market-understanding

Vocabulary Word

Definition

'Market understanding' is the ability to recognize and interpret the behaviours, habits, and demands of customers within a specific market.

Examples in Different Contexts

For product design, 'market understanding' involves recognizing customer preferences and designing products that meet those needs. A designer might explain, 'Our market understanding informed the ergonomic design of our latest kitchen gadget, making it a hit with homeowners.'

Practice Scenarios

Tech

Scenario:

Software subscriptions have been declining for the past quarter. There seems to be a shift in user preferences.

Response:

Agreed, as per our market understanding, users are gradually shifting towards open source software. We need to revisit our marketing strategies.

Impact

Scenario:

Our recent initiative on plastic recycling didn't garner enough participation. We need to comprehend our audience's interest better.

Response:

Let's utilise our market understanding to promote recycling practices that align with our community's daily habits.