One of the key ways to guarantee that your business is successful lies in choosing the right niche market. However, one of the greatest challenges faced by many entrepreneurs is the use of the World Wide Web due to its extensive reach and its multipurpose nature. These characteristics have ensured that even a product that is successfully introduced into the market is not sold to everybody reason being that, not everybody needs the product. With this in mind, one of the advice Prof. Li should get as an entrepreneur is associated with the significance of defining the target market and the customer. In this case, since Prof. Li is not interested in competitions and price wars, in order to introduce the novel PSA into the market, Prof. Li should work with a company which is just starting up.
A startup company that is willing to establish itself in the manufacturing industry and specifically dwelling in the production of tapes and labels based on PSAs would be a good customer for Prof Li since the firm will be willing to adopt new ideas and technology compared to a firm that has already established itself in the market. Additionally, been in a new market, there will be few potential customers thus there will be no intense competition from big firms. Choosing the potential customer for Prof Li is also a crucial task to ensuring that the product accomplishes Prof Li’s vision of ensuring the products are environmental friendly.
Choosing the right customer
Identifying the primary customer
The most crucial customers in this case are not the ones who will generate the most profits but the ones who will unlock the most value. Therefore, as Prof Li progresses with his research his primary customers would be the end users or consumers of the product.
Understand what the primary customers’ value
Once Prof Li has determined the primary customers for the novel PSA, the next step would be to identify the product’s attributes and the customer values. In a new market and industry, different customers value diverse things. Some customers plea for lower prices, some customers want a committed service rapport, while others are searching for the best technology. Since the use of plant oils as materials for making PSAs has many advantages, for instance, low prices, low toxicity, essential biodegradability, and equally high purity with a comparison to the current petrochemical-based PSAs in the market. It is, therefore, crucial for Prof Li to ensure that the novel PSA achieves this characteristic since it will attract more customers and contribute to the expansion into different markets.
With numerous missions targeting entrepreneurship into the business and research sectors, their part in the financial and social development in different societies has expanded greatly (Meisam et.al 1) Therefore, different topics concerning entrepreneurship and knowledge on commercialization have attracted the attention of numerous researchers in different nations around the globe (Meisam et.al 1). Commercialization has emerged as an important component to the extent that many research firms have decided to formalize commercialization technologies by providing consulting services and undertaking research projects. As a matter of fact, consulting services centers are increasing daily especially developing countries around the world (Meisam et.al 2).
Undoubtedly, one of the vital reasons for the high-speed technology development in industrialized nations is the emphasis on the commercialization procedure research in those countries. Therefore, Prof Li will be at a better point in working with a startup company or firm since the firm will grow with new technologies, products, and services and thus establish its roots firmly in the market.
Meisam,M. et.al. Obstacles and Solutions of Commercialization of University Research: Case Study of Small Businesses. Journal of Knowledge Management, Economics and Information Technology Issue 7. December 2011: 1-23.