Market Development and Expansion
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1) Evaluate a market opportunity for a firm. Give specific examples of the dimensions you would use to determine the attractiveness of a given market.
2) Describe and give examples of a well-developed business strategy including the four characteristics.
3) Describe product expansion. How could this be used in the workplace?
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Solution Summary
This is a set of three different questions answered concerning market opportunity, business strategy, product expansion.
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1) Evaluate a market opportunity for a firm. Give specific examples of the dimensions you would use to determine the attractiveness of a given market.
- Evaluating the market opportunity for a 3-D printer manufacturing firm I would need to know how large is the current market for 3D printers, how fast is it growing, who are my competitors, who are my buying customers, why is now the best time to sell 3D printers, and what if any shortcomings exist in the current 3D printer offerings.
The answers to those questions tell me that the market for 3D printers is large and includes three major uses, prototyping, specialty manufacturing and hobbyists. Prototyping is needed by industries like architecture and aerospace, which need to build small scale yet extremely accurate real life models of their final projects in advance. The specialty manufacturing market includes parts or entire finished products in specific niches such as prosthetics. Hobbyists who use 3D printers are a small but very active and vocal community who are on the cutting edge of inventing.
The market for 3D printers is growing by leaps and bounds because it is a fast and efficient manufacturing process. Rising demand will draw additional players into the market and some point it will also ...
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