After having ideas of the topics you like pursue, its time to find out whether there’s a target market of that business idea. To find it out, we need to use some tools and techniques to help us assess demand, supply (its level of competitiveness) and its profit potential. The tools that we can use will be discussed in my next blog post. Now let’s start with some of the techniques in targeting a market, let’s do market assessment.
In market assessment, we identify key products and markets of most interest to the client, we deep dive the value chain at multiple levels to probe customers, competitors, suppliers, government authorities and other specifies, we will also characterize the market in terms of size, growth potential, competitive intensity and ability of client to win and then finally we will verify and test on how effective the market strategy would be if catered to the selected market.
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