Analyzing the Market Landscape – What Do Consumers Want? Joel Lamendola STRATEGY AND BUSINESS DEVELOPMENT PROFESSIONAL www.jlamendola.net @JoelLamendola
“What do consumers want, what is influencing the market, and how are businesses responding?” Market landscape analysis is a research and analysis activity that turns data into information about potential growth opportunities for your product and business.
s h s Research and analysis activity on consumers, external factors, businesses (the three market components) Ranges from voluminous dissertation to graphical presentation of key information Can be used to identify growth opportunities for your product and Market landscape business analysis Provides a structured approach – transforming data to information First step in creating product strategy
The 30 Second Market Landscape Analysis
“Hey, Ya Know What’s a Great Idea?!?” Pet Rocks Market landscape analysis 1. What do co consumers want? Super easy pets 2. What ex external forces are People have less free time; they travel and influencing the market? are away from home 3. How are bu businesses responding? Pet sitting services for traditional pets - no direct competition! Woo, Elaine (April 1, 2015). "Gary Ross Dahl, originator of '70s Pet Rock sensation, dies at 78". Los Angeles Times.
The Characteristics of a Good Market Landscape Analysis
It Includes Market Segmentation of Consumers Segmentation helps categorize similar consumers by need Typical ways of segmenting the market by consumer type Demographics Geographies Psychographics (personality, values, opinions, Behaviors attitudes, interests, and lifestyles)
It Includes Several Sources of External Forces Typical external forces Technology Politics Government / Policy Raw Materials / Suppliers Climate Labor Pool Economy
It Includes a Wide Range of Detail in the Business Component Typical range of information from big-picture to details Individual businesses Industry Individual products
Bringing the Components of Market Landscape Analysis Together Information
Basic Consumer Segmentation Graphic Consumer Preferences in Price and Quality Group 2: “Quality Buyers” Consumer Expectations Quality Group 1: “Price Buyers” Price
Overlay of “Business Response” Consumer Preferences in Price and Quality Group 2: “Quality Buyers” Consumer Expectations Competitor 4 Quality Co Competitor r 3 Group 1: “Price Buyers” Competitor 2 Co Competitor r 1 Price
t h s Market landscape analysis answers the question “What do consumers want, Key what is influencing the market, and how Takeaways are businesses responding?” It is a research and analysis activity that presents actionable information based on consumer preferences, influences of external forces, and businesses’ responses to these factors It can be used to identify potential growth opportunities for your business and product
Up Next: Identifying Relevant Business Opportunities
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