The process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers. This method allows organizations or businesses to discover their target market, collect and document opinions and make informed decisions.
Customer segmentation is an effective tool for businesses to closely align their strategy and tactics with, and better target, their customers. Every customer is different and every customer journey is different so a single approach often isn’t going to work for all. This is where customer segmentation becomes a valuable process.
An extension of the SWOT Analysis framework that identifies your Strengths, Weaknesses, Opportunities and Threats but then goes further in looking to match up the Strengths with Opportunities and the Threats with Weaknesses.
PESTLE analysis, which is sometimes referred to as PEST analysis, is a concept in marketing principles. Moreover, this concept is used as a tool by companies to track the environment they’re operating in or are planning to launch a new project/product/service, etc. So, if you’ve received a challenging PESTLE task at college, don’t rush to google “where can I pay for assignment” – let’s find out what these letters stand for first.
Porter’s Five Forces is a framework for analyzing a company’s competitive environment. The number and power of a company’s competitive rivals, potential new market entrants, suppliers, customers, and substitute products influence a company’s profitability.
A process of analyzing possible future events by considering alternative possible outcomes (scenarios). In the context of scenario planning, forces for change whose direction—and sometimes timing—can be predicted. In the context of scenario planning, forces for change whose direction and pace are largely unknown.
Time series forecasts are used to predict a future value or a classification at a particular point in time. Here’s a brief overview of their common uses and how they are developed.