Understanding market need is essential for several reasons:
Customer Satisfaction: It helps in creating products or services that meet consumer expectations, leading to higher customer satisfaction. Competitive Edge: Companies that accurately identify and address market needs can establish a competitive edge over others. Resource Allocation: It aids in efficient resource allocation, ensuring that time, money, and effort are invested in the right direction. Risk Mitigation: By understanding market needs, businesses can mitigate the risk of product failure.