Exploration is the process of looking for new markets, ideas, or technologies that can be turned into business opportunities. It involves searching for and identifying potential areas of growth, gathering relevant data and insights, and determining how to best capitalize on them. Exploration may involve exploring existing industries or creating entirely new ones. Through exploration, companies are able to identify potential sources of value-creation in both established and emerging markets.
This process can involve analyzing customer needs, researching competitive advantages in a particular market segment, understanding changing trends in technology or consumer preferences, or discovering novel applications for existing products. Exploration often requires significant research effort before the company can decide on whether to pursue an opportunity or not; however it is a necessary part of innovation as it helps companies discover innovative ways to create value in their respective industries.
Finding new opportunities in new markets that can be turned into innovations for the company. It is important to undergo exploration so as not to become irrelevant in the future. Opposite of exploitation.
Related Keywords: Innovation, Research, Market Analysis, Opportunity Identification, Value Creation