This document outlines 10 steps for identifying market needs through analyzing a target audience and their functional or emotional needs. It involves researching competitors, conducting market research surveys, identifying a target customer base, and evaluating branding materials and marketing strategies to ensure they are effectively communicating what makes a business unique and meeting the needs of the target market. The goal is to develop a comprehensive marketing plan and calendar to implement regular campaigns that track return on investment and drive new business.

1. GROUP 2

2. ANALYZING THE
MARKETING
NEEDS:

3. " Marketplace Needs" is a
marketing concept that relates
to the functional or emotional
needs or desires of the target
market.
MARKET NEEDS

4. One of the first steps in marketing
is to look at the target audience
for your products or services & to
identify one or more market
segments.
TARGET MARKETING

5. Needs are generally categorized as
either functional or emotional. When the
marketplace has a functional need,
people want a product or service that
provides rational benefits.
FUNCTIONAL OR
EMOTIONAL NEEDS

6. Differentiation is a key component of effective
marketing, especially in highly competitive
industries. Often, multiple companies or brands
compete to best meet the needs of a particular
market.
DIFFERENTIATED MARKETING

7. Marketplace needs may include tangible or intangible needs -
- or both types.
•TANGIBLE NEED means a customer needs a product that
offers tangible benefits. Food is a tangible product that meets
hunger needs, for instance.
• INTANGIBLE NEED exists when a customer wants a service
that comes with expertise, time savings or value.
PRODUCTS AND SERVICES

8. STEPS TO IDENTIFY
MARKET NEEDS

9. STEP 1: TAKE STOCK OF THE
CURRENT MARKETING
DEPARTMENT, MATERIALS
AND STRATEGIES.

10. The managers and marketers should
have intimate familiarity with the
market before trying to define a
marketing plan.

11. STEP 2: RESEARCH
HOW YOUR
COMPETITORS
MARKET.

12. Establish your competitive advantage
against your competitors. Everything you do
in your marketing plan needs to emphasize
this advantage.

13. STEP 3: DO MARKET
RESEARCH.

14. Survey your current customers to see what
age, gender, ethnicity and other
demographic groups they fit into. Develop a
detailed report that everyone involved in
marketing would read.

15. STEP 4: IDENTIFY YOUR
TARGET CUSTOMER
BASE.

16. The majority of the money you spend
on marketing should be spent on
communicating and attracting similar
customers.

17. STEP 5: EVALUATE
YOUR NAME, LOGO
AND MOTTO.

18. All 3 of these things should
communicate what is unique about
your business within its market.

19. STEP 6: EVALUATE
YOUR PRINTED
MATERIALS.

20. Everything from business cards to letterhead
to invoices and more should project your
brand. Media kits, catalogs, brochures and
direct mail campaigns should be in the hands
of people who can effectively design your
graphics.

21. STEP 7: EVALUATE
YOUR ELECTRONIC
IMAGE.

22. To this end, you should have a user-friendly
website, email correspondence, and
possibly social media accounts that
announce your business and specials.

23. STEP 8: FIND OUT IF
YOU HAVE A
MARKETING
CALENDAR.

24. You need to be able to track and
implement marketing campaigns on a
regular basis to create new business.

25. STEP 9: RESEARCH
YOUR PAST
MARKETING
CAMPAIGNS.

26. Develop a more efficient way to track the
Return on Investment (ROI) on marketing
campaigns, such as Google Analytics.

27. STEP 10: BEGIN ADDING
NEW MARKETING
STRATEGIES ACCORDING
TO YOUR NEEDS.

28. If you find that many of these marketing
pieces are missing in your marketing plan,
you may want to consult a marketing firm,
so that you can meet the needs in a timely
manner.

29. THAT'S ALL!