market needs assessment

A market needs assessment is a process businesses use to identify the gaps between what customers currently have and what they truly need or want. It involves researching and analyzing customer preferences, problems, and demand for products or services. This helps companies understand if there is a genuine demand for their offerings and how they can meet customer needs more effectively. Essentially, it guides decision-making by providing insights into market opportunities, ensuring resources are invested wisely to develop solutions that are wanted and needed by the target audience.