How best to request a market analysis for a new product? What should we consider?
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Product Manager II - Marketing Technology in Software8 months ago
1) Define Objectives and Scope2) Identify Stakeholders
3) Hire or identify the team who will do the research
4)Define methodology
5) Questionnaire
6) Timeline
Strategic Product Manager in Software8 months ago
The market analysis may be done using following steps:1. Identify the aim of analysis (Product positioning, product value, product viability, etc)
2. Segmentation of market size with potential customers
3. Industry view and forecast from analysts' report
4. Availability of Competition and their feedback
5. SWOT analysis and growth potential
6. Feedback from internal and external stakeholders
Some of these may be overlapping and need enhancements, however in principle, these should be considered for doing appropriate market analysis for new product.
A key input for effective market analysis is to understand the problem which will be solved by product and gaps in existing solutions/ products.
1) Research industry offerings and companies
2) Identify competitors
3) Identify market gaps (aka opportunities)
4) Define your target market
5) Identify blockers/barriers (skill, finance, regulatory etc)
6) Draft a sales forecast
After this you can assess feasibility - of course, before you even start this, ensure the product aligns to your mission & vision.
Or… reach out to your Gartner rep to help pull all this info together.