5.7 - Innovation, Design, and Marketing Specifications

Market Analysis

An appraisal of economic viability of a proposed design from a market perspective. Is there a need for a product? What is the target consumer and what are they willing to pay?

Target Markets

A specific group of people with shared characteristics that a business markets its products and services to.

Market segments

A specific group within a target market with a shared characteristic.

Geographic

Location, climate, region.

Demographic

Gender, age, income, occupation, education, household size.

Psychographic

Attitudes, values, and beliefs.

Behavioral

Habits, interactions with brands, etc.

Primary market analysis techniques

Surveys, interviews, focus groups

Secondary market analysis techniques

market analyses, academic journals, government publications, media articles.

User need

Does the market segment need the product? If not no one will buy it.

Consumer need

Consumers identify their needs and wants in the process of buying a product.