Sample interview questions: How do you determine target markets for a product?
Sample answer:
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Analyze Market Trends and Consumer Behavior:
- Study historical and current market data to identify emerging trends, consumer needs, and industry shifts.
- Conduct market research surveys, focus groups, and customer interviews to gather insights into consumer preferences, demographics, and pain points.
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Segmentation, Targeting, and Positioning (STP) Analysis:
- Divide the overall market into distinct segments based on shared characteristics, needs, or behaviors.
- Evaluate each segment’s size, growth potential, and accessibility to determine its attractiveness.
- Select one or more target segments that align with the product’s unique value proposition and competitive advantage.
- Develop a positioning strategy that clearly communicates the product’s benefits and differentiation to the target market.
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Competitor Analysis:
- Identify key competitors in the target market and analyze their products, pricing, marketing strategies, and market share.
- Assess their strengths, weaknesses, and potential threats to gain insights into the competitive landscape.
- Identify gaps in the market that the product can address to gain a competitive advantage.
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Demographic and Psychographic Profiling:
- Gather demographic information such as age, gender, income, location, and education of the target audience.
- Analyze psychographic factors like values, attitudes, interests, and lifestyle of the target market to understand the… Read full answer
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