Understand the Market Dynamics and Product Fitment with our Market Assessment service
A critical part of your business expansion, a market assessment enables your company to understand the need and demand for its business offerings in the market.
Overview
Market assessment is an essential part of setting up any new business or endeavour or making a decision in an enterprise. It provides details on market opportunities, growth drivers and barriers, industry cost structure, distribution channels, market trends, key success factors, market competitiveness, and consumer preferences.
Key use-cases
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BOOSTS GEOGRAPHIC EXPANSION
Expanding into international markets to gain market share is a crucial step for any existing business. Grey Radius’ Market Assessment services enable businesses to understand the product fitment and the landscape of the region they are targeting to expand into.
MAKING NEW PRODUCTS FOR EXISTING CLIENTS
A product development strategy is centered around developing new and improved products for existing markets. Our Market Assessment services provide a strong understanding of present market conditions and customer needs, along with support on decision of R&D investments.
PRODUCT DEVELOPMENT FOR MARKET ENTRY
Our Market Assessment services come into play when you are looking to enter a new market but don’t have the offerings that suit the region. We help in analyzing the market and provide fact-based recommendations on which new product line will be suitable to ensure a profitable venture.
Market Assessment Template
- Market Overview: On a broader level, a market overview studies the attractiveness and the dynamics of the targeted sector. On a granular level, market assessment can help you understand the historical performance of the market, future growth estimates, growth drivers, and market trends.
- Market Segmentation: Our Market Assessment services provide a clinical segmentation of your targeted market, to develop a better understanding of performance, market share, and growth of various sub-segments. Additionally, the regional analysis will help you understand which customer group to target across which geographies.
- Value Chain Analysis: Value chain analysis evaluates each of the activities in a company’s value chain to understand where opportunities for improvement lie. A part of the overall Market Assessment suite, value chain analysis offers a clear picture of how each step adds or subtracts value from your final product or service.
- Competitive Landscape Analysis: Market Assessment helps the sales team in understanding the competitive landscape through an ongoing process of identifying, researching, and evaluating competitors. One of the major components of a Market Assessment is figuring out your competitors’ strengths & weaknesses, which in turn support in making informed decisions.
Methodology
Market Assessment focuses on evaluating the viability of a new service or product or geography through primary and secondary research. For strong and accurate results, we follow the below steps:
STEP 1
SECONDARY RESAERCH
STEP 2
EXPERTS DATABASE CREATION
STEP 3
QUESTIONNAIRE
We conduct thorough secondary market research on the problem statement given to us. We analyze data available on public resources such as – Government websites, publicly available filings/documents, press, blogs, analyst reports, databases, repositories, etc.
Our Market Assessment does not entirely rely on secondary data, we incorporate multiple aspects of the primary side as well. This starts off by creating a strong database of experts in the industry.
Market Assessment analysts develop a very focused questionnaire depending on the sector we are targeting. The experts shortlisted in the prior step with the questionnaire to gain insights on various factual data, sentiments and perception.
STEP 4
EXPERT INTERVIEWS
STEP 5
VALIDATION AND CONSOLIDATION
Expert Interviews: From the database created, experts are reached out over a call to gather industry insights and knowledge not available on public sources. Further, facts came across during secondary research are validated over call with experts
Validation and Consolidation: The final step of the Market Assessment process is to cross-validate all the data and facts found through various resources. Post validation, the data is consolidated in a presentation which is concise, comprehensive and easy on the eye
Customer Feedback / Testimonials
The effective analysis helped us in understanding our competitor’s prowess and next move, helping us make an intelligent decision
High-quality service delivered with impactful actionable insights
Insightful battle cards delivered with comprehensive coverage were quite instrumental in our sales enablement initiatives
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