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Marketing Information |
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A Pass / Fail Test for Any New Market
If you are considering entering a new target market, with anexisting or new product or service, it makes sense to firstsystematically analyze the market in question via somefundamental market evaluation criteria. It is not onlyrational but most cost effective to determine if a new marketpursuit makes sense for your company before any significantresources are further applied to the effort. A "pass or fail" test of your targeted market is recommendedwith your company's core management team collectiveinvolvement. Discussing the attributes of a given market andfurther analyzing the business logic behind your intention toparticipate in a new market will generate some veryenlightening conversation among your key decision makers.Having various management functions present for the discussiongenerates the most effective, broad base perspective,appropriate "next step" for this strategic decision. Besides further justifying or reducing your intentions to entera new market, weighing all the same attributes of any onetargeted market candidate against another target markets ofconsideration can lead to a pivotal decision for the futuredirection of your company. The opportunity cost of choosingthe "wrong" or "least rewarding" target market, given limitedcorporate human and financial resources, can make or breakyour collective ability to meet or exceed your company's shortand long term growth objectives. Again, effectively utilizinga simple, systematic evaluation checklist made up of some ofthe market attributes listed below can be most time efficientand cost effective. Our list of market attributes cover various business sectorsand should not be considered a complete listing. To make thisevaluation exercise most productive for your management team,first evaluate this list for relevancy and then add whatevernumber of additional categories or attributes that correlateto your company's collective business priorities, resources,risk/ reward tolerance levels and growth objectives. MARKET PRODUCT / SERVICE LINE ATTRIBUTES: MARKET CUSTOMER ATTRIBUTES: MARKET SERVICE ATTRIBUTES: MARKET COMPETITION ATTRIBUTES: MARKET GROWTH: If you want to further quantify this analysis you cannumerically weight each market attribute with your ownspecific market attribute priorities and then give numerical"grades" to any or all new market entry candidates tocalculate a weighted value for each new market opportunity. Evaluating new business opportunities should be a well thoughtout, straightforward, iterative process. Beginning theevaluation process with a simple tool to justify furtheranalysis is a prudent procedure. The more effective youranalysis, the greater the probability your strategic decisionswill maximize return on investment. About the Author:
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