Identifying the opportunity that exists to service a market is significant as it helps in understanding the potential value a product or service can bring to the users. It allows businesses to rank different aspects of a product or service based on user value. For instance, an existing market with high opportunity can be beneficial due to past precedents, while an emerging market can offer high potential with less competition, providing a first-mover advantage. Conversely, a market with minimal to no opportunity should be avoided to prevent wastage of resources.
Is your business eyeing a new market? Use our Market Entry Strategy presentation template to discove...
Download template