Role of Market Research
strategies to compete with them in
1. Competitor Analysis
2. Customer Feedback
3. Ideas for new product development
4. Identify trends in the market
5. Aid Pricing Strategies
6. Meeting Consumer Needs
 Market needs - The functional needs,
desires and goals of a target audience.
 A company may identify an area of
the market with unmet needs and
create a product or service that
addresses them.
 If that audience has a large amount of
need, the company may receive a
significant profit.
Details that marketing professionals look for
to determine market needs:
 Age of buyers
 Size of the market
 Customer buying patterns
 Customers' income
 State of the current market
 Competition
 How to distribute the product
WAYS TO DEFINE MARKET NEEDS:
1. Be introspective - defining the market
needs of your particular audience
through introspection
2. Conduct interviews - conducting
interviews with potential customers
or members of the target audience.
3. Analyze the competitors - use
information from their marketing
platforms to better understand how
they approach the target audience.
Then, consider implementing similar
the market.
4. Consider cultural components -
provide insight into the different
markets interested in the product
based on the location, language and
corresponding culture
5. Narrow your niche - narrowing your
audience to increase the success of
particular marketing campaigns
6. Define your target market - define
the market in order to ensure that
you create promotions and products
that effectively appeal to a particular
facet of the market.
7. Determine emotional needs -
Emotional needs are one element of
market needs that may not apply
widely to all products on the market.
However, if you decide to appeal to
your audience through emotion, it's
important to understand what
approach to take
8. Differentiate your business - involves
the development of unique features,
which may include lower prices,
better service, higher quality
materials or other aspects of your
product that can distinguish your
work from that of your competitors
9. Attend relevant events - a qualitative
approach that attempts to see the
market from the customer's point of
view
10. Use a quantitative approach - Use
survey data, Correlational data (how
two different variables impact one
another), and Comparative data
(comparison between two different
variables)