Tools for company, society & market analysis

Question 1

What is included in Business Model canvas?

Answer 1

Key activities
Value proposition
Customer relationships
Customer segments
Key partners
Cost structure
Key resources
Revenue streams
Channels

Question 2

What is a PEST analysis (PESTLE-analysis)

Answer 2

Company is being evaluated from different perspectives and how these impact the product development

Political
What government, freedom of press, laws, legislations, regulations

Economical
Business cycle stage, growth, inflation, unemployement, globalization

Social
Population growth, age, health, education, work ethics, public opinion, lifecycle choices

Technical
Impact of emergin technologies, impact of internet, R&D activity, technological change

Question 3

What is the process of performing a PEST analysis?

Answer 3

1. Plan, define scope and objectives
2. Conduct an information search
3. Systemize the PEST information
4. Extract relevant info and compile PEST analysis summary
5. Analyze the PEST info
6. Develop recommendations

Question 4

What is the differences between SWOT and PEST analysis?

Answer 4

SWOT assesses a particular company, can be a competitor, product or idea. PEST analysis considers the market

SWOT relies more on internal information

SWOT works well in a workshop format, with little preparation

SWOT has a synthesis element

A PEST analysis (and SWOT) gives a broad idea of what is going on externally but does not tell you what to do about it

Question 5

What factors can be used to form a market profile?

Answer 5

Characteristics of markets

Large market size
High market growth potential
Strong economy, high potential for sales
Early entry appropriate time of entry
Competitive attractive/low rivalry
Low investment required
No specific technological development needed
No patent protection
High reward potential
Low risk

Question 6

Explain the concept of a “target market”

Answer 6

Target market refers to the group of customers that

• Is interested in a product/service
• Has the resources to purchase the product
• Is permitted by law or other to acquire the product

Question 7

Explain the stages of market from population to….

Answer 7

Total population
Potential market
Available market
Qualified available market
Targeted market
Penetrated market

Question 8

What criterias could be included when defining a target market/market segment?

Answer 8

Demographics
Attitudes
Preference
Price sensetivity
Decision making processes
Usage
Competitive products

Question 9

What is the process of identifying a market segment?

Answer 9

1. Create list of customer/users that suffer from problem that you address
2. Group customers to form an initial list of target market segments
3. Collect additional market and customer information as needed. Review
4. Screen out infeasible target markets
5. Rate with respect to desired market characteristics
6. Evaluate and decide on remaining potential target market segments