Which two types of market research are recommended for selecting a target market?

Selecting a target market requires a deep understanding of consumer preferences and market dynamics. Needs assessment is crucial because it helps identify what the target market desires and what problems they need solutions for. By understanding these needs, businesses can tailor their products and marketing strategies to better align with customer expectations, ultimately increasing market satisfaction and engagement.

Buyer behavior analysis complements this by delving into how consumers make purchasing decisions and what factors influence those decisions. This type of research provides insights into consumer habits, preferences, and pain points, further refining the target market selection process. Together, needs assessment and buyer behavior analysis form a comprehensive approach to understanding and effectively targeting the audience, ensuring that marketing efforts are not just broad guesses but are grounded in relevant data and consumer insights.

Market exposure assessment and competitive product analysis, while valuable in their own right, do not focus as directly on the needs and behaviors of potential customers. They might inform strategy but do not provide the same level of insight into specifically identifying who the target market should be. Therefore, the emphasis on the two key types of market research listed underscores the importance of understanding consumer needs and behaviors in selecting a viable target market.