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A Pass / Fail Test for Any New Market
If you are considering entering a new target market, with an existing or new product or service, it makes sense to first systematically analyze the market in question via some fundamental market evaluation criteria. It is not only rational but most cost effective to determine if a new market pursuit makes sense for your company before any significant resources are further applied to the effort. A "pass or fail" test of your targeted market is recommended with your company's core management team collective involvement. Discussing the attributes of a given market and further analyzing the business logic behind your intention to participate in a new market will generate some very enlightening conversation among your key decision makers. Having various management functions present for the discussion generates the most effective, broad base perspective, appropriate "next step" for this strategic decision. Besides further justifying or reducing your intentions to enter a new market, weighing all the same attributes of any one targeted market candidate against another target markets of consideration can lead to a pivotal decision for the future direction of your company. The opportunity cost of choosing the "wrong" or "least rewarding" target market, given limited corporate human and financial resources, can make or break your collective ability to meet or exceed your company's short and long term growth objectives. Again, effectively utilizing a simple, systematic evaluation checklist made up of some of the market attributes listed below can be most time efficient and cost effective. Our list of market attributes cover various business sectors and should not be considered a complete listing. To make this evaluation exercise most productive for your management team, first evaluate this list for relevancy and then add whatever number of additional categories or attributes that correlate to your company's collective business priorities, resources, risk/ reward tolerance levels and growth objectives. MARKET PRODUCT / SERVICE LINE ATTRIBUTES: MARKET CUSTOMER ATTRIBUTES: MARKET SERVICE ATTRIBUTES: MARKET COMPETITION ATTRIBUTES: MARKET GROWTH: If you want to further quantify this analysis you can numerically weight each market attribute with your own specific market attribute priorities and then give numerical "grades" to any or all new market entry candidates to calculate a weighted value for each new market opportunity. Evaluating new business opportunities should be a well thought out, straightforward, iterative process. Beginning the evaluation process with a simple tool to justify further analysis is a prudent procedure. The more effective your analysis, the greater the probability your strategic decisions will maximize return on investment. About the Author:
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