As you’re coming up with a sample business plan, you have to think about all of the different opportunities that you are able to take advantage of. However, this would mean that you would need to learn about these opportunities before you are able to capitalize on any of them.
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Which is why it’s important that you do a proper assessment on what they are and what you should do, then place them all in a document as a reminder. This kind of document is what you would call a market opportunity assessment form and this article will teach you all that you need to know about it.
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The Steps for Conducting a Market Opportunity Assessment
Analyzing market opportunities means considering the financial capabilities, available technologies, and competition of your simple business. Doing this allows you to grasp everything from knowing the needs of your target market to your competitive edge against other businesses.
So if you’re going to conduct a market opportunity assessment, then here are the steps that will allow you to do so:
1. Identify What’s Happening in the Current Marketing Environment
This is where you will need to take a look at all of the different conditions that could affect your business. That would be everything from the current social trends and the growing, declining, or stable marketing conditions. Understand all of them and see what kind of changes are expected that could possibly help or hinder your business. Research the latest technology and state of the art developments and take your natural environment into account. Doing this might just help you see that you lack the necessary resources that limit the growth of your business, as well as allowing you to understand what your limitations are. You may also see product assessment templates.
2. Research on Your Competitors
You don’t just enter into the marketing industry thinking that you’ll be the only person that has something to offer to the public. There’s always going to be competition and how you’ll fare against them will all depend on how much you know. This means that you’ll need to put the time and effort into assessing your competition and knowing everything there is to know about them. You may also see workplace assessment templates.
You will have to delve deep and see what kind of products and/or services they offer, the prices for their services, and their strengths and weaknesses. Knowing all of this can help you understand if you have a competitive edge against them or let you know what they’re doing to attract more customers than your own business. These pieces of information will definitely come in handy as it will allow you to gauge your own strengths and weaknesses, understand what it takes to fix your business’s shortcomings, and utilize what you’ve learned to help your business grow and become better than that of your competition. You may also see vulnerability assessment templates.
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3. Know Your Target Market
Since you already have an idea as to what your business is going to offer, then you should at least know who your target market is. This means that you will have to build a profile on who your ideal customers are going to be and use it so you can focus your sales tactics and marketing efforts to appeal to them. In essence, you need to simply understand the wants and needs of your target market. You may also see IT assessment templates.
If you’re not entirely sure as to what those are or even who your target market is, then here are a few questions you should ask yourself:
- Who are the potential customers for my business?
- What is it that my potential customers are looking for?
- What kind of behavior does my target market have?
- What kind of product or service do they usually go for?
- Is there a particular channel that my business’s products best sell it?
- Are my potential customers going to be happy with the products and services my business offers?
- Are there any limitations that could influence the levels of opportunity?
- What is my competition doing to attract their target market?
- What is the current state of the market and how is it changing or developing?
Knowing the answer to some, if not all, of these questions, can help you begin to understand who you are target market is and what you need to do to get them to start doing continual business with you. You may also see needs assessment form templates.
4. Create Your Projections
Use a variety of techniques that build on all of the information in your business plan to set a forecast of your sales. This would include both the best and worst case scenario as you’ll never how your sales are going to do due to the many factors that could affect the market. Once you have an understanding of both the best and worst case scenarios of your sales projections, it should then help you decide the most important questions that needs to be answered: Should you still push through with the marketing opportunity? You may also see employee assessment templates.
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5. Gathering From Sources of Information
As you’re doing your opportunity assessment, one of the most difficult things to do is gather the information you need to support whatever projections you’ve made or decisions that you’re about to make. Especially in emerging markets, much of the time the information you need either doesn’t exist is too hard to come across, or is just isn’t available. You may also see market assessment templates.
So here are a couple of sources of information that should help you see what opportunities are available for you and your business:
- Published works – This can be everything from newspapers all the way to government reports. These sources of information can range from easy to come by to you having to put actual time and effort into acquiring. Also, you may have to go through proper procedures in order to obtain some of the more notable pieces such as information service reports.
- Firsthand observations – What this basically means is that you or people that you’ve assigned will be the ones to conduct the gathering of information. That includes things like interviewing both your customers and suppliers, asking your competitors (or the customers of your competitors), and possibly even discussing certain topics with experts in the marketing industry. You may also see work assessment templates.
If you can, you should reach out to managers in companies that often deal with suppliers, the people running trade associations, consultants in your industry, and salespeople. Managers who often deal directly with those mentioned usually have all the information you would need to help you understand how to take advantage of the opportunities that you are presented with. In doing your research, surveys are another great way to get more information on a market, especially if you already have a means that will allow you to get closer to your target consumer. Or you can always go with interviews so that you can have a better understanding as to what it is that your consumers want. You may also see psychosocial assessment templates.
But whether you’re doing a survey or an interview, you will need to ask the right kind of questions to ensure that you get everything that you need. So here are a few examples of what it is that you should be asking:
- Their estimate of the size of the market
- Their estimates of the market potential, and how fast it is growing
- Their understanding of your business’s position within the market and how it’s fairing
- How much they value your business
- What product it is that they prefer and why
- What aspect of the product they prefer that makes it so valuable to them
- What differentiates you from your competitors
- If what you’re doing should be changed or improved
- What are the short and long-term needs of the market?
As you’re making your conclusions in the market opportunity analysis, remember that there are four key areas where you can create value for your clients. You may also see project risk assessment templates.
1. Trapped value
This is where you will be encouraging your customers to buy whatever product or service that your business is an offer by making them want to buy them. What you’ll be doing is create a sense of urgency, as well as increase the accessibility by which they are able to purchase what’s being offered to them. You may also see assessment templates.
2. New value
This is extending your product lines, personalizing products and using collaboration to build a loyal following of customers. Before you come up with new products, think if your target market needs it as making one that nobody would buy would just be a huge waste of both money and resources. You may also see self-assessment templates.
3. Horizontal value
This is improving certain aspects of the products that you already offer. If you know that your customers like a product that you already offer, you have to ask yourself “Is there any way to improve it?”. Doing so might just help you gain even more customers, but just remember not to overdo it as the opposite could happen just as easily. You may also see sample assessment forms.
4. Vertical value
This is improving the industry-specific products and activities your business engages in. First, you will need to have sufficient knowledge of what it is your business offers as well as what it does on a day-to-day basis. If you see that there are things that you can change to improve your business, then take the opportunity to do them.
While a market opportunity assessment is never an easy task to do, it’s always going to be necessary if one wishes to be successful in the marketing industry. So use what you’ve learned to help you. You may also see free assessment templates.
If you would like to know more about market opportunity assessment or anything else related to marketing, then all you have to do is go through our site. It has all the different articles that you could possibly need to help you. Just make sure that you go through the information thoroughly so that you can make effective use of what you have been able to gather. You may also see training assessment templates.