Who/what are your major competitors?
Aichi Institute of Technology, based in Japan, has already created a working prototype.
On what basis do you compete?
An air purifier
How do you compare?
A cheaper variant that’s easy to produce.
Who are potential future competitors?
A company or institution involved with robots.
What are the barriers to entry for new competitors?
Budget, Time, and Material limitations.
Why Consider the Marketplace?
A niche marketplace that could potentially solve a global problem
Are There Existing Similar Products?
Yes, there is an Air purifier that can move around the room to a crowded place.
Who Is the Competition?
Companies and institutions like Aichi Institution of Technology.
Who Are the Users and Who Are the Buyers?
The Users and Buyers are people who need clean air in any room space with people.
What Is the Total Available Market?
Currently, you could say it's medium but as pollution becomes a more prevalent problem, the market could become bigger.
What is the Target Market?
The target market is the people who need fewer bacteria in the air.
Conducting Your Own Market Research
Why do those solutions fall short?
Price, Materials, Availability.
Why will your solution be more valuable or desirable?
Due to the cheap expense, it will take to produce it, it could be made more available to any outside market.
Is the market big enough for another similar product?
Yes, due to its niche characteristics
Are the users and buyers always the same?
No, some buyers can be buying for the users or resell to users.
Who should be targeted, users or buyers?
People need clean air and a safe environment for themselves and their loved ones.
How does this relate to justifying a problem statement?
It helps prove a possible market for the product we’re creating.
4.1 Conclusion Questions
Why is it important to know the marketplace before deciding whether a solution is worth pursuing?
It is important to know and understand the marketplace before deciding whether a solution is worth pursuing because the marketplace is one of the main factors in the process: If there is not a market for a specific, or the market is full, then there is no need to make such a product, or persuasion of the product is worthless and without return.
What kinds of people or organizations would be interested in marketing information throughout the problem-solving process?
People who are interested in the creating, selling, and trading of a product.
How did your research influence or change how you think about the problem that you plan to solve?
Our research changed our way of thinking about the problem that we plan to solve by making us think of different ways we could do things, as well as different ways to develop our solution.