Content of this unit
Detecting market needs & competition
Now you have your idea for a circular business or product/service, and a general idea on its feasibility, the next step is to dive deeper into the needs and perceptions of your potential customers and analyse the competition. In short, you need to conduct a market analysis. Market analysis (or also named market research) is the process of systematic collection and interpretation of specific data in order to:
In this phase you define, in comparison to the idea generation and development phase of SubUnit 1, in more detail your target audience with a more profound analysis of who are the potential customers, their personal traits, their characteristics, and determine how the product or service can be appealing to them etc. You also assess how big the market is, who are your competitors and how you stand out (“your position”) in comparison to them.
- understand customers' needs and behaviour,
- understand the competition, and
- improve business decisions and reduce the risks.
In this phase you define, in comparison to the idea generation and development phase of SubUnit 1, in more detail your target audience with a more profound analysis of who are the potential customers, their personal traits, their characteristics, and determine how the product or service can be appealing to them etc. You also assess how big the market is, who are your competitors and how you stand out (“your position”) in comparison to them.
