Week 5 – Market Analysis
- What is your team’s product or service? Try to be as specific as possible.
- If the product or service is new, what problem is it designed to solve?
- If it is an existing product or service, what is its value for the target market? How is it better than what is already in place?
- Is the product or service offered as part of an existing healthcare organization? For example, is it offered as a new or expanded service within a local hospital or clinic, or is it part of a newly formed healthcare organization?
- Who is the target market? Try to be as specific as possible.
- Describe the target market using demographic, geographic, psychographic, and healthcare variables.
- What is the size of the market? Describe the methods used to determine the size of the market.
- What are the specific needs of the market in terms of the product or service?
- What trends in the external environment may impact the proposed product or service? Some examples include technological, economic, socio-demographic, legal or regulatory, and environmental trends.
- What are the strengths, weaknesses, opportunities, and threats (SWOT) of the product or service? Base this on the needs of the target market and on any applicable trends in the external environment.
- Who are the competitors and what are their strengths and weaknesses?
Use Google Docs (https://www.google.com/docs/about/) (Links to an external site.)Links to an external site. to collaboratively write your team’s paper and invite your instructor as a contributor so she/he can view the progress of the paper online. The length of the market analysis component should be 700-1,000 words.