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Concept of Needs: Target market and competition

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Target Audience & Competition are the next components to be addressed as part
of the process of developing a Comprehensive Strategic Marketing Plan. To
choose an appropriate target market, one must understand how consumers make
purchase decisions. In a report to your colleagues,

1. Research then discuss the concepts of 'needs' and how these needs fit within
the stages of the consumer behavior model.
2. Summarize how you would apply the above research to your
product/service's target market and the competition. Note: even though you
have 'created' a product or service, it makes sense to research real companies
and products that might be considered competitors.

This is the product I created

The idea which I will be presenting at the conference will be about a new startup which plans to manufacture and distribute portable and mobile baby changing tables that can conveniently be installed in your vehicles such as SUV's. The main benefit of this product is that it helps the parents of newly born and very small kids to conveniently change diapers while being outside their homes such as in markets and other public areas. It avoids the need to use unhygenic public restrooms and the inconvenience to wait outside such busy public restrooms. I plan to target parents of newly born and small kids throughout the United States who usually spend lots of time with their kids outside their homes and are looking for solutions to better manage this problem.

I plan to market and distribute this product via a set of online as well as traditional methods of marketing as distribution. The product is a unique concept and the company will definitely have a first mover advantage in this niche segment.

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Concept of Needs: Target market and competition

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Research then discuss the concepts of 'needs' and how these needs fit within
the stages of the consumer behavior model:

In today's competitive and dynamic business environment where consumer is perceived to be the king and the focus is on Total Quality Management for greater consumer satisfaction, it is very necessary for any marketeer for understanding the needs and wants of its target market in order to devise a strategy and product which maximized their satisfaction by addressing all their needs and wants.

Behind the visible act of making a purchase lies a decision process that must be investigated.
The purchase decision process is the stages a buyer passes through in making choices about which products and services to buy. the five stages of the consumer behavior model can be presented as:

Problem recognition,
Information search,
Alternative evaluation,
Purchase decision, and
Post-purchase behavior.

source:
http://www-rohan.sdsu.edu/~renglish/370/notes/chapt05/

The concept of need fits influences the behavior of buyers to make a purchase decision right from the start of the model where the problem recognition takes place due to the needs and wants of the consumers.Recognition of a problem or need is disparity between a consumer's current situation and some ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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