LESSON 2: IDENTIFYING OPPORTUNITIES IN THE MARKET Flashcards
(26 cards)
what are the techniques for market research and analysis (3)
- primary research
- secondary research
- competitor analysis
surveys and questionnaires, interviews, and focus groups are examples of
primary research
it is gathering a small group of people to discuss products that can reveal qualitative data and group dynamics
focus groups
industry reports, academic journals and online resources are examples of
secondary research
utilize reports from market research firms that provide data and analysis on specific industries
industry reports
swot analysis and benchmarking are examples of
competitor analysis
compare your business metrics against industry leaders to find areas for improvement
benchmarking
conduct interview or surveys to ask customers about their frustrations or challenges related to existing products or services
identifying customer pain points
use social media, online reviews and customer service interactions to gather insights about what customers value or dislike
analyzing customer feedback
break down the market into specific segments based on demographics, psychographics and buying behavior to pinpoint unmet needs
market segmentation
create a clear statement of your product or service meets the needs of the target market better than competitors
value proposition development
tools for identifying trends and emerging market (4)
- trend analysis
- industry news and reports
- innovation labs and ecosystems
- economic indicators
use tools like google trends or social media analytics to observe changes in consumer behavior over time
trend analysis
analyze search engine data to see what topics or products are gaining interest
trend analysis
subscribe to newsletters, follow industry leaders on social and participate in webinars to stay updated on market changes
industry news and reports
engage with innovation hubs or incubators where emerging start-ups often present new ideas, indicating potential market trends
innovation labs and start-up ecosystem
monitor economic data such as unemployment rates, consumer spending and inflation
economic indicators
assess the strengths, weaknesses, opportunities and threats of your competitors to identify market gaps
swot analysis
websites like statista, pew research and government databases can provide valuable statistics
online resources
review scholarly articles for theoretical insights and case studies
academic journals
collecting data directly from potential customers to understand their preferences, behavior and needs
survey and questionnaires
one-on-one discussions can provide in-depth insights into consumer motivations and pain points
interviews
primary research examples (3)
- surveys and questionnaires
- interviews
- focus groups
secondary research examples (3)
- industry reports
- academic journals
- online resources
