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02/28/2022

Market Assessment Pt. 3 -- Anticipating Market Events

​Another highly beneficial outcome of a well-prepared market assessment is the identification and quantification of trends and other developments (e.g. pending legislation) that may affect the market under consideration. For example, a certain market may currently enjoy a certain level of demand that, for various factors, is actually anticipated to diminish gradually over the next 10 years to a level that will not be sufficient to sustain the product line in question. Conversely, there may be a piece of legislation in the works which, if passed, will dramatically increase the need for a particular service that is now only a nominal source of profit. Of course, in some cases, market conditions are relatively static. Nevertheless, awareness of salient trends and potential future developments is invaluable for staying ahead of (and, where possible, capitalizing upon) shifting market dynamics.

02/24/2022

Market Assessment -- Pt. 2:

Market Segmentation

​Subsequently, the market is segmented according to all relevant quantitative & qualitative factors. This is among the most important practical aspects of the market assessment. Often, enterprises and inventors launch product development, promotional, and other initiatives based upon faulty assumptions about the nature of their market. In some cases, it is a failure to realize that the product/service offering is only appropriate for a specific segment within the targeted market. However, in other cases, the reverse is true -- the offering has applicability to market segments that are being overlooked. A well-researched and thoroughly prepared market assessment will illuminate these critical issues for management’s consideration.

02/24/2022

Market Assessment:
​​The Compass of Business Success -- Pt. 1

Typically, companies and inventors commission market analyses in order to determine the viability of a new product or business opportunity under consideration. Almost invariably, businesspeople are pleasantly surprised to learn that a well-prepared assessment delivers value far beyond that immediate need. Besides providing invaluable data and context for evaluating an opportunity, as will be explained in this article, a market assessment reveals much more. If acted upon appropriately, a strong market assessment acts as a compass navigating the enterprise away from ill-conceived initiatives (or just inertia) toward more suitable & rewarding market opportunities.

Among other objectives, the market assessment provides a comprehensive picture of the current state of the market in question. Therefore, the first step in the assessment is defining the market under consideration as precisely as possible. After all, the less ambiguous the parameters of the market are, the more meaningful the market assessment will be. Often, especially if there was some ambiguity regarding the composition of the market in question, the market definition process itself can prove very enlightening. Once the market has been defined properly, all aspects of the current market are researched and revealed within the context of the enterprise’s particular objectives.

11/12/2021