market-insights

Vocabulary Word

Definition

'Market insights' is a sophisticated term meaning understanding trends, behaviors, and preferences of consumers in a market. It's like using a special lens to see what people want when shopping.

Examples in Different Contexts

In product innovation, 'market insights' are critical for identifying new product opportunities and understanding customer needs. An innovation manager might observe, 'Leveraging market insights has allowed us to develop a groundbreaking new app that meets untapped consumer desires.'

Practice Scenarios

Tech

Scenario:

User data suggest they prefer personalization in their apps. Shall we adjust our product roadmap accordingly?

Response:

That's a great point. Our market insights confirm the user's preference for personalization. Let's implement this in our next update.

Marketing

Scenario:

We're seeing a surge in interest for locally-sourced products. Perhaps it's time to pivot our marketing campaign.

Response:

Yes, our market insights affirm the rising demand for local products, let's gear our campaign towards this.