • DISNEY’S QUICK PASS SYSTEM

  12. SOLVE THE PROBLEM • NOW, GO BACK AND THINK OUTSIDE THE BOX WHEN IT COMES TO YOUR INDUSTRY, PRODUCT OR SERVICE… • SOLVE THE PROBLEM

  13. FINDING OPPORTUN ITIES IN THE MARKETPLACE: SOLVE THE PROBLEM M. W. PICZAK SEPTEMBER 2004 THE END

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