1. Needs refer to the willingness or demand of people to purchase or use a particular product or service.
2. In a business context, understanding market demand is crucial. This demand can be for a specific product or service, or it may be a domain need, such as for a particular type of product or market segment.
3. The first step in understanding market demand is to comprehend the needs of the target customer group. This can be achieved through market research.
4. Market research can cover various aspects, such as the preferences and needs of the target customer group, their spending and consumption habits on certain products or services, and more.
5. This information is invaluable for developing product strategies and supporting new product development.
6. The second step in understanding market demand is to consider emerging trends or challenges in the market environment.
7. These can include business environment factors such as competition and policy changes.
8. Even in the best market environment, companies still need to respond quickly to meet customer demands.
9. Understanding market demand is one of the keys to business success.
10. This understanding can guide new product development and marketing strategies, thereby allowing businesses to maximize profits.
