A great answer to this question should include:
1. Market research methods used to gather data on customer needs and preferences.
2. Analysis of competitors’ offerings and market positioning.
3. Identification of target customer segments and their buying behaviors.
4. Evaluation of market trends and potential growth opportunities.
5. Utilization of quantitative and qualitative data to forecast demand.
6. Consideration of pricing strategies and potential pricing elasticity.
7. Incorporation of feedback from pilot tests or focus groups.
8. Presentation of a comprehensive plan outlining steps to validate demand and adjust strategies accordingly.