Marketing Strategy Tips: Analyzing Market Opportunity & Determining Strengths and Weaknesses

Marketing Strategy Fundamentals | Analyze Market Opportunity & Determine Strengths and Weaknesses
What Is a Market Opportunity?
Here's how we'll define market opportunity throughout this guide: It's the projected potential size of your market and sales. This means you’d need to estimate how many consumers or businesses belong to your target market, as well as how much potential sales you could make from that market.
Trying to figure this out might sound like a lot of work, but it’s simpler than it looks. More importantly, you need to make an informed decision before you invest your life’s savings into your business. It’s not enough for you to believe that your products and services will appeal to others just because they appeal to you. You need to know for sure that there’s a potential customer base out there who will buy from your business and make it sustainable.