Whether you are thinking of venturing into a new market or launching a new product, conducting a marketing assessment study is a crucial first step in determining if there is a need or a potential customer base for your product. A well executed market assessment study will enable your company to strategize on optimum utilization of available resources and will provide you with the best returns on investments.
Bonafide Research carries out the assessment of market in an extremely systematic manner. We provide a detailed evaluation of the potential of a new product, new business idea or new investment. A comprehensive analysis of the environmental forces, market trends, drivers, entry barriers, competition, risks, opportunities and the client's resources is being offered by our experts.
We try to understand the market conditions by gathering maximum information about your intended market/industry and growth rate. We collect information on various parameters of business environment like political, economic, social and technological. We analyze industry and evaluate bargaining power of buyes, suppliers, and substitute. Moreover, check the strategy and product offerings of the new entrance and understand the competition by various parameters. Additionally, we interact with consumers to check with the scope of opportunity and to find out the gap present in the industry. With proper external analysis, we gain an overview of the different macro environmental factors that need to be taken into consideration before venturing into a new business area or new market. An extensive internal analysis is also being carried out to identify the favorable or unfavorable factors in client's journey to achieve the objective. A detailed assessment of all such factors helps us to determine the potential of prospective markets. Markets are prioritized based on the strategic fit and the ability to serve them. With valuable information on hand, we are able to make informed and precise decisions about your business ventures.