While making international business expansion decisions, companies weigh all the major factors impacting the business growth. While preparing a detailed road map for a company, Bonafide experts provide detailed analysis of threats and opportunities in their potential market.
Market assessment is a detailed and objective evaluation of the potential of a new product, new business idea or new investment. It is a comprehensive analysis of environment forces, market trends, entry barriers, competition, risks, opportunities and the company’s resources and constraints. Whether you are thinking of venturing into a new market or launching a new product, conducting a marketing assessment is the crucial first step in determining if there is a need or a potential customer base for your product. A well executed market assessment will enable your company to decide where to use limited resources and to go after markets and opportunities that will provide the best returns on investments.
An assessment of the market is done in a systematic manner. The process is broken down into the following steps.
First, we understand market conditions.
We gather basic information about your intended market – size, competition, potential customers and income levels. In addition, we collect information about the business environment – political, economic, social and technological.
PEST analysis is an important step in understanding market conditions. In a PEST analysis, we look at political and legal, economic, social and technological factors. These may shape opportunities or create threats and can affect your company’s ability to build customer relationships. With proper external analysis, you will gain an overview of the different macro environmental factors that you need to take into consideration before venturing into a new business area or new market.
In analyzing key players in the market, you will gain a better understanding of suppliers, intermediaries, customers, competitors and the public and how they may work with or against your company.
A detailed assessment of all these forces will help you determine the potential of prospective markets. With this information on hand, you are now a step closer to making more informed decisions about your business ventures.
Next, we identify market risks and opportunities.
Gather more targeted information about potential threats or opportunities in the potential market. Other information includes data on market growth, trends, opportunities, risks and key players in the market.
SWOT analysis seeks to provide information that is helpful in matching your company’s resources and capabilities to the competitive environment in which you operate. It involves defining the objective of your venture and identifying both internal and external factors that are favourable and unfavourable in your journey to achieve that objective. A SWOT analysis is instrumental in helping you assess the potential of prospective markets.
Finally, we analyze the overall picture.
We put together all the information collected and determine if your business venture is still viable. Each assessment is designed to address the specific issues faced by our clients. Once you are confident that you should proceed with the venture, you can start developing your marketing plan. Our experienced research consultants are able to develop detailed assessments, including niche sub segments.