12 MARCH 2018

Simple Tips to Conduct Market Opportunity Analysis

In the present business environment, sustaining growth and profit isn’t a guarantee. Due to Technological and scientific advances shorten life cycles of products and services, plan of action change and new competitors seem from outside the business. This steady shakiness makes it important to look for new business opportunities. How do you recognize market opportunities in these conditions?

Here we provide a simple guide to do analyze market opportunities for your business. Follow the below tips.

  • Research Your Customers and Competitors
  • Get a High-Level View of the Market
  • Understand the business environment factors

Research Your Customers and Competitors: First, you have to analyze your customers and competitors on multi-level using market research. This analysis will help you to find whether the product or service having demand in real time

Then identify the consumer segments that are age, gender, education, income, occupation, and place of residence and also consider consumer motivation. After that, you must know about your competitor and their strength and weakness. And also ensure whether your competitors following any specific growth strategies.

Get a High-Level View of the Market: Customer and competitor analyze are not enough for market research. You should understand your market environment to get the potential success in the market.

During the market research analyze you need to answer for below questions

  • What is the market size?
  • Get a High-Level View of the Market
  • How quickly is the market expanding?
  • How many buyers are there?
  • What are the barriers to entry?
  • What is the bargaining power of suppliers?
  • What is the intensity of the competition?
  • Is there a threat of new substitute products or services?

Understand the business environment factors:You have to understand each and every business environment factors such as

  • Technological developments
  • Government regulations
  • Geopolitical shifts
  • Economic indicators
  • Trade policies
  • Social and cultural norms

The above tips help you to identify the new market opportunities for your business. During the market research you have to user various analyze method, then that will help you to create long-term strategic business plans. Still, have any doubt in market research? You can contact us @ (+91) 98412 41981, 86100 59151.

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