Identification of Market Gap to Develop a New Product

On 22.02.2024 a Guest Lecture on "Identification of Market Gap to Develop a New Product” was conducted by Entrepreneurship Development Cell and IIC in association with the Department of Master of Computer Application. The Session was handled by Ms.A. Abinaya, Technical Freelance Trainer & Entrepreneur, Event Manager at 1.30 PM – 3.30 PM. 51 students and 1 faculity participated. This event was coordinated by Mrs.M.K.Subbulakshmi AP/MCA. This event was conducted with the guidance of Dr. Lourdes Poobala Rayen, EDC Director.

The event commenced with a warm welcome from Mrs. M.K.Subbulakshmi, Assistant Professor MCA division at Francis Xavier Engineering College. In her opening address, she highlighted the event's main themes of business innovation, emerging enterprises, and the encouragement of creative ideas.

The guest lecture on Introduction to Entrepreneurship, the speaker delved into the intricate process of identifying market gaps and analyzing them effectively. She emphasized the importance of self-learning and entrepreneurial curiosity in this endeavor. Central to her discourse was the notion of recognizing unmet needs or inefficiencies within a market, which constitute these gaps.

The speaker spoke on the methodology for identifying market gaps, stressing the significance of thorough research and analysis. She emphasized the need for entrepreneurs to employ a multifaceted approach, incorporating various market techniques and data collection methods. Through comprehensive research, entrepreneurs can gain valuable insights into consumer preferences, emerging trends, and existing competition.

She underscored the importance of rigorous analysis in understanding the nature and extent of identified market gaps. This involves scrutinizing collected data, identifying patterns, and discerning underlying factors contributing to the gap's existence. By conducting a detailed analysis, entrepreneurs can ascertain the viability of potential solutions and formulate informed strategies for addressing the identified gap.

In addition to identification and analysis, the speaker delineated the steps for implementing remedial actions. She stressed the need for strategic planning and decisive action to capitalize on the identified market opportunity effectively. This entails devising innovative solutions, developing robust business models, and executing agile strategies to navigate market dynamics successfully.

The guest lecture provided invaluable insights into the entrepreneurial process of identifying market gaps, analyzing them comprehensively, and implementing remedial actions. By embracing continuous learning and leveraging effective research methodologies, aspiring entrepreneurs can navigate the complexities of the market landscape and seize lucrative opportunities for growth and innovation. Furthermore, the students was asked our doubts, she was clear the doubts and give some important points related to the Entreprenurship.