Market Opportunity Generator
Market opportunity refers to the potential for a company to generate sales, increase revenue, or achieve a higher market share in a particular market. It is essentially an analysis that identifies potential customers who are not currently being served or, in other words, an unmet need in the market.
Market Opportunity is driven by several factors:
- Customer Needs and Wants
These are the basic elements that a company must identify and understand. By knowing and understanding these needs or wants, a company can create a product or service that can satisfy these needs or wants. - Market Trends
These are the directions in which a market is moving. Market trends can include changes in consumer behavior, technology, or even social and political trends. Understanding market trends can help a company to predict future needs and wants, and therefore identify potential market opportunities. - Competitive Landscape
This refers to the other companies that are operating in the same market. A good understanding of the competitive landscape can help a company to identify gaps or niches that are not currently being served by other companies. - Market Size and Growth
This refers to the number of potential customers and the rate at which the market is growing. A larger market size and a higher growth rate often indicate a greater market opportunity.
A good market opportunity is one that is significant, durable, and timely.
- Significance
A significant market opportunity is one that has the potential to generate substantial revenues or profits for the company. - Durability
A durable market opportunity is one that will last over a long period of time, allowing the company to sustain its revenues or profits. - Timeliness
A timely market opportunity is one that the company can take advantage of now, rather than in the future.
In addition, a good market opportunity should align with the company’s capabilities and resources, and should be consistent with the company’s overall strategic objectives.