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Market Opportunity Analysis Checklist

 

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Market Opportunity Analysis Checklist Market opportunity analysis is a decision making tool that allows determining the probability of success in a growing market. It is used by various business organizations to forecast market factors that may have an impact on certain products or services. Read this Market Opportunity Analysis Checklist to find out the key steps in carrying out such an analysis.


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Customers.

  • Determine what groups of customers your brand is targeted to (the groups are Layout Customers, Discount Customers, Impulse Customers, and Wandering Customers)
  • Prepare responses to all common objections posed by the target audience
  • Identify criteria for obtaining leads (e.g. customer decision timeframe, pricing, customer needs identification, etc.)
  • Determine which sales methods will be best for promoting your product/service (the methods are networking, referrals, targeted mailing, alliances)
  • Develop a sales promotion plan that maps out the fit between the customers’ needs and the product/service your company offers

Competitive Landscape.

  • Select a method of analyzing your competitors (e.g. SWOT analysis)
  • Identify key players and market shares
  • Develop profiles for your key competitors
  • Determine what makes your key competitors be strong in the marketplace
  • Assess the key competitors’ strengths and compare them to your company’s competitive edge
  • Assess your competitiveness by such criteria as:
    • Pricing
    • Brand recognition
    • New technologies
    • Market segmentation
    • Customer satisfaction
  • Figure out what distribution models your company can use to overcome the competitors
  • Identify what partner relationships are available for your business in the marketplace
  • Explore logistics resources you can utilize to improve your sales and service

Buying Behaviors.

  • Identify and measure buying cycle, which is a series of events that determine a purchase order
  • Figure out if your offering can fit into this cycle
  • Identify and measure purchase cycle, which defines how long the evaluation and purchase process is likely to take
  • Determine whether your offering fits into purchase cycle
  • Understand what improvements can be made to the evaluation and purchase process
  • Determine whether your offering can be a replacement or a new solution that will be in great demand in the marketplace
  • Analyze decisions of buyers and try to understand what marketing strategy will let build fruitful relationships with decision makers

Brand Positioning.

  • Provide a benefit-focused summary of the key features ad functionality of your offering
  • Determine current position of your product/service through customer surveys and market analysis
  • Identify what gaps or unfilled positions keep your offering less effective
  • Determine the market segments that represent the best targets for your product/service
  • Figure out whether your product/service can be positioned more effectively
  • Find out unmet customer needs......


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