Market Opportunity Analysis

What are the best possible markets for my products? Market Opportunity Analysis Market Opportunity Analysis - This includes identifying markets and assessing marketing opportunities. The enterprises need to be able to identify market opportunities that open up; they derive most of their current income and profits from the sale of goods that they did not manufacture or sell. Identifying markets. The company conducts market analysis based on the following approaches: 1) deeper market introduction; 2) expanding the boundaries of the market; 3) product development; 4) diversification. Let's consider the listed approaches using the example of a company - manufacturer of detergents. Deeper market penetration - is to ensure sales growth for an established group of buyers without making any changes to the product itself. The shampoo company will work with already produced goods in the developed markets, but to increase the sales volume, the reduction in the price of the shampoo, the increase in advertising costs, and the distribution of the shampoo through more stores are used. In fact, we are talking about competitively attracting consumers of shampoo of other brands, without losing their customers.  Expanding the boundaries of the market - is the introduction of an already manufactured product to new markets. The company's shampoo manager is looking for new markets. To do this, it is necessary to explore demographically new markets (children, adolescents, youth, seniors) in order to encourage consumers to switch to branded shampoo and buy it more actively. A market survey of organizations (hairdressing salons, beauty parlors) should be done to find out if they can be attracted as the buyers. A survey of geographically new markets is needed to see if they can be exploited. Product development is the offering of a new product to existing customers of an enterprise. The shampoo manager is looking for opportunities to offer new products to the company's clients. One can master the production of branded shampoo in a new package or with a new aroma or the inclusion of new components, or in a new package. Brand new shampoos for different user groups or other hair care products (such as hair styling products) can be released.  Diversification - is a combination of offering new products and new markets. An enterprise can master or acquire completely new production facilities focused on new markets. It may try to master a new business - to open beauty salons. Many businesses are looking to identify new, enticing industries. Half of the secret to success is being able to penetrate promising areas of activity.  Assessment of marketing opportunities. It is not enough just to identify market opportunities; it is necessary to determine which ones are suitable for the enterprise. A firm's marketing opportunity is an attractive area of ​​marketing effort in which a particular firm can gain a competitive advantage. The marketing opportunity must match the goals and resources of the enterprise precisely.  The goals of the firm. Any enterprise pursues a certain range of goals. For example, if it is in the hair care business, it is likely to have the goal of achieving high profit margins and sales, increasing sales and winning customer loyalty. It is likely that these goals themselves exclude unprofessional engagement in other activities, for example, the production of computers.   Resources of the firm. Even if the production of computers meets the goals of the enterprise, it is likely that it will not have the resources to be successful in this area. The computer industry requires specialists, knowledge of the secrets of technology, a lot of capital and specific distribution channels. 
Forecast of the sales volume of the projectThe sales forecast shows that the volume of a specific product of the project provides for the production and sale in a specific market segment for a certain time in the presence of demand. Data for forecasting is obtained using the marketing information system, after analyzing the market opportunities of the project and after positioning the project's products on the market. It should be added that sales forecasting has to be carried out taking into account the formation of a potential product portfolio of the project, in close connection with the pricing process, taking into account the choice of channels for the movement of goods, and also taking into account the active influence on demand through the implementation of planned activities with the promotion of goods. At the same time, it should be taken into account that the investment project may have the goal of either increasing the output of previously manufactured products, or the release of products already existing on the market, but new for the organization that implements the project, or the production of an entirely new product.

What are the best possible markets for my products? 

Market Opportunity Analysis 

Market Opportunity Analysis - This includes identifying markets and assessing marketing opportunities. The enterprises need to be able to identify market opportunities that open up; they derive most of their current income and profits from the sale of goods that they did not manufacture or sell. 

Identifying markets. The company conducts market analysis based on the following approaches: 1) deeper market introduction; 2) expanding the boundaries of the market; 3) product development; 4) diversification. Let's consider the listed approaches using the example of a company - manufacturer of detergents. 

Deeper market penetration - is to ensure sales growth for an established group of buyers without making any changes to the product itself. The shampoo company will work with already produced goods in the developed markets, but to increase the sales volume, the reduction in the price of the shampoo, the increase in advertising costs, and the distribution of the shampoo through more stores are used. In fact, we are talking about competitively attracting consumers of shampoo of other brands, without losing their customers.  

Expanding the boundaries of the market - is the introduction of an already manufactured product to new markets. The company's shampoo manager is looking for new markets. To do this, it is necessary to explore demographically new markets (children, adolescents, youth, seniors) in order to encourage consumers to switch to branded shampoo and buy it more actively. A market survey of organizations (hairdressing salons, beauty parlors) should be done to find out if they can be attracted as the buyers. A survey of geographically new markets is needed to see if they can be exploited. Product development is the offering of a new product to existing customers of an enterprise. The shampoo manager is looking for opportunities to offer new products to the company's clients. One can master the production of branded shampoo in a new package or with a new aroma or the inclusion of new components, or in a new package. Brand new shampoos for different user groups or other hair care products (such as hair styling products) can be released.  

Diversification - is a combination of offering new products and new markets. An enterprise can master or acquire completely new production facilities focused on new markets. It may try to master a new business - to open beauty salons. Many businesses are looking to identify new, enticing industries. Half of the secret to success is being able to penetrate promising areas of activity.  

Assessment of marketing opportunities. It is not enough just to identify market opportunities; it is necessary to determine which ones are suitable for the enterprise. A firm's marketing opportunity is an attractive area of ​​marketing effort in which a particular firm can gain a competitive advantage. The marketing opportunity must match the goals and resources of the enterprise precisely.  The goals of the firm. Any enterprise pursues a certain range of goals. For example, if it is in the hair care business, it is likely to have the goal of achieving high profit margins and sales, increasing sales and winning customer loyalty. It is likely that these goals themselves exclude unprofessional engagement in other activities, for example, the production of computers. 

Resources of the firm. Even if the production of computers meets the goals of the enterprise, it is likely that it will not have the resources to be successful in this area. The computer industry requires specialists, knowledge of the secrets of technology, a lot of capital and specific distribution channels. 

Forecast of the sales volume of the project

The sales forecast shows that the volume of a specific product of the project provides for the production and sale in a specific market segment for a certain time in the presence of demand. Data for forecasting is obtained using the marketing information system, after analyzing the market opportunities of the project and after positioning the project's products on the market. It should be added that sales forecasting has to be carried out taking into account the formation of a potential product portfolio of the project, in close connection with the pricing process, taking into account the choice of channels for the movement of goods, and also taking into account the active influence on demand through the implementation of planned activities with the promotion of goods. At the same time, it should be taken into account that the investment project may have the goal of either increasing the output of previously manufactured products, or the release of products already existing on the market, but new for the organization that implements the project, or the production of an entirely new product.

Methods

Methods of statistical analysis can be used to forecast sales volumes.

The method of collective analysis of managers and specialists consists in the fact that during a business meeting they discuss prospects and determine estimates of sales volumes based on their own experience, the results of an analysis of market opportunities and opportunities of their organization, as well as business intuition. The method relies on informal analysis, which is effective when combined with other methods, since it makes it possible to interpret their data. Given that managers themselves take part in determining future sales volumes and prices, they also share the responsibility for the accuracy of forecasting.

The market growth method is that sales forecasts are collected from individual market segments and then pooled together. At the same time, one should pay attention to the fact that consumer tastes, competition, the number of consumers by geographic segments may differ.

The trial marketing method is a kind of market growth method. The total volume of possible sales is estimated on the basis of short-term, geographic) limited sales of the product. During test sales, a marketing campaign is carried out. The method will be effective for new products, and even its disadvantage that the test markets are untenable to adequately reflect the possible sales volume for all regions does not reduce its practical weight for predicting the sales volumes of the investment project's products.

Market analysis of products is a necessary research for a successful business. He helps in planning the company's activities, ensuring its competitiveness. Any manufacturing company makes a profit precisely from the sale of products, so it is very important to carefully study the sales market. When analyzing a sales market, you can determine its structure, conjuncture and other essential characteristics of the market.

To draw any conclusions about the state and prospects of the sales market, it is necessary to assess it according to several main parameters. It is necessary to accurately determine:

Market demand level.
The presence and nature of competition.
How competitors work.
Market trends - stability, growth or decline.
Each of these parameters needs a separate study. A cursory examination of all the components of the market will not immediately produce the desired result. Therefore, you should work in stages, carefully considering each of the parameters separately.

The textile and apparel industry is expected to reach $ 190 billion by 2025-26, up from $ 103.4 billion in 2020-2021.

India's textile and apparel industry has strengths throughout its value chain, from fiber, yarn, fabric to clothing. It is highly diversified with a wide range of segments ranging from traditional hand-weaving products, handicrafts, wool and silk products to the organized textile industry. The organized textile industry is characterized by the use of capital-intensive technologies for the mass production of textiles and includes spinning, weaving, processing and garment manufacturing.

The volume of the domestic textile and apparel industry in 2019-2020 amounted to $ 108.5 billion, of which $ 75 billion came from domestic consumption, and the rest of $ 28.4 billion was exported to the world market.

Japan, Mauritius, Italy and Belgium contributed the most to foreign direct investment in the textile sector (including dyed, printed) between April 2016 and March 2021.

Cotton production supports 5.8 million farmers and 40-50 million people in related sectors.

The Indian market is one of the growing and promising markets in the modern international arena. This opens up great opportunities for manufacturers and traders to export their goods to India. However, the market of this country is oversaturated: a lot of local producers sell their products here, and a significant part of international corporations are also successfully doing business here.

The main demand in India is for low and medium-range imported goods: yarn, lumber, plywood is in great demand. However, consumer goods can also be successfully exported here. The main permissive document for imported food products is the FSSAI certificate - it is received exclusively by the Indian importer, and without it the goods will not be on the shelf of the store. The product label must contain information about the importer, and not just about the manufacturer.

There are a huge number of local transport and logistics companies in the country, and it is usually possible to organize the delivery of your cargo to the buyer without any problems.

Local marketplaces - are huge marketplaces! There are two main ones: Indiamart.com and Tradeindia.com. However, in any case, Indians love to receive information on personal recommendation. And in this, exporters will be provided invaluable assistance by the representative office of the Ukrainian Export Center, which is ready to organize your negotiations with potential Indian buyers and select interested parties at your request in this interesting and promising market.

The Internet is a huge sales market. Despite the fact that we live in the era of digitalization, there are companies that still do not use all the possibilities of the Internet to increase sales (advertising, social networks).

If your company works primarily offline, then it's time to explore sales markets online. By the way, look, what are your competitors doing in this area? What tools do you use in your work?

There are many ways to sell online - through your own corporate website, on marketplaces.

We will undertake the search for potential clients. In addition to traditional search based on geolocation, and alternative search engines, we use industry directories, industry event directories, forums. Business pages, groups and channels, niche online conferences, marketplaces, industry associations, unions, unions in popular messengers and social media. networks.

Marketing strategy is a fundamental long-term decision on the use of the marketing apparatus to achieve the set goals. In relation to a specific enterprise, the marketing strategy is part of the overall strategic development plan of the enterprise; therefore, it needs sound development methods. Strategic marketing planning requires information about the resources of the enterprise, the actions and intentions of competitors, the development of the market situation. In economic practice, strategic marketing analysis is used as specific methods for collecting data, including an analysis of the potential of an enterprise, competitors, market, macrosystem, strengths and weaknesses, and analysis of risk chances. For each of the above types of analysis, solid methodological material has been accumulated. Decision-making models, game models, distribution models and risk assessment models based on optimization of the objective function, are successfully used as mathematical models of strategic planning. The undoubted achievement of marketing as an academic science is the introduction of various matrices into the apparatus of the economy based on the analysis of a portfolio of activities.

If you feel like you're in a dead end looking for new markets, try looking at the problem from a different angle. Change your search criteria, attract other colleagues who have a clean look.

It is also useful to periodically ask for advice from acquaintances from another field of activity (who do not have professional training in your specialization).

We recommend proven search directions:

• The needs of your customers;
• Possibility to sell to the state (through tenders or without them);
• Ability to sell online (if you don't already);