Business Challenge
A renowned automotive major, based out of Canada, approached Infiniti Research to engage in a market assessment study. The client’s inability to understand the current market demand proved to be costly, leading to a sharp decline in their market position. This compelled the client to invest in developing a business strategy model that could meet their business goals. The primary objective of this market assessment study was to gather information about potential risks in the automobile industry, data on market growth, risk factors, business trends, opportunities, and key players in the market.
Solutions Offered and Value Delivered
The market assessment approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. Our industry experts also reached out to various stakeholders in the automotive industry to gain a broader understanding of the market landscape.
Based on the data collected, the experts at Infiniti created a market assessment framework, that combined detailed information on their business goals, budgets, major action items, and timelines to effectively market their products to the target customers. The devised market assessment framework helped the client to analyze competitors in terms of market penetration, product and market development, and clearly illustrated their market positioning in the target markets.
With the aid of Infiniti’s market assessment framework, the client was able to obtain a holistic view of the entire market, in terms of market value, customer behavior, global competition, and entry barriers. This enabled the client to better understand and analyze the potential market opportunities that aligned with their business goals. Additionally, the client also gained insights on market trends that helped them make necessary adjustments in their design and development approach and product marketing strategies. Also, the company was able to increase their market share by 5% in a year.
Importance of Market Assessment
Market assessment study involves the comprehensive assessment of several factors – market trends, evaluation of the potential of new product or service offerings, new investment or new business idea, industry risks, and constraints. A well-executed market assessment will help you identify new market opportunities that offer better returns on investments.
Whether you are interested in venturing into a new market or launching a new product, market assessment is the crucial step in determining the potential customer base for your product and service offerings. The inability to conduct an effective market assessment will ultimately lead to financial losses and wastage of resources, which could be detrimental to the future of your organization.
