Market analysis - what is it and why is it important in business strategy?

Will your solution/innovation find buyers, even a substantial market? Will there be enough market potential? For which customers will your innovation bring value or fulfil an unmet need – and will they be willing to pay for it? And how much? Which competitors will you have to match and how can you differentiate from them?

Performing a market analysis is probably one of the most challenging tasks in the innovation process, however it is crucial for the development of the business strategy and for the success of the project.

This workshop will provide you with the necessary understanding of the concepts and tools required to analyze markets – especially how to:

- Identify the market needs, the values that potential customers expect – or identify needs currently unmet?
- Define customer segments that should be targeted.
- Understand customers, their buying processes and buying habits –
as well as their communication patterns and how to reach them –
as a basis to define which will be the best product, service and communication strategy?
- Understand trends and developments in the market and which opportunities and challenges these mean for your market and your solution.
- Identify and evaluate the market and growth potential.
- Identity competitors – understand their strengths and weakness as compared to your own -as a basis to sharpen your market offering, especially your USP.
- Identify other stakeholders, like in the public and financial communities, and opinion leaders who could give support for your project.

Learning outcomes

The participants will be able to:

• analyze market potential, market segments, ….
• analyze customer behaviour and how to define the right market touchpoints,
• identify trends and opportunities for new products and services,
• analyze the competitive situation and competitors
• understand why investors and opinion leaders support a project
• be able to use the insights of the market analysis for the formulation of the product and business strategies, esp. concerning target groups, competitors and USP

About the Speaker

Gertrude Eder is an experienced Managing Director with a demonstrated history of working in the international trade and development industry. She is skilled in Negotiation, Business Planning, International Business, Sales Management, and Strategic Marketing. After having accumulated a lot of experience in the paper industry, she is now sharing her strong business development insights with the students and the world as a lecturer, mentor and speaker.

Check her out on Linkedin

About the Entrepreneurship for Scientists Series

The Entrepreneurship for Scientists Series organized by the TU Wien Innovation Incubation Center (i²c) is targeting scientists who would like to enrich or develop a personal entrepreneurial skillset & business competencies, know more about opportunities how to navigate innovations from „the lab“ to society or who would simply like to engage in entrepreneurial thinking. These workshops are free of charge to scientists from all faculties and institutes of TU Wien. Registration required.

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Important:

*During the event, photographic and video material will be taken. Please inform the i²c team at the venue in case you do not agree with appearing in this material. The photographic and video material taken at the event will be used by i²c in printed and electronic media for promotional purposes.