Markets are undergoing an accelerating shift on what and where customers place value and who in the supply chain makes the best profits. The changing environment means we constantly have to adjust our Marketing mix. Adjusting the Marketing mix is one of our key responsibilities so that our organizations are able to pursue market opportunities that create the best possible core business for tomorrow.

The continual search for new marketing mix opportunities that are “good business” consists of two distinct phases:

• The Opportunity Idea Generation Phase
• The Opportunity Development Phase

Both phases require opportunity screening. Most companies understand how to develop an opportunity. The real challenge is often generating good ideas in the first place. Most experts believe that the generation of “good” opportunity ideas requires instituting a systematic process for vetting out possibilities.

Let’s begin by establishing three criteria for what constitutes a “good” opportunity:

1. Fits with who you want to become as a company
2. Involves an attractive market and
3. Takes advantage of a competitive opening

A good opportunity meets ALL three of these.  For each of these dimensions you will need to create a rank and rating sheet you’ll use in the final step. Now you’re ready to start generating your ideas!

Purchase Your Assessment

23 Questions For Generating Market Opportunities Ideas

Use the following questions to help formulate ideas that present potential market opportunities. Capture each idea on a single sheet or post it note.  Post these to a wall or white board.

1. What changes in the market or customer needs/preferences are occurring?
2. Where in the supply chain are disproportionate amount of total profit being made? How can we exploit these?
3. What new markets can be served and/or what new products/services can be offered that fit our strategic focus?
4. What are our strategic core competencies and how can we leverage these to be a competitive advantage?
5. What new markets leverage our strengths in management, technology, operations, marketing, distribution, and/or financing? What changes could we make to these capabilities that would make it possible for us to pursue existing attractive markets?
6. In what markets do barriers and switching costs have real clout and which of these can we leverage?
7. What are the shortcomings of our and competitors’ current offerings? What improvements do customers/market wants?
8. What can we do to become more cost-competitive?
9. What product/technology breakthroughs would open a whole new market?
10. What features and benefits can command a premium?
11. What kinds of customers do we fit particularly well? What does it take to fit target customers better?
12. How can we achieve a higher share of wallet with existing key customers?
13. Are there poorly served niches in existing markets that offer a competitive opening?
14. Are there protected niches we can exploit or are there unique ways we can counter threats?
15. Where is there potential specialty status for us?
16. Who are the weakest competitors who have business that is attractive to us?
17. What products/markets should we get out of?
18. What markets are expected to have attractive growth rates and minimal downside threats?
19. What markets are expected to have attractive future profit levels?
20. For which products/markets do we need to change our model or value proposition and what will the changes accomplish?
21. In what markets are we the price setter, are we leaving money on the table?
22. What pricing innovations would improve profits?
23. What opportunities might be created if we combined our intellectual assets with complementary suppliers/customers/competitors?

Evaluate and Select Opportunities that Rise to the Top

Once you have all your ideas on the “board”, use the “good” opportunity criteria to evaluate each idea.  After you have a list of all the ideas that meet criteria, put each idea through the rigor of your rating and ranking sheet for each dimension.  Those ideas that score the highest for each sheet present the opportunities worth further investigation.  Contact us for help with creating your ranking and rating sheets or to facilitate this process.

FAQ:

• Opportunity Idea Generation: Systematically generating ideas for potential market opportunities.
• Opportunity Development: Screening, evaluating, and refining these ideas into actionable strategies.

• Aligns with your company’s desired future identity.
• Targets an attractive market.
• Exploits a competitive opening.

• What shifts in customer needs or markets are occurring?
• Where in the supply chain are profits concentrated?
• What new markets or products align with our strategy?
• How can we leverage our core competencies?
• What niches or underserved segments offer openings?
• What pricing or product innovations could drive growth?

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