Product Management - Market Research for Product Managers

Why is doing a market research so important?

Entering a new market with an existing or new product is a serious strategic decision for a business which often comes with many unknowns. Are customers actually interested in our offering? How tough is competition? Is the market big enough to welcome a new player? What are the barriers to entry and exit? How much power do suppliers hold over us,…? These are but a few of the many unknowns that a business will face when entering a new market.

Thanks to market research, some of these unknowns will be elevated and risks can be limited to a certain extent.

Market research helps business to decide how to approach a specific market before committing a large portion of their hard-earned resources.

What will you learn?

At the end of this class you will be able to confidently assess the attractiveness of a market and formulate a recommendation whether to enter it, or not…

You will be able to build a robust recommendation using the 5 indicators from market analysis.

• Indicator 1 – Industry analysis: this indicator provides an overview on the market’s health. It accounts for elements such as the size of the market, the growth rate and how much market share can potentially be captured.

• Indicator 2 – User research: this indicator provides an overview on the customer segments present in the market. It accounts for elements such as purchase behaviors, customer needs, frustrations, value, customer bargaining power, etc.

• Indicator 3 – Competition benchmark: this indicator provides an overview on how competitive the market currently is. It accounts for elements such as market fragmentation, the available substitutes, the ability to differentiate, their USPs, potential entrants, etc.

• Indicator 4 – Supplier analysis: this indicator provides an overview on how strong suppliers are. It account for elements such supplier bargaining power, the size and number of suppliers, the availability of substitutes in their market.

• Indicator 5 – Market trends analysis: this indicator provides an overview on large scale trends that can potentially impact the market. It accounts for elements such as technology, regulations and sustainability.

There’s no specific equipment needed to follow this class. Only your happy self!

Who is this class intended for?

• Existing product managers / product owners: you are already managing a product and would like to have a better understanding on the current market you're in or how you could enter similar markets.

• New product managers / product owners: you are starting as a product managers or product owner and you need to develop a product strategy for your new product or service.

• Marketeer: you are a marketeer looking to develop a marketing strategy around a new product and would like to have a better understanding on the markets that you could potentially target.

• Other product-related roles: Anyone interested in knowing more about how to adapt a product or service to the market.

What else can I offer you?

You will have access to:

• The slides of the course which you can use at your own convenience.

• Fun assignment to make things more tangible.

• Handouts and templates to help you in your day-to-day service design activities.

• Access to an industry expert. In case you have questions feel free to contact me and I will do my absolute best to guide you.

Now it's your turn!

Do you want to improve the customer experience in a fail-safe way? Then this course has everything you need and more!