How to Identify Market Opportunity In 8 Steps
In todays business environment, sustaining profitability and growth is never a guarantee. Technological and scientific developments shorten the life cycles of products and services. Moreover, business models are changing and new competitors are appearing from outside the industry. This constant instability makes it necessary to seek new business opportunities. To categorize market opportunity, a companys business model must be assessed by classifying consumers and other factors such as direct and indirect competitors, brand value propositions, existing regulations, supply chains, and the general environment. Here are 8 steps to identify market opportunities:
Environment analysis
Consumer segmentation
Direct competition analysis
Indirect competition analysis
Purchase situation analysis
Analysis of other industries
Analysis of complementary products and services
Foreign markets analysis
Why Infiniti Research?
Infiniti Researchs research team assesses opportunities in new and existing markets to give businesses the information they need to develop operations and accelerate growth. Moreover, weve specialized in offering actionable granular insights and real-time data through various statistical and scientific methods for over 15 years. Our robust formats include infographics, which help companies leverage the relevant data for various marketing decisions.
Continue reading to know more about over the counter drugs market opportunity assessment or request a proposal.
Client Profile
The client – is an American multinational pharmaceutical corporation headquartered in the United States.
Predicaments
As over the counter drugs development involves huge costs, the company needed to ensure demand for the drug when its launched. Additionally, the client was facing challenges in terms of the launch of new classes, increased competition from existing and new players, advanced molecules and formulations, products seeking secondary indications. These market events had significantly impacted the development/ positioning of the clients products.
Solutions Delivered
With the help of Infinitis market opportunity assessment framework, the client – a leading over-the-counter drugs manufacturer identified key competitors, their products, active ingredients, regulatory timelines, technologies employed, routes of administration, indications sought, and plan positioning. Our market opportunity assessment framework also helped the client in evolving better management guidance and decision making. Furthermore, the market opportunity assessment framework consisted of:
The competitive landscape: A holistic view of their pipeline and launched products in various indications of interest, along with their “developmental-phase-wise depiction”, in a geography wise manner was provided to the client
The key competitors: Gave the client a fair idea of the products they would face chief competition from in the coming years
To know more about the importance of developing a market opportunity framework, request more info from our experts.
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