Opportunity Identification is the process of finding a need or problem in the market that can be addressed with a product or service. This is typically done through research, brainstorming, surveys, interviews and focus groups. The goal is to find an unmet need or underserved segment of the market that can be targeted by the business. It’s important to identify opportunities that have potential for growth and profitability, but also align with the company’s mission and values. Opportunity identification requires creative thinking as well as careful analysis of data and trends.
Once an opportunity has been identified it must then be validated to make sure it's worth pursuing. Validation may involve conducting more market research to better understand customer needs and preferences, creating prototypes to test product ideas, or running pilots to determine feasibility. Once an opportunity has been validated then businesses can move forward with developing products or services that meet customer needs.
Opportunity Identification requires looking at problems from multiple perspectives in order to spot opportunities for improvement. For example, a business could look at ways they could improve their current product offering by finding ways to make them more efficient, cost effective, easier-to-use or sustainable. Businesses should also consider how they might adapt their existing products/services for different customer segments or markets – this type of “market segmentation” can often lead to great new opportunities for growth and expansion.
It’s also important for businesses not just to look at what competitors are doing in order to gain insight into potential opportunities but also pay attention to any emerging trends in technology or consumer behavior which may create openings for new products/services within their industry - such as wearable technology in healthcare devices which was created due both advancements in technology as well as changes in consumer behavior towards health tracking apps on smartphones etc..
Finally it's important when undertaking opportunity identification activities that companies carefully consider their resources - financial resources but also personnel time available - when deciding which opportunities they should pursue further down the line so they don't overstretch themselves financially or burn out staff who are already working hard on other projects!
Finding a problem in the market that needs a solution in the form of a product or service. Opportunity identification can come from a technology improvement that allows a company to better serve its customer, or from a perceived discrepancy between what is currently available in the market and what the customer wants. Opportunity identification is the first stage in the product innovation process.
Related Keywords: Market Research, Problem Solving, Creative Thinking, Validation Testing, Market Segmentation