MOST Analysis

Mission Statement

Simply described, a market opportunity is a gap in the market. Something, someone, or some place that isn’t being serviced by other businesses that you may take advantage of and exploit to expand your company swiftly. However, it is simpler said than done. Everyone is striving for the same spot and searching for that extra, unheard-of thing to put them ahead of the competition. How therefore can you identify a promising market opportunity before your rivals do? And once you have one, how do you go about creating an effective business growth strategy? Four crucial factors come into play when determining a promising market potential for your company: What do consumers want or need? What, more crucially, is your competition NOT doing? How does your product address a specific issue? or strengthen an existing remedy? What is the market like right now? Following the completion of these inquiries, you ought to be in a better position to comprehend your target market, spot product flaws, and ultimately find untapped markets. At the end of the exercise, you also need to understand the profit potential of the opportunity, which normally is arrived at by estimating the gross margin over a period of time.

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Objectives

01. Identify Strengths and Weaknesses: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
02. Purchase Situation Analysis: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
03. Direct Competition Analysis: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
04. Indirect Competition Analysis: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
05. Analysis of Complementary Products and Services: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
06. Analysis of other Industries: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
07. Foreign Markets Analysis: departmental SWOT analysis; strategy research & development. 1 Month
08. Environmental Analysis: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
09. Listen to your Customers: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
10. Consumer Segmentation: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
11. Spot Acute Unsolved Problems: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
12. Profit Potential: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month

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Strategies

01. Identify Strengths and Weaknesses: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
02. Purchase Situation Analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
03. Direct Competition Analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
04. Indirect Competition Analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
05. Analysis of Complementary Products and Services: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
06. Analysis of other Industries: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
07. Foreign Markets Analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
08. Environmental Analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
09. Listen to your Customers: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
10. Consumer Segmentation: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
11. Spot Acute Unsolved Problems: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
12. Profit Potential: Each individual department head to undertake departmental SWOT analysis; strategy research & development.

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Tasks

01. Create a task on your calendar, to be completed within the next month, to analyze Identify Strengths and Weaknesses.
02. Create a task on your calendar, to be completed within the next month, to analyze Purchase Situation Analysis.
03. Create a task on your calendar, to be completed within the next month, to analyze Direct Competition Analysis.
04. Create a task on your calendar, to be completed within the next month, to analyze Indirect Competition Analysis.
05. Create a task on your calendar, to be completed within the next month, to analyze Analysis of Complementary Products and Services.
06. Create a task on your calendar, to be completed within the next month, to analyze Analysis of other Industries.
07. Create a task on your calendar, to be completed within the next month, to analyze Foreign Markets Analysis.
08. Create a task on your calendar, to be completed within the next month, to analyze Environmental Analysis.
09. Create a task on your calendar, to be completed within the next month, to analyze Listen to your Customers.
10. Create a task on your calendar, to be completed within the next month, to analyze Consumer Segmentation.
11. Create a task on your calendar, to be completed within the next month, to analyze Spot Acute Unsolved Problems.
12. Create a task on your calendar, to be completed within the next month, to analyze Profit Potential.

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Introduction

Every company needs to know who they are, where they fit into the market, and where they’re going. Only 33% of businesses make it past their tenth year after starting out, while only 66% survive their first two years.

What does it thus take to locate the ideal market opportunities and create a development plan that gets you where you want to go?

What is a market opportunity?

Simply described, a market opportunity is a gap in the market. Something, someone, or some place that isn’t being serviced by other businesses that you may take advantage of and exploit to expand your company swiftly.

However, it is simpler said than done. Everyone is striving for the same spot and searching for that extra, unheard-of thing to put them ahead of the competition.

How therefore can you identify a promising market opportunity before your rivals do? And once you have one, how do you go about creating an effective business growth strategy?

How to identify a good market opportunity

Identifying a good market opportunity for your business boils down to four key areas:

1. What do consumers want/need?
2. What is your competition doing, or more importantly, NOT doing?
3. How can your product solve a particular problem? Or compliment a pre-existing solution?
4. What is the current state of the market?

Following the completion of these inquiries, you ought to be in a better position to comprehend your target market, spot product flaws, and ultimately find untapped markets.

Let’s look at some of the methods you might use to respond to the following four questions.

How to use consumer data analysis to identify market opportunities

The first thing you need to do is figure out who exactly you are selling to. Knowing your audience is essential to assisting you in discovering a new market opportunity, whether you are doing customer surveys, analyzing data from your own website, or using third-party research.

Customer reviews and surveys analysis

Asking your consumers directly is one of the finest methods to find out who they are and what they want from your company. Customer feedback and surveys may provide you with valuable information about every facet of your company, from what clients think of your goods and services to how well your website and customer care department run.

Even though analyzing all of this feedback can be time-consuming, there are tools available to help. Sentiment analysis software can automatically determine the feelings underlying each comment and find recurring patterns in your comments. For instance, you can learn that multiple consumers have brought up a product’s flaw or that they feel your service falls short when it comes to after-sale support.

You may use the information you learn from your reviews and surveys to enhance your offerings, customer service, and brand perception. You must choose what you want to take away from your feedback and how you will apply it moving ahead.

Identifying consumer segments

Examine your current audience and divide it into groups according to characteristics you find common. These can be hard demographic variables that can be used to estimate market size, such as age, gender, geography, income, occupation, etc. You may find out why individuals would purchase your items by analyzing “softer” factors like attitudes, lifestyle, and personal values. These factors can affect everything from price to design.

Creating customer personas

After segmenting your audience, you should become a little more specific and create some distinct client profiles. Customer personas are a more thorough breakdown of the many customer types most likely to patronize your company. For instance, a toy store might include personas for parents, children, grandparents, and so on.

If it helps, you can give each of these personalities a name, age, and personality. The more real-looking they are,