Determine The Market Opportunity For The New Technology Development II

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  • Conventional system such as wired communication or any outdated platform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

Determine The Market Opportunity For The New Technology Development

Technological development will always makes new business opportunity. This fact will improve organizations opportunity to make profits. Additional value will be applied if a new technology is incorporated to products or services with the right plan and strategies.

Some general benefits when applying the technology in to business process or product are; improving productivity, raising the profits, reducing the costs, and many other benefits. The market segments will grows along with the growth of business that incorporating the technology innovation.

There are few key aspects that should be notice when adding technology value to business to make sure the organization can improve their profits which are;

  • Define the real value of the technology that will be applied
  • The method of applying the technology to the business strategy
  • The change on people life when the new technology is applied
  • The improvement of wealth that could happen when the technology applied

 

The information from those aspects above will define the market opportunity. The better the technology value, the better opportunity to get profit from it.

This matter makes business to maximize the use of technology in to their business as part of their production or end product. The dynamics of this systematic conversion of technological ability into utility will creates new market segment.

To determine the market segment for your organization you need to find the answer of these propositions;

  • The ability of the new technology
  • The application of the new technology in to business company’s strategy, plan and abilities
  • Who will be getting the most benefits of the technology which will become the potential customers
  • The ability of the new technology which cannot be done by the current or latest technology
  • How the new technology will satisfy the end users much better compare to when they are using the current technology
  • How to make the end user realize their problems with the current technology will be solved by the new technology
  • The additional value of the technology
  • The estimation of new market segment’s value in current and future time