Conduct a detailed analysis across each of the following areas to identify and quantify key market opportunities/gaps, barriers to market entry, threats, compliance requirements, risks, performance multipliers, critical success factors etc that must be considered when developing high priority product development, marketing and business strategies. All budgetary and financial constraints must be factored in to this planning.
• Global/National Trends, Developments, Cycles and Changes of Relevance
• Macro-environment (eg, political, economic, legal, social/cultural, demographics, technology)
• Markets, Customers and Suppliers
• Competitors and their Products
Questions typically asked during the analysis would include: - What are the industry's economics, critical success factors, key risks, competitiveness, compliance and standards requirements, emerging trends and key technologies?
- Who are the key customers and major competitors in each target markets?
- What are the sizes of the target markets? Are they growing? If yes, at what rate?
- What market share does each major competitor hold in your primary markets
- What are the strengths and weaknesses of major competitors and their products?
- What are the competitive price points for products in each market?
- What competitive advantages must your products have to successfully enter and compete in target markets? How will you differentiate your products and add more-customer-value than competitors?
- Key questions about your primary customers: * Specifically what need or problem does your product target? * Who will make the decision to purchase your products? * What are their decision criteria? * Where are the products bought? * How are the products bought? * When are the products bought? * Why are the products bought?
Based on the findings of Section Three identify your product's key strengths and weaknesses as they relate to key