Unmet need
DESCRIPTION
An unsatisfied utility that can initiate firms to strategically develop products or services that can fill that gap for customers.
An unsatisfied utility that can initiate firms to strategically develop products or services that can fill that gap for customers.
KEY INSIGHTS
A firm searching for a distinctive competitive advantage can find marketing opportunities in pursuing unmet needs for existing target segments or other previously untargeted segments in the market. This can be done by studying consumers’ unmet needs and finding ways to meet them through new or modified product or service offerings. Consumers are sometimes unaware of such needs, and marketing efforts and communication tactics can help bring these to the conscious level, stressing their importance and converting them into effective demand.
A firm searching for a distinctive competitive advantage can find marketing opportunities in pursuing unmet needs for existing target segments or other previously untargeted segments in the market. This can be done by studying consumers’ unmet needs and finding ways to meet them through new or modified product or service offerings. Consumers are sometimes unaware of such needs, and marketing efforts and communication tactics can help bring these to the conscious level, stressing their importance and converting them into effective demand.
KEYWORDS Needs, gaps
IMPLICATIONS
Using unmet needs as a base for developing marketing strategies may involve a need-based segmentation analysis (Peltier and Schribrowsky 1997) that studies specific target segments for the benefits they seek and the motives underlying their purchases. To the extent that such knowledge is translated expediently into a commercialized offering by the marketer’s firm, the firm has the opportunity to have a distinctive first-mover advantage among competitors in the marketplace.
Using unmet needs as a base for developing marketing strategies may involve a need-based segmentation analysis (Peltier and Schribrowsky 1997) that studies specific target segments for the benefits they seek and the motives underlying their purchases. To the extent that such knowledge is translated expediently into a commercialized offering by the marketer’s firm, the firm has the opportunity to have a distinctive first-mover advantage among competitors in the marketplace.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Hoekstra, J. C., Leeflang, P. S., and Wittink, D. R. (1999). ‘The Customer Concept: The Basis for a New Marketing Paradigm,’ Journal of Market Focused Management, 4(1), 43–76.
Hoekstra, J. C., Leeflang, P. S., and Wittink, D. R. (1999). ‘The Customer Concept: The Basis for a New Marketing Paradigm,’ Journal of Market Focused Management, 4(1), 43–76.
Jaworski, B., Kohli, A. K., and Sahay, A. (2000). ‘Market-Driven Versus Driving Markets,’ Journal of the Academy of Marketing Science, 28(1), 45–54.
Plummer, Joseph T. (1974). ‘The Concept and Application of Life Style Segmentation,’ Journal of Marketing, 38(1), January, 33–37.
Marketing Management
Bearden, William O., and Teel, Jesse E. (1983). ‘Selected Determinants of Consumer Satisfaction and Complaint Reports,’ Journal of Marketing Research, 20(1), February, 21–28.
Bearden, William O., and Teel, Jesse E. (1983). ‘Selected Determinants of Consumer Satisfaction and Complaint Reports,’ Journal of Marketing Research, 20(1), February, 21–28.
Services Marketing
Kennett, P. A., Moschis, G. P., and Bellenger, D. N. (1995). ‘Marketing Financial Services to Mature Consumers,’ Journal of Services Marketing, 9(2), 62–72.
Kennett, P. A., Moschis, G. P., and Bellenger, D. N. (1995). ‘Marketing Financial Services to Mature Consumers,’ Journal of Services Marketing, 9(2), 62–72.
Marketing Research
Deshpande, Rohit, Farley, John U., and Webster, Jr., Frederick E. (1993). ‘Corporate Culture, Customer Orientation, and Innovativeness in Japanese Firms: A Quadrad Analysis,’ Journal of Marketing, 57(1), January, 23–37.
Deshpande, Rohit, Farley, John U., and Webster, Jr., Frederick E. (1993). ‘Corporate Culture, Customer Orientation, and Innovativeness in Japanese Firms: A Quadrad Analysis,’ Journal of Marketing, 57(1), January, 23–37.
BIBLIOGRAPHY
Peltier, J. W., and Schribrowsky, J. A. (1997). ‘The Use of Need-Based Segmentation for Developing Segment-Specific Direct Marketing Strategies,’ Journal of Direct Marketing, 11(4), 53–62.
Peltier, J. W., and Schribrowsky, J. A. (1997). ‘The Use of Need-Based Segmentation for Developing Segment-Specific Direct Marketing Strategies,’ Journal of Direct Marketing, 11(4), 53–62.