Market

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Market

Together we will develop a precise understanding of your market(s) and its dynamics. This will allow you to make an informed decision on any possible business opportunities. This will allow you to maximize your chances of success as well as to minimize the strategic risks (or at least have a plan to mitigate them) when entering a particular market. Regardless of the stage in which you are in your venture, it is of fundamental importance that you are clear about how the market works and how value is created in the market where you compete or may compete in the future. 

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In this training, you will

 Training You Will

  • Develop a thorough understanding of the market(s) where you can compete in and its dynamics.
  • Reflect on how to assess a business opportunity within a market.
  • Challenge the sources’ credibility (from primary and secondary research) and their assumptions on the market analysis data.

Step 2: Identify Trend Impact

The trends listed in your document from Step 1 will affect your firm in different ways depending on the framing. We have identified three general frames of reference that provide significant leverage:

  • Consumer lifestyle/behavior
  • Industry
  • Individual company segments

For each of these lenses, describe how each trend will drive change.

In Step 2, you will begin to see what the future will look for the consumer, your competitors, and your business considering the identified trends. This provides a more accurate context for your business decisions based on data.

Deliverables

Step 2 will produce a list of the general frames that you consider most important with the trends and their anticipated effects listed underneath those general frames.

Step 3: Assign a Value to the Effects That You Identified in Step 2

The effects identified in the document in Step 2 can be opportunities, threats, or both depending on your firm’s position. Using the outputs from your capabilities [link] analysis, compare your firm’s reality to the reality exposed by these trends. For example, how well you can respond to the effects of the identified trends

Assign a value to the effects, ranging from -5 to 5, depending on your firm’s ability to react and capitalize on the trend.

Final Deliverables

This context analysis process will deliver a trend document for all of the trends you have identified. It will document the magnitude of their effect on your business, your competitors, and your customers. You will also better appreciate your company’s ability to react to potential opportunities and threats. It is crucial to undergo this process at regular intervals because your context is always changing.

The goal of this process is to provide you with the knowledge and data that you need to make better business decisions. This process will give you an accurate understanding of your environment and tell you how you should be reacting to it to better serve your customers. Without this knowledge and insight, you are flying blind.