Market and opportunity assessments are used to identify opportunities and risks so that businesses can understand the market prior to building or expanding an offering. Assessing your market and your market opportunities includes the process of investing time and resources to identify whether or not you will fit into all aspects of the market to make your business profitable.
Market and opportunity research oftentimes uses a combination of qualitative and quantitative methods—depending on the type and complexity of offering, the market being evaluated, and the stage in the assessment process:
In-depth interviews are utilized typically in the early stages and are most useful for very complex products and for gathering feedback from executives or subject matter experts.
Qualitative techniques such as focus groups and in-depth interviews are used at when there is a need for a broad exploration of potential opportunities.
Quantitative surveys are used further along the evaluation process when there is a need for concrete numbers for market sizing analyses, business case presentations, or testing market hypothesis.
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