Tags: Business Planning, Entrepreneur, innovation, Market Research, Strategic Planning
A detailed market analysis is the basis of a solid commercialization strategy. For some entrepreneurs, too often what passes for market analysis is simply a billion-dollar figure snatched from a third-party market research study. However, an analysis should deliver more than a number. The end product of a rigorous market analysis is a value proposition statement that encompasses customer, need, product, benefit, and competition.
I encourage you to check out Joe Bockerstette’s article which provides a clear explanation of what an effective value proposition should communicate. Then sit down and update your market analysis – or get one started if you haven’t already done so!
Michael P. Kurek, PhD, MBA, Partner, BBC