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When you enter a new market and do not have enough data on customer behavior in the area, how would you obtain specific data to justify your business case?
Network:131



I am embarking on a new line within my electronic security business in Quevedo, Ecuador. I am looking for a way to sustain the investment but I can not find an answer in the market, I understand that there are few integrators in the area but in my opinion they have not exploited the market the way I want to do it. Can someone give me some insight into how to enter the market with this new project?
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Network:1022



Market research. You need to make sure that your opinion of the gap is accurate first. Sometimes a gap exists in the market because it is not lucrative enough or not cost effective. Then you need to determine how your unique value proposition will satisfy that gap. Is it something your target market needs. This will determine the validity of your business case i.e. if you take this to the bank will they be prepared to give you money to do this. Only after you have a solid business case will you enter into a project where your first order of business will most probably be your marketing strategy.
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1 reply by Walter Macias
Jul 16, 2019 2:02 PM
Walter Macias
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thaks Anton!
Network:7166



Market research and/or taking consultancy are the means.
Network:56



Needs requirements document
Business Case document
Benefit Management Plan.

Analysis should be carried out in the order listed above to determine if this can transition into the project.
Network:272



First you look at what your competitors are doing and what kind of business model they are using to generate growth and revenue. Then see if you can implement a business model that's either cheaper, faster, higher quality or has a lower manufacturing cost. You can either approach by customers focus to market or product focus to market. Sometimes customers do not know what they want until they see it so you have to be as much creative as data driven.
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1 reply by Walter Macias
Jul 16, 2019 2:06 PM
Walter Macias
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Thank you very much for your valuable opinion Daire! regards
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This question has to do with market research and not project management.
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Walter -

Sounds like a good opportunity for a Minimum Viable Product by constructing an experiment to get maximum learning for minimum investment. If this term is new to you, I'd suggest reading Eric Ries's great book The Lean Startup...

Kiron
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1 reply by Walter Macias
Jul 16, 2019 2:05 PM
Walter Macias
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thanks for the suggestion Kiron! regards
Network:131



Jul 16, 2019 12:45 AM
Replying to Anton Oosthuizen
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Market research. You need to make sure that your opinion of the gap is accurate first. Sometimes a gap exists in the market because it is not lucrative enough or not cost effective. Then you need to determine how your unique value proposition will satisfy that gap. Is it something your target market needs. This will determine the validity of your business case i.e. if you take this to the bank will they be prepared to give you money to do this. Only after you have a solid business case will you enter into a project where your first order of business will most probably be your marketing strategy.
thaks Anton!
Network:131



Jul 16, 2019 9:01 AM
Replying to Kiron Bondale
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Walter -

Sounds like a good opportunity for a Minimum Viable Product by constructing an experiment to get maximum learning for minimum investment. If this term is new to you, I'd suggest reading Eric Ries's great book The Lean Startup...

Kiron
thanks for the suggestion Kiron! regards
Network:131



Jul 16, 2019 6:45 AM
Replying to Daire Guiney
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First you look at what your competitors are doing and what kind of business model they are using to generate growth and revenue. Then see if you can implement a business model that's either cheaper, faster, higher quality or has a lower manufacturing cost. You can either approach by customers focus to market or product focus to market. Sometimes customers do not know what they want until they see it so you have to be as much creative as data driven.
Thank you very much for your valuable opinion Daire! regards
Network:735



I agree you need to determine the validity of your business case and would benefit by going to the potential stakeholders and getting clear requirements from them. Then seeing if your project meets their requirements. A market opportunity is created by a change, either in the technology or process you are using to achieve the objectives or a change in needs.

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