Given the ever-changing business environment, long-term organizational viability is tied to the successful pursuit of new market opportunities. Market opportunity analysis is “a search for product / markets in which the firm can profitably compete, that are consistent with its distinctive competencies and organizational objectives, and for which it possesses sufficient resources”. This course therefore focuses on equipping participants with the techniques and steps required for identifying future market opportunities and assessing the organization’s financial, technological and competitive readiness to exploit them. The process includes identifying unmet or underserved customer needs, identifying target markets, assessing competitive advantages, and assessing the company’s resource capacity in meeting the market’s needs. An application of forecasting techniques to the market factors that may influence the demand for a product identified as a market opportunity is also covered.
Expected Learning Outcomes
At the end of the course, participants will be able to:
- Determine the opportunities and constraints that can be tapped by their organizations;
- Analyze customer/market buying behaviour and spending on the demand-side as well as on the supply-side within the unit’s key market segments;
- Build opportunity models that generate opportunity estimates and forecasts based on key parameters such as historic buying patterns, projected industry trends and economic forecasts. Determine what new products need to be developed in their organizations;
- Determine how existing products can be modified to better serve market needs;
- Evaluate which existing products should be eliminated;
- Determine how their organization’s structure might be reoriented to better serve the customers.