Latent Needs _Example

docx

School

DePaul University *

*We aren’t endorsed by this school

Course

534

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by DukeAlbatrossMaster936

Summary Discovering latent needs is a very important marketing analytics tool that uses a data based approach to create a new category. Because of this, it is typically most helpful in the introduction stage of a new product to market. Discovering latent needs helps to form new categories in a new market space or in an existing market space. The word latent can literally translate to potential, not visible, or hidden. Especially when customers have no familiarity with a specific category, or the category itself doesn’t exist, it is hard to articulate needs well. Often times, if customers do not know what’s possible, it is incredibly hard to understand what product will be a solution for their needs. A great example of this would be a drill bit versus a drill hole example. While some people believe that customers want a 1 inch drill bit, what customers really want is a 1 inch hole! As a marketer, it is our job to be the experts in the space and uncover these latent needs of potential new customers, uncovering a new marketplace category when possible. Customers cannot directly describe these needs, and therefore these Latent Needs procedure is helps to discover these needs, classify them, and prioritize which latent needs are most valuable to a customer in order to create a product or service. Procedure There are 4 steps that one must adhere to in uncovering proper latent needs. Especially as larger decisions are made from the results of the latent needs analysis, it is important to adhere to these four steps as accurately as possible. The first step is to uncover latent needs via ethnographic observation. Ethnographic observation, drawn from anthropology, means observing customers naturally and not interfering in their regular worst typical day today business. By observing customers rather than asking questions via or survey or a focus group, a marketer can truly understand what processes, products, or pain points might be in a day-to-day life. Ideally in-home observation is best for the study, but it is often not possible. To combat this, modern technology can be utilized; cameras, phones, headsets, or even diary entries can be used as way to record observation. It is important to know that permission is required for observation if it is not in public. Because of this, it is very difficult to get good observation. One can imagine bias that might come in to play with any of these tools to record an observation. Overall, it is recommended to take a very long time with this observation, using a multi-functional team that can observe multiple different customer demographics and segments. A great example of this in modern day technology is Apple’s iPhone diagnostics. For those familiar with the software, apple periodically asks to send diagnostics to their team in order to observe trends and patterns in phone behavior. This is incredibly valuable information for Apple to have in order to understand their target demographics. As a reminder, it is very important to be aware of customer bias or new product and tech bias. A new customer bias would be if a customer already has a predisposed idea of what might be a solution in their day today. For example, if a customer has already seen a new dishwasher model and was part of a study for GE, they might make it a point to comment on their current dishwasher and focus on their dishwashing process in home if being observed in a kitchen setting. Another type of bias to be aware of is new product or technology bias. This

is when researchers are trying to find a problem that doesn’t actually exist. To prevent this, a widespread of team members and researchers are recommended, as this will allow for multiple opinions and validations if a problem exists. The goal in the step is to observe natural customer behavior, identifying hassles, stress points, frustrations, struggles, and what products and services do those customers use to avoid problems or resolve problems. Once sufficient observations are collected, the second step can begin: Listing and Classifying customer problems and outcomes. Upon conclusion of observations, it is important to reflect and analyze each recorded sample. It is suggested to make a list of all problems and desired outcomes that were observed via ethnographic observation. To reduce bias, it is recommended to compile this list across multiple sources and efforts to create one expensive master list. This list can sometimes be as long as 500 different observations. From this list, classify each problem into category needs; it is recommended that 10 to 30 outcome or neither statements are created from this list. Each outcome in need can also have sub needs, or smaller problems and outcomes that are classified. A popular way to create this list and classify problems is via a conference room with Post-it notes. A company that does this particularly well is the human centered design agency, IDEO. By putting ideas on Post-Its in a very visible area, it is easy to visually comprehend the map of problems being created and combined. Step three, prioritizing customer needs, is putting steps one and two together. In order to do this, the 10 to 30 outcomes should be put together in a survey with each broad need listed. Each broad need should be set in a nine point Likert scale in order to collect a survey results. The two questions for each need will be as follows: rate needs by importance and rate needs by satisfaction. Buy standardizing the responses by rankings of these two questions, a full understanding of the targeted customers can be understood. In order to gather appropriate survey results, a large sample size of survey respondents are needed, ideally at least 100 samples. Once service results are gathered. The opportunity score can be calculated. The opportunity score is calculated with the following formula: Opportunity= [Importance+(Importance-Satisfaction)] By summarizing all survey results via this metric, a clear needs report can be created, listing the top needs with the highest opportunity rankings based on this formula. The final step is the most creative, and involves creating a brand new market category. In order to do this, the researcher should use the needs report created and step three with the opportunity rankings to understand what type of product or service can be created to solve an address the largest number of opportunities listed. By using this report to create the new category, it will ensure the product and service is needed in the marketspace. This is admittedly very difficult to conclude, and some creativity is required. It is recommended to communicate and brainstorm with a larger group to uncover the best results at this stage.

Output: DePaul Student Observations, Q2 2023 35 Problems Noted: Technical Issues with online platform: 1. Class Registration portal signup is unclear 2. Next class recommendations unclear 3. Online class format and class schedule is unclear or incorrect 4. Assignment deadlines don’t match calendar in D2L 5. SMS announcements cut off after character limit 6. Announcements are sent in D2L and only access after work 7. Students working 9-5pm cannot log into D2L frequently during the day 8. D2l shuts down randomly 9. 2FA for everything 10. Zoom class start time delay 11. Tuition increase with little warning 12. Messaging in D2L is poor Social Challenges while at university: 13. Feeling isolated or lacking social connections 14. Homesickness or adjustment problems for out-of-town students 15. Relationship issues and maintaining a work-life balance 16. Mental health challenges, such as imposter syndrome 17. Financial concerns and managing expenses 18. Lack of self-confidence or feeling inadequate among peers 19. personal crises or emergencies on top of schoolwork 20. Stress and anxiety related to academic performance 21. Struggling to keep up with the pace of coursework 22. Feeling overwhelmed by the volume of coursework 23. Procrastination 24. Lack of motivation for certain subjects or courses Time Management difficulties: 25. Inadequate preparation for exams or presentations 26. Difficulty finding relevant and reliable academic sources 27. Balancing multiple projects and assignments simultaneously Group Work equalizing and balance: 28. Challenging group work dynamics or conflicts 29. Group work balance unequal 30. Group work underrepresented in gradebook 31. Group work non representative of application in job Future career paths and growth in job market:

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

32. Uncertainty about future career paths or job prospects 33. Lack of resources for career development for grad school 34. Balancing work and academic commitments 35. Dealing with politics of school and bureaucratic process Customer Needs Results: Broad Needs Area Importance Satisfaction Opportunity =I+(I-S) Technical Issues with online platform 7 5 9 Social Challenges while at university 1 6 1 Time Management Difficulties 7 3 11 Group Work Equalizing and balance 5 2 8 Future career paths and growth in job market 6 5 7 The two largest areas of improvement show to be with time management of coursework and with technical issues in the online platform. One way the might improve this is a new learning platform that aims to track time of students spend on coursework in the software overall. By tracking this per course, an average amount of time spend per assignment can be calculated by student and emailed summaries can be shared highlighting where a student might spend more time overall. This data can also be shared anonymously to DePaul and the median amount of time spend on D2L by course can be used by future students to make better informed decisions about their coursework. For example, a student working to take 2 difficult and time intense courses can be warned via the course catalog what the average hours spent on D2L were in the last quarter for the course. This would allow students to make better informed decisions about their own time management. Furthermore, the online platform currently used at DePaul is a large pain point for students, and by utilizing resources to develop the platform the alleviate pain points, the target demographic (Students) will be happier with the product overall.

Latent Needs _Example

Related Documents