The things that create the market opportunity
After you have comprehend the prospect of the new technology you have to analyze the market to find out the trends that happen which can be used to create the better business plan and strategy.
The trend searching will give result on key trends that have the best opportunity to find the right market segment that will need the new technology that your business provide.
The keys that move the market are innovations, trends and every aspects that affect the market operation. These keys which are known as market drivers can make changes to market. In developing markets, most of these keys are subtle and hard to notice.
When building a new market segment, you need to recognize those keys that will make people to alter their habits and finally make organizations to alter their business strategies as well. Some of those keys or market drivers are commonly known as;
- Economic trends like the rates which is fluctuate, costs and global market
- Social trends which is influenced by personal preference, community, environment and population
- Government policy such as laws, regulations and tax
- Technological aspects such as technology development especially in computer and machinery technology
- Conventional system such as wired communication or any outdated platform
- Business process
Even if the market drivers can be recognized easily, it will be hard to choose less than five dominant factors that can truly make enough changes to move people adopt the new technology.
You must find the trends which can caused a lot of attention. The feeling of dissatisfaction with current technology and the desirable technology ability will make good attention to influence people to change their preference.
Many businessmen get overwhelmed easily with the various aspects that molding the market. But, you should narrow it down to the aspect that only affecting to your business market. This will make your organization to focus to the goal easier.
To recognize the aspects that move your market segment you need to find the answer for these statements below;
- How the social, economic, technology and political aspect influence the market to use new technology?
- What basic changes in end user habits which make them want new or better technology?
- The trends that support new technology and create new market
- Government, environment or global aspects that influence market in using the new technology