Opportunity Assessment

If you are an ambitious entrepreneur with a promising product idea, you probably can’t wait to develop it and take it into the market. But before you go into that mode, you might want to sit down at your desk, take a look at your value proposition and do some research. A mix of secondary and primary research can help you build hypothesis and confirm the market opportunity before you make heavy investments.

This is three step process:

Step 1 – Assess Market: Goal is to identify market size and focus areas and indicate the necessary scale and timing of your investments. Key questions to be answered in this step are: How big is the overall market today? How rapidly is it growing? And what segments are most interesting?

A good mix of secondary (online) and primary (survey) research is used to answer these critical questions. Secondary research is primarily used for developing the hypothesis and primary research is used to confirm / change the same. Key sources of data used in this process are – market studies, journals, government reports and a gen pop survey research.

Step 2 – Customer Identification & Targeting:

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