LESSON 2: IDENTIFYING OPPORTUNITIES IN THE MARKET

Question 1

what are the techniques for market research and analysis (3)

Answer 1

• primary research
• secondary research
• competitor analysis

Question 2

surveys and questionnaires, interviews, and focus groups are examples of

Answer 2

primary research

Question 3

it is gathering a small group of people to discuss products that can reveal qualitative data and group dynamics

Answer 3

focus groups

Question 4

industry reports, academic journals and online resources are examples of

Answer 4

secondary research

Question 5

utilize reports from market research firms that provide data and analysis on specific industries

Answer 5

industry reports

Question 6

swot analysis and benchmarking are examples of

Answer 6

competitor analysis

Question 7

compare your business metrics against industry leaders to find areas for improvement

Answer 7

benchmarking

Question 8

conduct interview or surveys to ask customers about their frustrations or challenges related to existing products or services

Answer 8

identifying customer pain points

Question 9

use social media, online reviews and customer service interactions to gather insights about what customers value or dislike

Answer 9

analyzing customer feedback

Question 10

break down the market into specific segments based on demographics, psychographics and buying behavior to pinpoint unmet needs

Answer 10

market segmentation

Question 11

create a clear statement of your product or service meets the needs of the target market better than competitors

Answer 11

value proposition development

Question 12

tools for identifying trends and emerging market (4)

Answer 12

• trend analysis
• industry news and reports
• innovation labs and ecosystems
• economic indicators

Question 13

use tools like google trends or social media analytics to observe changes in consumer behavior over time

Answer 13

trend analysis

Question 14

analyze search engine data to see what topics or products are gaining interest

Answer 14

trend analysis

Question 15

subscribe to newsletters, follow industry leaders on social and participate in webinars to stay updated on market changes

Answer 15

industry news and reports

Question 16

engage with innovation hubs or incubators where emerging start-ups often present new ideas, indicating potential market trends

Answer 16

innovation labs and start-up ecosystem

Question 17

monitor economic data such as unemployment rates, consumer spending and inflation

Answer 17

economic indicators

Question 18

assess the strengths, weaknesses, opportunities and threats of your competitors to identify market gaps

Answer 18

swot analysis

Question 19

websites like statista, pew research and government databases can provide valuable statistics

Answer 19

online resources

Question 20

review scholarly articles for theoretical insights and case studies

Answer 20

academic journals

Question 21

collecting data directly from potential customers to understand their preferences, behavior and needs

Answer 21

survey and questionnaires

Question 22

one-on-one discussions can provide in-depth insights into consumer motivations and pain points

Answer 22

interviews

Question 23

primary research examples (3)

Answer 23

• surveys and questionnaires
• interviews
• focus groups

Question 24

secondary research examples (3)

Answer 24

• industry reports
• academic journals
• online resources

Question 25

competitor analysis examples (2)

Answer 25

• swot analysis
• benchmarking

Question 26

what are the ways to understand market needs and gaps (4)

Answer 26

• identify customer pain points
• analyzing customer feedback
• market segmentation
• value proposition development