Week 2
A preliminary market assessment is a critical early step in the ideation phase of any new product or service. Its primary goal is to evaluate the feasibility of your concept in the current market.
The first step in this process is to clearly define your target market. This includes demographic, geographic, and psychographic characteristics of your potential customers. The more detailed this profile, the better you can tailor your product or service to their needs and wants.
Next, you'll want to analyze the competition. Look at who else is offering similar products or services, and consider their strengths and weaknesses. This can help you identify opportunities for differentiation.
Finally, it's important to assess the demand for your product or service. Remember, it's not enough for people to like your idea - they also have to be willing to pay for it.
By conducting a thorough preliminary market assessment, you can gain valuable insights that will help shape your idea into a viable business opportunity.