Topic notes
Market understanding analyses customers, competitors, environment and evidence. Define a target segment, value proposition and marketing mix, and test demand instead of assuming it.
Applied example
For a campus snack stall, survey likely buyers and observe competitors at the same time and price.
Case study and practice
- Identify the opportunity or business issue.
- Name one assumption and evidence that could test it.
- Recommend an action, explaining its expected value and one risk.
Revision
Use an example, define the business term and distinguish assumption from evidence. Project claims should be based on research and cited sources.