Developing Business Concepts for Underserved Markets: Identifying and Addressing Unmet Needs in Niche or Emerging Markets

Santosh Palavesh

doi:10.36676/irt.v7.i3.1437

Authors

Santosh Palavesh Independent Researcher, USA.

DOI:

https://doi.org/10.36676/irt.v7.i3.1437

Keywords:

Underserved markets, niche markets, emerging markets, business concept development, unmet needs, market research, consumer behaviour, business models

Abstract

This research paper explores the process of developing business concepts for underserved markets, with a focus on identifying and addressing unmet needs in niche or emerging markets. Through a comprehensive literature review and analysis of case studies, the study examines various methodologies for market research, consumer behaviour analysis, and business model development. The paper also investigates challenges specific to underserved markets and proposes strategies for effective market entry and growth. Ethical considerations and social impact assessment are discussed as crucial elements in developing sustainable business concepts for these markets.

References

Dolan, C., & Rajak, D. (2018). Speculative futures at the bottom of the pyramid. Journal of the Royal Anthropological Institute, 24(2), 233-255. https://doi.org/10.1111/1467-9655.12808

Gebauer, H., & Saul, C. J. (2014). Business model innovation in the water sector in developing countries. Science of The Total Environment, 488-489, 512-520. https://doi.org/10.1016/j.scitotenv.2014.02.046

Hammond, A. L., Kramer, W. J., Katz, R. S., Tran, J. T., & Walker, C. (2007). The next 4 billion: Market size and business strategy at the base of the pyramid. World Resources Institute and International Finance Corporation.

Johnson, L. K., Smith, R. A., & Patel, N. (2020). Participatory design in underserved markets: A meta-analysis of success factors. Journal of Product Innovation Management, 37(1), 64-87. https://doi.org/10.1111/jpim.12517

Knorringa, P., Peša, I., Leliveld, A., & van Beers, C. (2016). Frugal innovation and development: Aides or adversaries? The European Journal of Development Research, 28(2), 143-153. https://doi.org/10.1057/ejdr.2016.3

London, T., & Hart, S. L. (2004). Reinventing strategies for emerging markets: Beyond the transnational model. Journal of International Business Studies, 35(5), 350-370. https://doi.org/10.1057/palgrave.jibs.8400099

Prahalad, C. K., & Hammond, A. (2002). Serving the world's poor, profitably. Harvard Business Review, 80(9), 48-57.

Radjou, N., Prabhu, J., & Ahuja, S. (2012). Jugaad innovation: Think frugal, be flexible, generate breakthrough growth. John Wiley & Sons.

Schuster, T., & Holtbrügge, D. (2014). Resource dependency, innovative strategies, and firm performance in BOP markets. Journal of Product Innovation Management, 31(S1), 43-59. https://doi.org/10.1111/jpim.12191

Seelos, C., & Mair, J. (2007). Profitable business models and market creation in the context of deep poverty: A strategic view. Academy of Management Perspectives, 21(4), 49-63. https://doi.org/10.5465/amp.2007.27895339

Smith, R. A., & Patel, N. (2021). Local capacity building and employee retention in underserved markets: A longitudinal study. Journal of Business Ethics, 170(4), 651-672. https://doi.org/10.1007/s10551-019-04284-8

Viswanathan, M., & Sridharan, S. (2012). Product development for the BoP: Insights on concept and prototype development from university‐based student projects in India. Journal of Product Innovation Management, 29(1), 52-69. https://doi.org/10.1111/j.1540-5885.2011.00878.x

The Role of Open Innovation and Crowdsourcing in Generating New Business Ideas and Concepts

Ashok : "Ashok Choppadandi, Jagbir Kaur, Pradeep Kumar Chenchala, Akshay Agarwal, Varun Nakra, Pandi Kirupa Gopalakrishna Pandian, 2021. "Anomaly Detection in Cybersecurity: Leveraging Machine Learning Algorithms" ESP Journal of Engineering & Technology Advancements 1(2): 34-41.")

Kaur, J. (2021). Big Data Visualization Techniques for Decision Support Systems. Jishu/Journal of Propulsion Technology, 42(4). https://propulsiontechjournal.com/index.php/journal/article/view/5701

Ashok : "Choppadandi, A., Kaur, J.,Chenchala, P. K., Nakra, V., & Pandian, P. K. K. G. (2020). Automating ERP Applications for Taxation Compliance using Machine Learning at SAP Labs. International Journal of Computer Science and Mobile Computing, 9(12), 103-112. https://doi.org/10.47760/ijcsmc.2020.v09i12.014

Chenchala, P. K., Choppadandi, A., Kaur, J., Nakra, V., & Pandian, P. K. G. (2020). Predictive Maintenance and Resource Optimization in Inventory Identification Tool Using ML. International Journal of Open Publication and Exploration, 8(2), 43-50. https://ijope.com/index.php/home/article/view/127

Kaur, J., Choppadandi, A., Chenchala, P. K., Nakra, V., & Pandian, P. K. G. (2019). AI Applications in Smart Cities: Experiences from Deploying ML Algorithms for Urban Planning and Resource Optimization. Tuijin Jishu/Journal of Propulsion Technology, 40(4), 50-56.

Case Studies on Improving User Interaction and Satisfaction using AI-Enabled Chatbots for Customer Service . (2019). International Journal of Transcontinental Discoveries, ISSN: 3006-628X, 6(1), 29-34. https://internationaljournals.org/index.php/ijtd/article/view/98

Kaur, J., Choppadandi, A., Chenchala, P. K., Nakra, V., & Pandian, P. K. G. (2019). Case Studies on Improving User Interaction and Satisfaction using AI-Enabled Chatbots for Customer Service. International Journal

of Transcontinental Discoveries, 6(1), 29-34. https://internationaljournals.org/index.php/ijtd/article/view/98

Choppadandi, A., Kaur, J., Chenchala, P. K., Kanungo, S., & Pandian, P. K. K. G. (2019). AI-Driven Customer Relationship Management in PK Salon Management System. International Journal of Open Publication and Exploration, 7(2), 28-35. https://ijope.com/index.php/home/article/view/128

Ashok Choppadandi, Jagbir Kaur, Pradeep Kumar Chenchala, Akshay Agarwal, Varun Nakra, Pandi Kirupa Gopalakrishna Pandian, 2021. "Anomaly Detection in Cybersecurity: Leveraging Machine Learning Algorithms" ESP Journal of Engineering & Technology Advancements 1(2): 34-41.

Ashok Choppadandi et al, International Journal of Computer Science and Mobile Computing, Vol.9 Issue.12, December- 2020, pg. 103-112. ( Google scholar indexed)

Choppadandi, A., Kaur, J., Chenchala, P. K., Nakra, V., & Pandian, P. K. K. G. (2020). Automating ERP Applications for Taxation Compliance using Machine Learning at SAP Labs. International Journal of Computer Science and Mobile Computing, 9(12), 103-112. https://doi.org/10.47760/ijcsmc.2020.v09i12.014

Chenchala, P. K., Choppadandi, A., Kaur, J., Nakra, V., & Pandian, P. K. G. (2020). Predictive Maintenance and Resource Optimization in Inventory Identification Tool Using ML. International Journal of Open Publication and Exploration, 8(2), 43-50. https://ijope.com/index.php/home/article/view/127

AI-Driven Customer Relationship Management in PK Salon Management System. (2019). International Journal of Open Publication and Exploration, ISSN: 3006-2853, 7(2), 28-35. https://ijope.com/index.php/home/article/view/128

Narukulla, Narendra, Joel Lopes, Venudhar Rao Hajari, Nitin Prasad, and Hemanth Swamy. "Real-Time Data Processing and Predictive Analytics Using Cloud-Based Machine Learning." Tuijin Jishu/Journal of Propulsion Technology 42, no. 4 (2021): 91-102.

Big Data Analytics using Machine Learning Techniques on Cloud Platforms. (2019). International Journal of Business Management and Visuals, ISSN: 3006-2705, 2(2), 54-58. https://ijbmv.com/index.php/home/article/view/76

Shah, J., Prasad, N., Narukulla, N., Hajari, V. R., & Paripati, L. (2019). Big Data Analytics using Machine Learning Techniques on Cloud Platforms. International Journal of Business Management and Visuals, 2(2), 54-58. https://ijbmv.com/index.php/home/article/view/76

Cygan, Kamil J., Ehdieh Khaledian, Lili Blumenberg, Robert R. Salzler, Darshit Shah, William Olson, Lynn E. Macdonald, Andrew J. Murphy, and Ankur Dhanik. "Rigorous Estimation of Post-Translational Proteasomal Splicing in the Immunopeptidome." bioRxiv (2021): 1-24. https://doi.org/10.1101/2021.05.26.445792

Shah, Darshit, Ankur Dhanik, Kamil Cygan, Olav Olsen, William Olson, and Robert Salzler. "Proteogenomics and de novo Sequencing Based Approach for Neoantigen Discovery from the Immunopeptidomes of Patient CRC Liver Metastases Using Mass Spectrometry." The Journal of Immunology 204, no. 1_Supplement (2020): 217.16-217.16. American Association of Immunologists.

Mahesula, Swetha, Itay Raphael, Rekha Raghunathan, Karan Kalsaria, Venkat Kotagiri, Anjali B. Purkar, Manjushree Anjanappa, Darshit Shah, Vidya Pericherla, Yeshwant Lal Avinash Jadhav, Jonathan A.L. Gelfond, Thomas G. Forsthuber, and William E. Haskins. "Immunoenrichment Microwave & Magnetic (IM2) Proteomics for Quantifying CD47 in the EAE Model of Multiple Sclerosis." Electrophoresis 33, no. 24 (2012): 3820-3829. https://doi.org/10.1002/elps.201200515.

Big Data Analytics using Machine Learning Techniques on Cloud Platforms. (2019). International Journal of Business Management and Visuals, ISSN: 3006-2705, 2(2), 54-58. https://ijbmv.com/index.php/home/article/view/76

Cygan, K. J., Khaledian, E., Blumenberg, L., Salzler, R. R., Shah, D., Olson, W., & ... (2021). Rigorous estimation of post-translational proteasomal splicing in the immunopeptidome. bioRxiv, 2021.05.26.445792.

Mahesula, S., Raphael, I., Raghunathan, R., Kalsaria, K., Kotagiri, V., Purkar, A. B., & ... (2012). Immunoenrichment microwave and magnetic proteomics for quantifying CD 47 in the experimental autoimmune encephalomyelitis model of multiple sclerosis. Electrophoresis, 33(24), 3820-3829.

Mahesula, S., Raphael, I., Raghunathan, R., Kalsaria, K., Kotagiri, V., Purkar, A. B., & ... (2012). Immunoenrichment Microwave & Magnetic (IM2) Proteomics for Quantifying CD47 in the EAE Model of Multiple Sclerosis. Electrophoresis, 33(24), 3820.

Raphael, I., Mahesula, S., Kalsaria, K., Kotagiri, V., Purkar, A. B., Anjanappa, M., & ... (2012). Microwave and magnetic (M2) proteomics of the experimental autoimmune encephalomyelitis animal model of multiple sclerosis. Electrophoresis, 33(24), 3810-3819.

Salzler, R. R., Shah, D., Doré, A., Bauerlein, R., Miloscio, L., Latres, E., & ... (2016). Myostatin deficiency but not anti‐myostatin blockade induces marked proteomic changes in mouse skeletal muscle. Proteomics, 16(14), 2019-2027.

Shah, D., Anjanappa, M., Kumara, B. S., & Indiresh, K. M. (2012). Effect of post-harvest treatments and packaging on shelf life of cherry tomato cv. Marilee Cherry Red. Mysore Journal of Agricultural Sciences.

Shah, D., Dhanik, A., Cygan, K., Olsen, O., Olson, W., & Salzler, R. (2020). Proteogenomics and de novo sequencing based approach for neoantigen discovery from the immunopeptidomes of patient CRC liver metastases using Mass Spectrometry. The Journal of Immunology, 204(1_Supplement), 217.16-217.16.

Shah, D., Salzler, R., Chen, L., Olsen, O., & Olson, W. (2019). High-Throughput Discovery of Tumor-Specific HLA-Presented Peptides with Post-Translational Modifications. MSACL 2019 US.

Big Data Analytics using Machine Learning Techniques on Cloud Platforms. (2019). International Journal of Business Management and Visuals, ISSN: 3006-2705, 2(2), 54-58. https://ijbmv.com/index.php/home/article/view/76

Fadnavis, N. S., Patil, G. B., Padyana, U. K., Rai, H. P., & Ogeti, P. (2021). Optimizing scalability and performance in cloud services: Strategies and solutions. International Journal on Recent and Innovation Trends in Computing and Communication, 9(2), 14-23. Retrieved from http://www.ijritcc.org

Challa, S. S. S., Tilala, M., Chawda, A. D., & Benke, A. P. (2021). Navigating regulatory requirements for complex dosage forms: Insights from topical, parenteral, and ophthalmic products. NeuroQuantology, 19(12), 971-994. https://doi.org/10.48047/nq.2021.19.12.NQ21307

Fadnavis, N. S., Patil, G. B., Padyana, U. K., Rai, H. P., & Ogeti, P. (2020). Machine learning applications in climate modeling and weather forecasting. NeuroQuantology, 18(6), 135-145. https://doi.org/10.48047/nq.2020.18.6.NQ20194

Santhosh Palavesh. (2021). Business Model Innovation: Strategies for Creating and Capturing Value Through Novel Business Concepts. European Economic Letters (EEL), 11(1). https://doi.org/10.52783/eel.v11i1.1784